Attending the 20th anniversary of Peniel Presbyterian Church, I got an inspiration while listening to the message of the guest speaker. I don’t know what’s going on with me. Since the day I stumbled upon the opportunity provided by blockchain technology, specifically, Hive, I tend to relate the messages I have been hearing to fintech. I find this experience something new and at the same time, exciting.
The text used by the speaker is based on Matthew 13:44 where it states:
The kingdom of heaven is like a treasure hidden in a field. When a man found it, he hid it again, and then in his joy went and sold all he had and bought that field.
This verse teaches us that the kingdom of heaven is of immense value, like a hidden treasure in a field. When someone discovers it, they willingly sacrifice everything they have with joy to obtain it.
Listening to this message, my mind wondered if such a description as a “hidden treasure” could apply to Hive. I think it is at least in the fintech world.
In what sense Hive is a hidden treasure?
The potential of Hive is hidden not only to those outside of Hive’s ecosystem but also within it. I have seen a Spanish Hivian who stayed in Hive for six years and was able to grow his $HBD savings to 24,000. Such a huge savings can receive 400 $HBD interest per month. Moreover, I also saw a Hiver with a five-year and six-month-old account able to accumulate 100,000 $HIVE Power. Unfortunately, cases like these are more exceptions than the rule for I also see numerous accounts older than the identified accounts, which $HIVE Power never exceeded even 1,000.
HIVE compared to other cryptocurrencies
In the fast and ever-evolving field of financial technology, Hive can be considered a hidden gem. Yes, there are many names out there that catch the attention of big capitals, but Hive remains almost invisible to them. No question about Bitcoin and Ethereum enjoying the limelight, but as for other lesser names, I think the value offered by Hive cannot be considered inferior to them. Nevertheless, the “hiddenness” of Hive can be considered a great opportunity for those in the network who have realized its promising potential offering unique advantages and opportunities. In this article, I want to argue how Hive can be considered a hidden treasure in the fintech world and what should be the proper response of those who discover it.
The Claim to Decentralization and the Role of the Community
Many crypto projects claim to be decentralized and community-driven. However, at a closer look, this is nothing but a superficial claim. Though I could not make an absolute stand on Hive’s decentralized nature due to the limitation of my blockchain exposure, I observed that many on Hive are strong in their claim that Hive’s decentralized character is unique compared to other crypto projects out there. As far as blockchain exposure, the only blockchain I got involved with before Hive is the Pi Network. I suspect that most blockchain projects out there just like Pi claim to be decentralized and community-driven, but if you examine them closely, they are all centralized and a core team plays a very powerful influence in the direction of the project.
Hive’s decentralized character and community governance are the opposite of traditional financial systems and even some other blockchain platforms out there. No central authority controls Hive. A network of witnesses and stakeholders who actively participate in decision-making processes determine the direction and development of the chain. It has been repeatedly emphasized that these qualities ensure that the platform will remain resistant to censorship. This to me makes Hive a hidden treasure in the fintech world.
Fast and Feeless Transaction
After more than two years on Hive, I can no longer consider myself a newbie. At the same time, I cannot also describe myself as an expert. I think a better description could be a constant learner. Despite my limited understanding of Hive's DPoS consensus mechanism, I am not sure if this is the reason why transaction on the chain is both fast and feeless compared to other expensive and slow protocols out there.
Microtransaction is something new that I only discovered here on Hive. The fact that one does not need to pay a fee for this transaction and that the transaction is done in seconds, makes Hive well-suited in the world of digital content monetization and online communities. The platform's ability to process transactions quickly without incurring high fees positions it as the most viable option for various applications and peer-to-peer transactions. Again, possessing these qualities, I see Hive as a hidden gem in the fintech world.
Tokenization, Incentives, and DApps
Both liquid and staked HIVE as well as HBD each have their unique utility in the platform. Receiving HIVE, HBD, and other tokens as incentives for creating content and engagement, I wonder if opportunities like these also exist in other blockchain networks. This to me is real empowerment. If bloggers, vloggers, artists, and other content creators will just see this opportunity offered on Hive, I think they will be attracted and motivated to produce and publish articles on Hive.
Moreover, an increasing number of decentralized applications (DApps) on Hive that offer a wide range of services can compound the tokenization and incentivization mechanism of Hive. Imagine the kind of innovation we are witnessing on Hive that includes decentralized finance (DeFi), play-to-earn, and the merging of social media and finance via crypto, I never heard of such opportunities not until I stumbled upon Hive. Again, this to me proves the point that Hive indeed is a hidden treasure in the fintech world.
What then should be our response and attitude?
For those who are convinced that Hive is a hidden gem in the fintech world, what then should be your response and attitude after discovering such a great opportunity?
I think we should not follow the man in our story of the hidden treasure. In the fintech world, hiding a “hidden treasure” will not achieve the network effect that every blockchain and crypto enthusiast wants to see. Such an act of protecting a treasure will only work in the real world. In the digital world, contrary action must be taken. Instead of covering the treasure, we should share it with as many people as we can.
Another thing we observe in the opening story is that the man responds with joy after discovering such a hidden treasure. Relating such an attitude to Hive, are we grateful for the opportunities that Hive offers us? Are we happy that we are on Hive? Do we have the energy to do our daily Hive activity despite the overload of responsibilities we have in the real world?
The last action that the man did tells us about the importance of capital. He “sold all he had and bought that field." Yes, both content creation and curation will give you incentives on Hive. However, to grow your account, you need a lot of patience, focus, and hard work. You need to take your Hive activity seriously with a long-term mindset. Nevertheless, if you have the capital to start with your journey on Hive after realizing its potential, then you will have a great advantage compared to those who just simply rely on weekly incentives.
Conclusion
In the world of financial technology, the Hive blockchain stands out as a hidden treasure. Its commitment to decentralization, content creation incentives, transaction speed, and expanding ecosystem of DApps make it an exciting and practical choice for both developers and users. While it may not have the same level of recognition as Bitcoin or Ethereum, Hive's unique attributes and growing community suggest that it has the potential to play a significant role in the future of blockchain technology.
If you are convinced that Hive is a hidden treasure in the fintech world, the appropriate response is to share it, to be excited about it, and to devote a certain amount of your savings regularly as working capital.
As more people discover the hidden character of the Hive blockchain in months or years to come, it could reshape the landscape of financial technology by offering a truly decentralized and community-driven alternative. Whether you're a content creator looking for fair compensation, a developer seeking a robust blockchain platform, or simply an enthusiast exploring the world of cryptocurrencies, Hive is a gem worth exploring in the ever-expanding universe of financial technology.