While perhaps a dull picture to the uninitiated what's shared in the above image is what is now rumbling under the hood of the Hive Smart Chain project. Managed to get decentralized P2P smart contracts to run here locally and with other clients on web servers I've got across the pond..
Within the next few weeks we'll be starting a live closed alpha test of the Hive Smart Chain and with it will come an absolutely incredible amount of future possibility for our blockchain and community as a whole given that we'll be able to run properly decentralized dApps and use the EVM machine living at the heart of the architecture of the project. While the first set of dApps on the new side chain will almost certainly be the business logic behind the Hive.Loans lending site I'll be encouraging fellow developers to test out various dApps of their own designs as well.
As the realization of true industry standard implementations of smart contracts running over a properly decentralized virtual machine computing cluster become a reality here for HIVE creeps closer, the absolute necessity of the whole situation and perhaps a glimpse into the way the crypto currency ecosystem is moving as a whole in these up coming years.. Things are evolving..!
Not Your Grandma's Crypto No More
Long gone are the days where you can have a slick solitary blockchain that serves a single or few purposes well and have that make up a solid hold on keeping your bread and butter fresh in this ecosystem. Things are changing and as more and more people begin to flock to crypto and the technology further matures we're going to see rapid paradigm shifts echo across the entire planet.
Cryptocurrency and it's supporting international ecosystem are onboarding at an incredible rate currently, no longer viewed as an asset class only used by hackers, drug dealers and techno nerds.
With the recent explosion of decentralized finance "DeFi" and a quite clear cut statement of the features and functionality the market is willing to pay for being blatantly obvious to anyone aware of the ecosystem it's up to us as a community (and developers) to meet these demands and ensure that, even though initially missing from our network, is something that is improved upon to meet demand. I needed Hive Smart Chain to make my Loans site have no central point of failure but in devising it's creation realized that it was EXACTLY what HIVE needed to be "future-proofed".
Interoperability and Supporting Unchecked Growth
While a lot of what you see labeled "DeFi" these days is nothing more than a modernized reboot of the old HYIP or Ponzi schemes that were frequent and plentiful during all of the 20th century at it's core the "DeFi" movement stands to bring a massive shift in the ways people handle their banking and finance/ Decentralized finance in itself isn't about "yield farming" or "liquidity mining" but rather the ability to move across different financial or crypto networks without the need to check in with or even notify any authority on the matter.
When a blockchain lacks the ability to directly communicate with other blockchains and lacks the ability to perform operations involving the transfer of ownership or hosting blockchain, we would refer to this as a lack of interoperability. With a lack of interoperability between your blockchain and others you end up severely limiting yourself and your userbase as to how they can use their capital, making networks that allow these things seem like the obvious better choice over self-centric blockchains. While acceptable 5 years ago, it's no longer smart or even sustainable to operate a blockchain that for all intents purposes may as well be on it's own little island in the ocean.
The Hive Smart Chain project will be more than just some silly virtual machine that allows us to run smart contracts here on HIVE for HIVE.. The actual and somewhat even greater benefit to bringing the Hive Smart Chain online is that it will serve as a foundation for any developer on HIVE to build and create their own cross blockchain interoperability applications on.
By implementing as well as adhering to industry standards first set fourth by the Ethereum project in their "ERC" proposal system, our own sidechain network and allowing for the deposits, withdrawal, minting, staking, investing and trading of these popular asset architectures will not only greatly increase the versatility of HIVE itself but also allow us a gateway to and from other networks and their utilities and offerings. I very much view the addition of blockchain interoperability being added to HIVE through the Hive Smart Chain projects as us "stepping up to the table with the big boys".
Internal and External Blockchain Support Moving Forward
While we've got like 6 different side chains currently being worked on for HIVE none if any look to tackle the chain interoperability problem like Hive Smart Chain seeks to while also delivering it in an intuitive user friendly manner. The other sidechains are certainly neat however their application development goals and client facing offerings more aligning with the needs of the hobbyist more so than professional. This is no means meant as a knock at the other developers building side chains here on HIVE but merely an unbiased look at the situation after a long period of observation.
Utilizing HIVE as the smart chain native base currency ensures that any success the HSC projects attracts goes on to enrich the entire ecosystem and this was one of my main design goals going into this. While on the flip side I do see a lot of potential in some of these other side chain projects I don't exactly see them shifting the paradigm nor larger crypto community view of HIVE as much as HSC.
