The information for this article was taken from the Hive Core Developer call.
Expanding the reach of Hive is something that was discussed for years. Since the inception of the original chain, we saw Hive operate basically as an island. There were a few bridges such as the coin being listed on Binance. However, overall, Hivians had to built it.
That is fine. Infrastructure is necessary, especially in a world where decentralization is important. Running exclusively to centralized entities is not the best idea.
Most are aware the process was slow. There are a couple tidbits that I want to focus upon which could expand the tentacles of Hive.
Mainly we will dive into the work to get Metamask integration with Hive.
Hive Coming To Metamask
The above image snapshot from the summary of the Developer Call linked at the top. As we can see, the integration is in motion.
Before diving into it, the discussion was, not surprisingly, from the technical point of view. They were detailing how the public keys will work. However, there was enough to take a few points away.
First, application had to be made to Metamask (ConsenSys?) for integration. This appears to be procedural with the expectation that addition will not take too long.
My presumption is the technical details need review. There was likely development necessary to align with Metamask and meet their requirements.
Second, the integration will allow for Hive based activities to be done using Metamask as a log in. This is where the key system enters. Hive offers a variety of features at the base layer that users can engage in. Things such as posting, upvoting, transfers, and staking all are blockchain activities.
In other words, Metamask would then be able to talk to the chain.
Of course, this is separate from other blockchains and the activities conducted there. That means, the transfer of ETH will not show up on Hive. It is a transaction that operates on Ethereum, accessed by Metamask, but separate. On the flip side, an upvote given on Hive will not register on Ethereum.
There are an estimated 21 million Metamask monthly active users.
HIVE In Metamask
What about the HIVE coin?
This was not discussed on the call so it is supposition on my part. However, if Metamask is tied to the Hive blockchain, I would presume all Hive based activities are available through the wallet.
Obviously, if one is accessing Hive through Metamask, availability to the coins is necessary. This means one can "store" the coins in the Metamask wallet. Of course, in crypto, we know this is actually just reading the chain where the coins are truly located. The crypto is not actually in the wallet itself.
Does this mean we could swap HIVE for ETH?
Based solely upon this development, I am going to presume no. This simply adds the chain to Metamask. To go from one chain to another, some type of bridge is necessary. Here we have to deal with a liquidity pool or DEX that can conduct the swap. At some point, an entity must be able to accept HIVE and provide ETH.
Metamask is nothing more than an intermediary.
Nevertheless, the potential is there for further expansion in the future.
Coinbase Integration?
This is something that was mentioned in passing. In the past there was mention about getting listed on Coinbase.
Before that can happen, it is my understanding that development is needed. Again, there is a certain structure that Coinbase requires even before consideration is granted.
Since this was only not discussed greatly, the only thing I can conclude is the coding to meet those requirements is in process. Even when completed, there is no guarantee that Coinbase accepts. My guess is we are dealing with a higher bar (and probably a bunch of money) than what Metamask needs.
It is often easy to look at things once they are active yet overlook the grind it takes to get there. Could we see the tentacles of Hive extending? It seems the core developers are at least providing the coding to make that possible.