Hive is something different. However, we usually look at this in the context of cryptocurrency and blockchain. While that is accurate, there is something even more basic about what Hive offers. It is, however, clouded in the quest for rewards and the central basis of the reward pool.
While this is always going to be the case to some degree, what if there was another way of looking at things here? Perhaps by going to the foundation, we can see where we are lacking in terms of the building on Hive.
To me, this offers the greatest insight into what the potential is. By concentrating upon the most basic level, we can start to work our way up.
For this reason, we are going to look at the essence of Hive and how we can utilize it to a much greater degree. This also will factor into the appeal it holds for those on the outside. After all, for people to be interested, you have to give them something useful.
Decentralized Database
We have discussed Hive as a decentralized database. However, when look at this from a more technical point of view, this is what we see.
The Internet, up to this point, is a bunch of page linked together. Have you ever hear the term hyperlink? This is the highlighted text that takes you to another webpage. It is how data is joined together.
Why is this important?
If we think about it, every post created on Hive is a page. This means we can use the database to build an assortment of pages that are joined together in a logical way. At the blockchain level, this will be text although, as we know for the articles created, other file forms can be added.
The key takeaway is that Hive can be used in a much different manner once we start the process of considering pages, i.e information, and how to link it all together.
Suddenly, the mindset shifts to Hive being an information source. In other words, we are building something that people can use. The housing of data is big business yet, thus far, we have not really tapped into that.
This means focusing upon building databases.
Censorship Resistant
The world's knowledge resides on the Internet. This much we know.
What does that really mean? The answer to this lies in what the Internet is. Here we have a series of nodes joined together to form networks. Many of these nodes are servers storing data. Hence, the world's knowledge is on servers all over the world.
Of course, this brings up the question of who owns the data and, hence, controls it? At this point, many of us know the answer. It is not something that is appealing.
Our knowledge is in the hands of the largest corporations in the world. They can alter it as they see fit. In this regard, we are totally at their mercy. Again, this should be nothing new to people.
Here is where Hive can change it. We have the opportunity to store text on a network that is not in the control of anyone. In fact, the software is open source so anyone can house the database.
The added bonus is that data, once in a block, cannot be altered. It is basically permanent. Now we are starting to open up a world of possibilities.
Text Data
If we simply consider all the text data that exist, we see there is a huge opportunity. Individuals or teams can build databases on Hive around the notion of creating pages that are linked together. Because of things such as IFPS and image servers, it does not requires that the final product be solely text. However, this is the basis of this network.
Consider for a second all the information that is out there in this for. Sports are fill of stats that people reference. Investors like to look up the price history of assets such as stocks or bonds. Population counts are kept by nations. Production figures for public companies are tracked.
With all this data out there, and the need for it, is it possible to start constructing this on Hive? Can people build databases which then are tied into a number of front ends? For those who are a bit more technical in nature, the ability to develop a new website exists.
The point being is that we enter a new realm when we consider pages. Let us look at this page from Pro Football Reference. These are the career rushing and receiving stats for Walter Payton, the great Chicago Bear running back.
This is very basic. Notice all the blue hyperlinks. These direct us to other pages. Once arriving there, we have more information along with more links.
And on it goes.
What is the potential here? Could this be built on Hive? Quite frankly, Hive is ideal for this. Due to the text storage ability along with feeless nature of transactions, it is one of the few blockchains this can realistically be done. Nobody is going to build a database of this nature if it costs even a few cents to post or update a page. It is simply not viable.
Perhaps NFL stats are not the solution. However, could these be tied to something much larger? Maybe this is part of a fantasy league which also have stats. They can all be combined in the database. This could entail gambling data from Las Vegas with each page bringing up new information.
The point is we have a lot of potential in this area that remains unexplored. Today, we are dependent upon centralized entities for our information. What happens the ones behind Pro Football Reference go under? Where does the data go?
It is a question that would apply to everything we see online.
Wavio is already starting to use this concept by having the idea of decentralized comments and reviews about products housed here. Why should an entity like Amazon have the lion's share of that under their control?
This is the power of decentralized databases. When it is all build under one umbrella, we can see how value is built. Of course, we have to mention that anything posted to the blockchain can be integrated by any developer. This means the data can be used by different projects.
Here is where builders start to expand what is offered.
It all starts with the information on a page. Instead of thinking simply rewards, what kind of business can be built around a string of pages linked together? Take a look around and see what people are using. Could a decentralized options with more features be of even greater appeal?
That is the challenge before all of us.