Given that Hive Smart Chain will not only allow, but encourage, both our own side chains and other external blockchains to interface with us using any one number of popular cross chain interoperability methods. Personally I'll be writing chain bridges to our own side chains just a s a means of being inclusive and not displacing them from the community.
Hive-Engine, DLUX and all the other larger side chain projects will be supported on Hive Smart Chain with even the possibility of being able to use HSC to take existing HE style "NFTs" and "Tokens" and having the Smart Chain create properly implemented and decentralized ERC-20 and ERC-271 versions of them that could then be swapped onto networks like Ethereum / BnB in order to increase the functionality to all involved.
This isn't just "my" smart chain project.. Everyone from ours and other communities will be invited to come build on HSC and create bridges between ecosystems. We'll be cheaper, faster and better decentralized than other chains offering the same functions on top of our already existing community and it's suite of applications. I'm frigging excited to be able to bring the future possibility of Properly Decentralized dApps, HIVE based Decentralized Finance and ultimately a huge platform upgrade to not only our community but the entire cryptocurrency ecosystem.
Hive Smart Chain (HSC) - Bringing Decentralized Smart Contracts EVM Using HIVE
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Is interoperability a thing that Justin Sun used in connecting the Steem and Tron blockchains together or am I grasping at straws?
I'm trying to find a reference point in trying to understand side-chains and anything related to connecting blockchains with other blockchains.
Does Bitcoin, Ethereum or other cryptocurrencies use interoperability in any of the projects or networks which may be built on top of them? Maybe my questions are too generic, vague, or too silly in some ways.
Nope. You've certainly got the right idea. Interoperability metric is measured by how easily 2 different blockchains can communicate or pass operations to eachother.
A side chain exists generally as an addition to functions of the main blockchain. Some sidechains have their own token/coin where others like the one I'm building rely solely on their parent chains native coin to operate.
The HSC will have a TON of tokens on it in time I think and people migrate their HE, BnB and ETH tokens over to the ERC-20 compliant HSC chain. The whole "Atomic swap" think you hear about on Ethereum is a buzzword they are using to explain interoperability at the moment.
Think of it as sort of a gateway into allowing 2 blockchains (or multiple) that speak different languages and have different code and tokens to be able to swap all of these elements back and fourth. That is at it's core what Interoperability is, creating systems that are blockchain agnostic and allow for all sorts of different blockchain offerings to be utilized or accepted by it.
Is it like a decentralized version of a cryptocurrency exchange website like Bittrex and/or can it be used for trading crypto in part? I think the answer is yes as you say, the ability to swap code and tokens. I think all of this is very cool.
Something like that could be easily built on top of the HSC, yes.
A better example would be UniSwap decentralized exchange as I think Bittrex is centralized.
The whole side chain will be programmable, that is where the appeal to me personally is, being able to build stuff that other chains have that we couldn't before due to not supporting secure decentralized computing and ledgers.
It'll change everything around here and to a greater extent the crypto ecosystem as a whole.. Anyone will be able to interface with HIVE given they've chosen to build out their own chains in a format that is supported by HSC then to HIVE.
Did Dlive leave Steem and go to Lino (related to Tron I think) because of limitations Steem had relating to connecting different blockchains together?
Not to say Steem didn't have limitations, not to say Hive isn't making progress, but I think the answer is Dlive left possibly for silly reasons, probably a variety of reasons, I forget the excuses Dlive gave, but I say that to say many of the Hive projects are moving in the right direction overall.
I'm not really a fan of centralized networks like Bittrex, Poloniex, etc, my accounts were disabled, I was not able to get my Bitcoin or other coins out, I don't like the idea of suddenly being locked out without warning kind of thing, at least one month warning in advance would at least be better.
No idea about Dlive. I try to stick to myself and not get involved with everyone's drama unless need be.
Ecosystem is maturing enough that the developers on here have had time to learn the workings of the base software and are expanding on it.. Pretty neat stuff really.
Yep, fuck centralized exchanges.. Terrible idea. Ideally no one ever gets locked out.
Awesome. Agreed.
Happy BDay to Hive today as I pen this and oh yes, "nice post dear"