I apologize, but I couldn't get through your entire post. I get it, you don't like ethereum. But our opinion doesn't matter - if you want to succeed, you have to build a product that developers and users want. The reality is that developers and users use ethereum and bitcoin, nothing comes even close.
While Ethereum 1.x has plenty of limitations, It also has incredible technology built on top of it. Zero-knowledge rollups are, in my opinion, the greatest innovation in crypto since bitcoin invented the blockchain, and far exceeds anything Hive can offer. Not to mention the innovations Ethereum 2.0 brings to the table in the coming years.
My biggest problem with your post, however, is that you completely ignored EOS. Like I keep saying, it's basically an improved Hive. Everything you point out as advantages for Hive are even more amplified on EOS. Yet, no one uses EOS. EOS has realized what I have been saying, and are focusing massively on Ethereum interoperability and EVM compatibility. So are Polkadot, Cardano, Tron, and every other PoS chain. The days of "bitcoin killers" and "ethereum killers" were over in 2017, the only way to survive in 2020 and beyond is to become bitcoin and ethereum enhancers. There's a reason why every top 20 chain is focusing on ethereum interoperability, while absolutely no one wants to use Hive. It doesn't matter if you don't care about price, it's an accurate reflection of investors' confidence in a chain, and currently there is none in Hive.
Look, I'm deliberately being aggressive here because I want to see Hive succeed. For the last 4 years, all my constructive criticism has fallen on deaf ears. There's been negligible progress since 2017. I'm sure how you can see this makes one frustrated? So I'm making a last ditch attempt to make people wake up, accept Hive's glaring flaws, and completely overhaul the platform with a new concept to build something sustainable. I have mentioned some ideas in this OP and over the last several years, so I will not belabour my points.
With that, I'll wish you all the best. I hope you and other witnesses do some self-reflection and swiftly move to overhaul the system. I hope Hive works out.
I've only briefly used EOS so I'm not in a position to make an informed decision on the platform as a whole. First glance it seemed unnecessarily complex even for a tech-brain type like me but perhaps this could boil down to GUI design on the page I was using to interact with EOS. Not entirely sure.
Hive beats BTC at 2 things. Transaction speed and scalability. Remember having to wait 10 minutes or even up to hours in some cases to move BTC around for whatever reason? Pepperridge farm remembers.
The EOS project looks interesting but the way they seemed to favour playing by the govt rulebook and were asking for KYC for example for their blog platform makes me suspicious somewhat. I get why they'd play ball with the US govt but not sure how many crypto heads are going to willingly start acceptin things like KYC at every turn in order to use something.. Have in the past been completely turned off of otherwise solid platforms due to them trying to force KYC compliance.. Hates it.
Investors confidence is key to high market caps you figure? More of a "price rise due to FOMO" player myself as it seems a large majority of money playing in the crypto ecosystem are short term speculative HODL plans rather than multi year buy and holds.
Totally hear ya man. As a developer I share some of the frustration when I see certain things being done or neglected but in the end unless I'm willing to pull up my bootstraps and go fix issues I see within my power it's simply wasted emotion.
Not sure what needs overhauled besides the DPOS for me personally.. top 20 should be expanded to top 100 with witness vote decay in order to provide a level of dynamic and input required governance of the chain.. Although having a top 100 would make updating 5x more a nightmare than it is now.
Have a good night captain. Thank you for speaking your mind and playing devils advocate.
Transaction speed and throughput come at steep costs to decentralization. It's laughable that it costs more to run a Hive node than a bitcoin or ethereum node. We have people running Geth nodes on damn Raspberry Pis (See https://twitter.com/EthereumOnARM). We're already seeing functionality on Hive like get_content being moved out to centralized dbs (Hivemind) and this despite negligible economic activity on Hive. It's a slippery slope. Meanwhile, ethereum and bitcoin continue to transact billions every single day. This is what I consider true decentralization, and Hive does not offer it. You probably disagree, and that's OK, we'll have to agree to disagree. I'll say, though, that you'll find yourself in the overwhelming minority.
I'd point you to this post for more details: https://hive.blog/crypto/@liberosist/understanding-why-bitcoin-and-ethereum-have-high-fees-and-sustainable-solutions
Fortunately, solutions like zK rollups and sharding are sustainable solutions that'll bring scalability to crypto without sacrificing decentralization and security.
Oh man.. The cost to run a node now is almost 10x less than it was when I started witnessing on steem... Fuckin' spent a grand a month on servers almost at one point.. That was not fun at all.
You can run a basic node to carry out transaction broadcasts and to scrape blocks off of on a system with a bit less than 8GB RAM now adays, however the time it takes to get these economy setups going is measured in days due to the nature of the data replays.
Not sure how many transactions ETH processes but BTC is no where near billions of daily transfer operations, it's not even capable of such operation bandwidth as far as I know unless bitcoin core has had serious improvements since I last dug into it.
