I am one of the many people who are frustrated by the slow progress of the hive blockchain. It's been 5 years since I joined the blockchain. I hoped that during this timeframe I would have been able to build my social network significantly to live off the revenue generated from engagement and influence--all perks of growing a social network. That time investment hasn't yielded good results, and the opportunity cost is massive.
I wasn't banking on the $HIVE token (never was; never will). My main focus has always been on the social aspect of the chain which I believed had potential--still has potential. I have invested my time in building relationships with people and communities that are no longer active. So when it comes to losses, I think I have had my fair share, and I know I cannot continue on this path for too long without any real guarantees.
It's been 5 years, and none of my long terms have come to fruition. Hive is not (yet) a social blockchain of 500,000 active creators; the best creators haven't yet found Hive. Even worse, web 2 platforms are now offering financial incentives to smaller creators, which used to be Hive's major selling point. It doesn't stop there. More SocialFi platforms are sprouting from every corner. It is sad to admit but we don't have the advantages of being early adopters anymore. Every platform (both on Web 2 & 3) is catching up.
So what is the value proposition of Hive?
For me, Hive is held on very tiny strings by the very small core believers in this project who are actively participating in community initiatives and building. Most Hivers are either docile or indifferent. You can tell by how many people are willing to participate in campaigns and rallies. Most people are just fine earning what they can from auto votes while they anticipate the worst--that hive will go under at some point.
I cannot categorically say the hive blockchain will discontinue at some point. Looking at some of the crypto projects that are dead but still have a healthy market cap, I want to believe that we are in a better position. The only drawback here is that those dead chains are centralised and their token supply is controlled. Hive is decentralized and has too many leakages, it is not unreasonable to think that the pot might dry up sooner or later. Hence, some are calling for the discontinuation of the reward pool.
However, with some recent marketing initiatives and Hive promotion, I am forced to believe there is a thriving future for the blockchain. My major problem with the Hive for the longest time has been our inability to reach more people and our insistent desire to live in an echo chamber where we regurgitate words of affirmation to one another while the Web 3 community grows and develops far beyond our purview.
Marketing guarantees nothing. It is an effort that will take time to materialise. As it stands there is still a lot we are learning about Web 3 and our role in the larger crypto community. This is crucial in developing a foolproof strategy that will yield positive results for the Hive ecosystem. We need to give it time.
While we try to figure out the best strategy for Hive, development is taking place on the blockchain. Dapps like inLeo are finding better incentives to grow and sustain their communities while moving away from the hive reward pool. A few stakeholders seem to hold their previous failures against them, but to me, there are stepping stones towards building a solid project. We need to give it time. These are the things that should happen and are happening but need time to run their course.
Hive is not going to undo years of bad PR, infightings, hardforks, etc There is no fast path towards genuine development and we must stop viewing it for what it used to be because it is not that anymore. Most of us got into Hive back in the steemit days where everything for done for us and we were promised heaven and earth. That reality is long gone. We are the captain of this ship and we are accountable to one another now. We must work together to improve the chain.
In closing, I want to give a big shout-out to everyone who participated in the Zealy campaigns. It might not seem like it but the blockchain needs you more than it would admit. Thanks for contributing to the success of the campaign. Whatever stipend you receive you will receive isn't enough to compensate for the time and effort you have put into the campaign. While others folded their hands and complained (as always), you showed up and did the work that needed to be done, and for that, I salute you. Cheers!
Check out this short thread on projects with potential airdrops.