WHAT IS HIVE AND HOW DOES IT WORK?

Image sourceedited using canva

Before web3 platforms came into existence, we have various Web2 platforms such as Facebook, Twitter and YouTube that have taken over the internet. These Web2 platforms are nothing but centralized platforms that censor its users and cannot guaranty its users total freedom of speech.

It's so frustrating to find out that in this age, many people still waste a whole lot of time and money on this Web2 platforms when we have many web3 platforms that are completely decentralized, provide you total freedom of speech for your contents and also allows you earn some bucks for doing what you will on those Web2 platforms for free.

Just as I emphasized, we have many web3 platforms that pays you for your contents. However, not all of them can be said to be truly decentralized due to their nature or features. But, the good news is I have a social media platform I can vouch for at anytime to possess all the features of a web3 platform. This platform is known as "Hive".

images (10).jpeg

What is Hive?

Hive is a blockchain-based social media platform that pays content creators when their contents get upvoted, as well as curators for upvoting contents that they like on the site. Hive is built on top of the Hive Blockchain and as such, it is powered by a blockchain technology.

Hive is a fully decentralized social media platform with unique features such as decentralization, anti-censorship, freedom of speech, monetization of contents, community-driven, fast transaction throughput and it was forked out of Steem some months ago during the steem Steem Hostile Takeover by Justin Sun of Tron.

Image source

How Does Hive Work?

The mode of operation of Hive is similar to that of other digital currencies and social media platforms. Everyday, new units of Hive tokens are created by the Hive Network and are added to a reward pool. These Hive tokens are then distributed to the users through upvotes on contents and curation rewards from curating contents.

It is the Hive Power that each user hold that will be used to decide how the rewards pool is distributed. The higher the Hive Power a user hold, the more the rewards pool the user have in their possession to distribute. Users can decide what to do with these Hive tokens whether they want to exchange it for real money or do some other things with it.

Hive is made up of mainly the content creators and the Curators. You can choose to be a content creator, a curator or even both. However, if you are content creator, then you are automatically a curator since part of your post payout will be in Hive Power. Content creators are the writers, photographers, artists and Vloggers that publish their works and get paid on it while curators are the people that upvotes the works of those contents creators and allow them to earn on it.

The most interesting thing about Hive is that you don't have to be a Content Creator before you can earn. Just make sure to hold some Hive Power staked in your account, upvote quality contents on a daily basis and you will be entitled to a certain percentage of the Curation reward from all posts that you upvoted.

In conclusion, Hive is a unique social media platform that is owned and governed by the community and as such, I say Hive a social media platform by the people and for the people.