Hive is a distributed ledger.. As for if one can call a network where the vast majority of transactions are processed by the (usually) same 20 servers decentralized is something I'll leave open to everyone to think about (personally I think it's not nearly as optimal as it could be). Over half of all BTC mining occurs in China which in theory could lead to a chinese 51% attack if they all worked together.. While BTC and ETH are better decentraliztion wise neither of them is so decentralized they are untouchable.. :/
As far as API calls being indexed by external databases that is one of the few ways to make calls to fetch old data seamless from a users perspective. It takes less time to query a localized DB than it does to have the hive API go and search for it.. From a technical standpoint it makes sense.. Think of HIVE as a hard drive and the hivemind as a sort of RAMdisk.
Will have a look at these projects you mention. Always interested to see what type of new and innovative shit guys are coming up with!
I know things have streamlined a lot, but it's still nowhere near good enough. Call me when you can run a full Hive node on a damn Raspberry Pi like you can on ethereum.
Definitely look up ZK Rollups. 3,000 TPS on Eth1.x today. Like I said, Loopring Pay or zkSync has been doing 3,000 TPS, 0.3 second finality, <$0.01 fees for several months now. The makers of Gods Unchained are releasing their own custom zk Rollup for gaming/NFT applications with similar scalability. Same for Curve. Synthetix, Uniswap and other massive DeFi apps are using Optimistic Ethereum, a competing rollup scaling solution. Things are moving fast. We don't know yet what Reddit are using, but they are going to offer free/near-free transactions with <0.5s finality on ethereum through whatever scaling solutions they use. Same for Curve. Synthetix, Uniswap and other massive DeFi apps are using Optimistic Ethereum, a competing rollup scaling solution. Things are moving fast. We don't know yet what Reddit are using, but they are going to offer free/near-free transactions with <0.5s finality on ethereum through whatever scaling solutions they use.
When Ethereum 2.0 Phase 1 releases next year, that'll bump up throughput to 100,000 TPS, which is light years ahead of anything Hive can do.
The key difference, though, is that ZK Rollups is backed 100% by the security of the main chain.
I agree that PoW flawed, and I know you hate ethereum, but maybe you should check out Ethereum 2.0. This, in my opinion, is the first attempt at a truly massively decentralized blockchain network. Anyone with stake can run their own validators on cheap hardware. We'll have hundreds of thousands of validators. I believe it is significantly more resilient than PoW and of course DPoS.
Once you really look at the innovations in crypto, I think everyone will come to only one conclusion - Hive is falling far behind. In 2016, Steem was great tech. In 2021, it's a dinosaur. I'm here warning you of the meteor impact, I hope you all listen and prepare for it.
In order for HIVE to run on a Pi the specs on those would have to come up a bit more, mainly in RAM size.. Or the entire graphene engine beneath HIVE would need reworked in a way to allow it to run queries and replays concurrently on multiple threads of a CPU.. While possible in theory the cost in time and skill it would take to complete this is likely prohibitive sadly.
Interested to see how Eth 2.0 does honestly.. I for the record don't hate ETH but rather am dissapointed on how they destroyed what would otherwise be an amazing project by deciding to break the cardinal rule of allowing changes to a chain after blocks have gone past that height.
Will certainly have to look into these other projects. 0.3 second operation responses is fucking INSANE if it's actually able to confirm across the entire network that fast!
POW while cost prohibitive to attack almost all circumstances is an expensive way to secure a chain as far as energy consumption is concerned. Sure it's the original method and time tested but it's also archaic when you look at advances in other fields of IT work.
A truly "every mans" crypto that would favour proper decentralization and be resistant to stuff like mining farms or ASIC development that could be run by anyone ultimately would be the cure all for this.. Perhaps as global high speed internet becomes something accessible to everyone blockchain systems will piggyback on the infrastructure and ultimately become a widely used and accepted method of finance.
I'm not sure this comparison is even worthwhile. HIVE will never be better money than BTC. Security and decentralization are paramount to money.
Hive / DPOS sacrifice security and decentralization for speed and scalability. This makes sense for the purposes of a social network database where supporting a large number of low/no-fee transactions is paramount.
BTC was the first crypto money to market. And it is still the best, especially with the advances in lightning and culture of decentralization. Hive (i.e. the legitimate continuation of the Steem chain) was the first crypto social network to market. And it is still the best I believe.
Perhaps EOS or ETH L2 could serve as the foundation for a social network. But when Hive is already up and running, with almost all the required functionality and 1000s of users, I don't see any incentive to not just use Hive.
Rather than thinking that Hive is a complete failure, I think Hive is still early in its maturity and adoption. But if you had to recommend a decentralized social network to a content creator that is already lauched, what else besides Hive would you recommend?