It would be a shame for me to spend more than 3 years on the hive ecosystem and not be able to explain technically why $HBD is the best stable coin in the crypto world. The world have been propelled to a time where money has been digitized, making it easy to be transferred to any part of the world and spent regardless of the country currency.
Let’s start by explaining what stable coin is. Stablecoins are digital currencies designed to maintain a consistent value, usually pegged to fiat currencies like the US dollar, for example, we have popular stable coin like USDT, USDC. But even with stable coin like this, there are still problems faced with them, and the problem is that, these coins are controlled by companies, these companies can freeze your money, and we can see an explain like the time of the Ukraine-Russia war.
Let’s talk about a stable coin that can’t be controlled
Hive Backed Dollar ($HBD)
What is $HBD
HBD is an abbreviation for Hive Backed Dollar, it is Hive's own stable coin. It stays equal to 1 US dollar, but the difference between HBD and other stable coin is that it is not backed by real dollar in the bank, but it is backed by the Hive Token, and the blockchain itself makes sure the price is stable. It’s more like a digital $1 sitting and living freely on the blockchain out of the reach of anyone's control, no companies or bank involvement. HBD maintains its peg to the dollar through an on-chain conversion system: users can convert Hive to HBD and vice versa at a blockchain-determined exchange rate. This market-based balancing mechanism keeps the price stable. The blockchain also has a 'haircut rule' to limit HBD creation when Hive’s market cap drops too low, protecting the system from inflation.
Another beautiful thing about $HBD is that
- HBD is created, managed, and maintained by the hive blockchain
- No company can freeze your HBD, you have total control over it
- No government can shut it down
- No one owns Hive, Hive is owned by everyone who holds Hive.
- The hive blockchain also has a rule to the limit of how much HBD can exist, so the system doesn't break.
- There is something called HBD saving that allows you to earn 20% interest. This is more safe than many DeFi platforms because your HBD can’t be loan out. You control your funds, and the blockchain itself pays the interest.
Hive is a fast, feeless Web3 blockchain where users earn rewards for creating and curating content. It supports blogging, tipping, social media, and peer-to-peer payments, all powered by its native tokens, HIVE and HBD. You can send tips or donations to anyone you wish to, and you can also reward blogs that resonate with you or put a smile on your face. You can also use your HBD to pay for goods and services.
Yes, $HBD is widely considered as acceptable funds in exchange for goods and services. There are businesses all over the world accepting HBD for exchange, and one of the best parts is that there are “NO Gas Fees”
There are businesses registered on the blockchain, making it easy to locate any business accepting HBD in your local area #spendingHBD
The government have been trying to control crypto more and more daily, they can easily go after USDT or USDC because those coins are centralized, but guess which coin isn’t centralized and comes with a lot of benefits. $HBD
- No central company
- No bank account
- No way to shut it down.
In conclusion, in a world where financial freedom is under constant threat from centralized control, Hive Backed Dollar ($HBD) stands as a beacon of what stablecoins were truly meant to be, secure, decentralized, transparent, and user-owned. Unlike other stablecoins that rely on banks, corporations, and regulators, HBD is governed entirely by the Hive blockchain and its global community. No middlemen. No freezing of funds. No hidden rules.
With features like on-chain savings (with interest), fast feeless transactions, growing real-world utility, and protection from censorship, HBD offers more than stability, not just that, it offers freedom.
So if you don’t already own your own $HBD, maybe it’s time to stop just using money and start owning it.
Thanks for reading. My name is Fashtioluwa.
