Hive is leading the charge into Web 3.0.
This is something that is clear in my mind. Many will take exception to this yet, from what we see out there, Hive is bringing a new era to people.
While things are still small, it is important to note how things are growing. Opportunities are being presented, something that we cannot say about most things outside of this ecosystem. In fact, as time goes by, vulnerabilities of other systems are being exposed.
The latest was Vitalik's admission that Ethereum layer 2's have a backdoor. It is causing many to question the prospects of decentralization with that entire ecosystem.
Either way, Hive just keeps forging ahead.
What Makes Hive Stand Out
There is one thing that makes Hive different than most everything else in the world of cryptocurrency.
For the most part, if you want to get involved, bring some resources to the table. How are you going to get Ethereum, Bitcoin, or Litecoin? The only way is to purchase it. Sure, there might still be a few faucets rolling around but that doesn't provide much.
With Hive, the exact opposite is the case, While there is an opportunity to purchase, we can see how the ability to earn on Hive is growing. This is something that is going to keep separating it from the rest of the industry.
When we couple this with zero direct transaction fees, we can see how the future is emerging before us.
Is this overly optimistic? Perhaps. However, over the last 5 years, we saw other "killer" projects all fall by the wayside.
In this arena, a major part of the process is sticking around and keep building.
Infrastructure
Incentivizing people to provide infrastructure is a way for decentralized systems to grow. It is also a terrific way to earn.
With blockchains, there is the opportunity to earn the base layer coin through the providing of infrastructure. Hive is no different with the Witness nodes. There are a number of people who are earning a fine return for being block producers.
Of course, with many networks this can be a costly process and/or one that requires a lot of technical expertise. This is also true for Hive.
That said, we have some opportunities that are emerging.
SpkNetwork is providing the opportunity to provide infrastructure, either by running nodes or simply offering up excess hard drive space. The latter is part of the proof-of-access mechanism that is underlying their decentralized storage system.
It provides individuals with the opportunity of storing files on their computer and, in return, they earn some $HIVE.
This was designed so anyone can participate.
Here is a tutorial of how to set it up.
Author Rewards
Hive started as a blogging platform. To this point, that is still the basis of what takes place.
Being a content creator can earn people rewards. This can come in the form of the base layer coins or layer 2 tokens. Unlike many of the social media platforms that have minimum requirements, on Hive, anyone can participate. If the upvote has value, whatever it is worth at the end of 7 days will be paid out. It does not matter if one is on the site 5 years or 2 weeks.
In addition, comments are also eligible. That is content and many found some micro-earning possibilities through this mechanism. Another layer was added with the introduction of microblogging.
We also have video with 3Speak. Those who make vlogs are also finding they can be rewarded similar to articles. Again, this can come in the form of base and layer 2 rewards.
Another simple way is to get involved with threadcasts as they are taking place. Many who are on the broadcast will support those asking questions and commenting in the threadcast. This is another way to get rewards for simply listening to a live podcast or AMA.
Curation
This is another feature that went back to the beginning.
Taking one's stake and voting content earns a reward. This generally is between 7%-9%. It is of benefit to keep filling one's bags. As the holdings grow, the curation rewards can follow suit.
Staking/Delegation
By now, most on Hive are aware of the Hive Backed Dollar (HBD) savings account. Place some HBD in savings and one earns 20% APR (a bit higher for the APY).
There are other mechanisms which can reward people.
Delegation of Hive Power for a return in layer 2 tokens is common. There are many projects which will distribute their token in return for HP delegation. It often helps the project grow while also allowing one to speculate on the future of that token. Those who are optimistic about it tend to want to accumulate more.
This can also apply to some of the income tokens that were created. Some are distributed through purchase while others for delegation. Either way, they are designed to provide yield to holders over time.
Games
Splinterlands made headlines especially during the last bull market.
This is the standard for games on Hive. Actually, it might be the case for all of blockchain gaming since it is one of the most active games.
Here we are looking at an assortment of offerings that keep growing. Many games are passive, providing people with regular payouts based upon some daily activity.
Others are actually ones that are played. PsyberX is one that has created a bit of excitement and seems to have a steady plan of how to move forward. There is some potential with that one.
It is likely we see this sector of Hive keep growing. Gaming is going to be a huge part of Web 3.0. We have a nice foundation forming.
Contests
This is one that generates a great deal of excitement. While not a consistent flow of tokens, it can provide people with some nice jolts once in a while.
Many communities offer contest on a regular basis. These tend to show up in posts and can be a way for people get to a bit of cryptocurrency. It will vary based upon the community and what is being offered but is a way to help some get additional value in their wallet.
Speculation
This one cannot be overlooked. One of the prospects of cryptocurrency is mooning.
Like any financial asset, people are able to trade on Hive. In fact, this is something most everyone does.
People will have things they are optimistic about. That means they will want to accumulate. That said, many tokens show up for different reasons, often without any knowledge of the wallet owner.
When this happens, a choice is required: do I keep this or sell it?
This is speculation. These market price of these assets can appreciate over time. Of course, we realize that most will not yet there will be some high flyers in there.
The question is which ones? Here is what each person needs to decide.
It is this aspect that can compound the returns people get. What one is paid today in a currency like USD could be orders of magnitude higher in a year. If the price of a token does a 10x over the next year, that $2 reward is suddenly worth $20.
In Conclusion
There was a time when keeping up with most of what was taking place on Hive was somewhat possible.
The ecosystem has grown to the point where this is impossible. There are so many different communities and projects, that having a grasp of all that is taking place is beyond the time for any individual.
We are likely overlooking some other ways to earn on Hive. Nevertheless, this is a good foundation to work from.
Many talk about multiple streams being an important part of wealth building. With Hive, one can start to build them simply by getting involved.
The goal should be to develop a couple dozen over time. If history is any indication, this will get easier as more is developed on this blockchain.
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