For those of us who are already on Hive, we know the benefits to being here. However, when it comes to scaling, there are some things that we have to be mindful of.
In this video I discuss how Hive is already ahead of many other chains in terms of its ability to scale. For this reason, we have to take a look at where things will be in 5 years. With the way thigns go in Information Technology, it is very exciting to see how new breakthroughs in things such as compression can really help Hive.
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Hive seems to be ahead of other chains, scalability doesn’t seem to be a problem for the platform, as time marches on tech will continue to grow and improve.
But the one problem and the biggest challenge Hive has is maintaining stable growth and interactions.
In my opinion, at some point marketing will have to come into play if the long term survival of Hive is the goal. The fastest, most convenient, affordable, and all around best technology means nothing if exposure/growth declines.
And I will state for the record, I am guilty of being someone who will go from be very active on Hive to disappearing for months/years at a time and that my opinion is pretty meaningless since I don't have any real ideas and am not actively work on a solution/idea. So take it with a grain of salt, but it's food for thought I guess.
Sorry for the rambling.
Well that’s going to happen no matter what, people taking breaks. It’s best to stick around and keep up the engagement on hive and the downturn of the market is the best time to do this, since if you can earn some now it will be worth loads more later!
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Those who have the ownership mindset and realize this is a business.
Once that happens, people are more apt to show up each day. Business builders is a mindset.
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That is where the applications and games enter. Something like Splinterlands have the ability to retain people.
Also there is a core group who engage each day. However, we have to be honest, blogging is not the forte of the Internet. Most people are not going to write 700 word posts. Nor do they really want to read them.
So we need other applications and games to excite people. I think Threads will add an interesting dynamic to the equation.
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It’s good that the development teams have been continuously spending time on the scalability of hive regardless of what the market is doing. This makes it so that we can position ourselves the best, kind of like when resource credits were introduced. It helped us scale by eliminating a lot of the spam, which adds to maturity and scalability. Resource credit delegations are going to be a significant driver for more scaling, even among my own accounts. I’ll be able to delegate a bit of resources to this account here so I can comment more! I’ve been running out of credits which is a great thing lol
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The evolution continues. We will have to see the impact of it. We never know how something like that will turn out.
However, we could look back in a couple years and realize how monumental the resource credit delegation truly is.
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From my point of view, a blockchain like Hive where you power up and then you can participate is better than one with fees for each transaction. Just take a look at ETH but it can still get pretty bad if it can't scale.
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And even scaling, this is going to do nothing for fees.
So they are going to have more throughput but still at a high cost.
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Thanks for the interesting post/video!
I'm thinking about the "ability to scale" and what that means. Investopedia defines scalability as the ability of a system to handle an increased workload. https://www.investopedia.com/terms/s/scalability.asp
I'm thinking about Hive's ability to handle increased workload that could come from
I think that the way Hive is set up allows for more workload; we're not at its limits yet. Blocks are not full.
But there is the limit of only being able to add 20 blocks a minute, each at a fixed size (64KB?). We can't increase the speed of block production to faster than 3 seconds due to the time for a block to be transmitted around the world to all node operators; this seems to be a hard limit due to the speed of light.
We can increase block size, but how much more? 4x, 16x? I'm thinking about the ultimate limit of a blockchain dpos system like Hive. In something like AWS or Azure, you can dynamically add higher processing speeds, more simultaneous data connections, more and faster storage. On Hive, adding more processors/nodes doesn't increase processing power since all the nodes are doing the same thing - recording the same data.
Compressing data helps. Offloading data for access, to legacy databases helps. Not putting all the data on the blockchain in the first place helps.
But I don't think anyone is suggesting we have infinite scalability so I'm wondering how close we are to the limits of the Hive system of data storage and retrieval. I think we do have room to scale up. But how much room? If 100x workload hit Hive tomorrow, would the system slow down as blocks fill up and data must wait for room on the next block? And if this load is continuous, can data get lost / not included in any blocks?
I don't know the answers, but maybe someone with more insight into the actual mechanics of Hive blockchain storage can provide a more concrete assessment of how far Hive can actually scale up. Is there a maximum workload? Are we currently at 1% of the max? 5%? 20%?
This is blocktrades forte and he is on the case. In his latest post he discussed a test they ran, increasing the block size while also upping the transactions. I forget the order of magnitude ratio it was, but it was significant. And he wrote there wasnt a hiccup.
Fortunately, Hive is in the same position as everyone else with data: it only grows. That means compression technology is going to have to evolve. We can take advantage of that.
While it is not infinite, we will see new data architecture that helps out. What that is, I cannot say. What I do know is blocktrades is thinking about this all day long and doing things to scale before there is a traffic issue unlike Ethereum.
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if it is difficult to imagine where we will be in the next 5 years but #Hive will surely give us the opportunity to continue advancing together with technology
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STOPDefinitely, the best thing to do right now on hive ecosystem is to keep on building, to me this is an idea means of gaining wealth right now, it will be amazed to see where this initiative will be in the next 5 years, unlike the so call Ponzi scheme, this is the best thing anyone can invest on right now.
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Summary:
In this video, Task discusses the potential of Hive blockchain and why individuals should consider building on it. He mentions recent developments by Block Trades, the upcoming Threads project by LeoFinance, scalability challenges, and the cost-effectiveness of infrastructure. Task compares Hive to Ethereum, emphasizing the strengths of Hive's base layer and decentralized storage. He praises Hive's decentralized nature, specifically highlighting its suitability for projects like PodPing and his own project on LeoFinance. Task stresses the advantages of using Hive for content creation due to its resource credit system and minimal transaction fees compared to other blockchains.
Detailed Article:
Task starts the video by highlighting the recent article by Block Trades concerning the hard fork on Hive and the scalability tests conducted by the team. He emphasizes the importance of scalability in blockchain networks and references Ethereum's challenges in this regard.
He then discusses the cost-effectiveness of infrastructure in the digital world over time, mentioning the potential for a decline in prices due to technological advancements. Task underlines the significance of better processing and compression methods in reducing costs for running the infrastructure.
Task further delves into the benefits of Hive's base layer, contrasting it with Ethereum's smart contract functionality. He praises Hive's tight base layer and highlights the collaboration between developers like Hou Wu and Block Trades in preparing for the next hard fork.
The video continues with Task reflecting on Hive's decentralized nature, noting its suitability for projects such as PodPing and his own endeavors on LeoFinance. He stresses the advantage of Hive's resource credit system, which enables him to engage with the blockchain without incurring significant transaction fees.
Task also touches on the limitations of other blockchains, particularly Ethereum, in supporting activities like social media posting and commenting due to high transaction fees. He concludes the video by encouraging viewers on Hive to consider building and creating content, particularly focusing on leveraging databases for added value.
Overall, the video serves as a comprehensive analysis of the potential of Hive blockchain, addressing scalability, cost efficiency, decentralized storage, and the advantages it offers for content creators and developers in comparison to other platforms like Ethereum.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.