There is a lot of power to Hive. We have a "hivemind" here that is deep and knowledgeable. For that reason, we can expect greater things in the future.
Hive is a permission-less blockchain. That means anyone can build something and incorporate it into the decentralized database. As long as there are enough resource credits, one is good to go.
As many are aware, we have a version of Investopedia being built on Hive. This takes terms that are related to finance, investing, and cryptocurrency and defines them on Hive. This provides links that can be applied to articles to increase the depth and knowledge associated with what is being written.
If you will, consider this a proof of concept for Wikipedia on Hive.
Nevertheless, over the last few months the project expanded. Having an open database with decentralized infrastructure available is invaluable. This is something that we really have yet to drive home to most people.
Hopefully projects like this will help to show the power of what can be done especially when the Hivemind takes over.
Permission-less Participation
It should be evident that whatever is put on Hive is open for all to use. The blockchain can be read by anyone, which is another powerful factor. Nobody "owns" the blockchain or the data on it. This is for general use, available to anyone.
Because of that, others can add onto ideas even without interacting with the original group.
The image above is a mock up of an idea one had for the new UI that Leofinance is developing. That project is looking to crowdsource the front end development, at least some pieces, also tapping into the Hivemind. Here is what someone proposed as it pertains to LeoGlossary.
Notice how someone is looking to expand the usability of the data that LeoGlossary applies to the blockchain. We are looking at possible integration into the Leofinance front end, something that other applications could replicate if desired.
While some might not feel this is a worthwhile project, the value of glossary in search engine ranking is high. We know that when it comes to terms of this nature, both Wikipedia and Investopedia are always high on the listings.
One enormous advantage is the ability to provide the data we desire. For example, here is Hive Glossary which defines many of the terms associated with the Hive blockchain. There is also an information center regarding Splinterlands, called SplinterGlossary.
Of course, the ideas can keep expanding.
We also have a mock up of a mobile application for LeoGlossary. Here we can see the outline of what the thinking is.
This is starting to evolve quickly.
Building On Hive
Again, we have to stress that Hive, at its most basic layer, is a decentralized, permission-less database. This is a backend similar to what Amazon provides it cloud customers. Of course, there is not the privacy aspect and the tools Amazon provides are far superior to what is tied to Hive at the moment.
However, when it comes to storing text, in an immutable fashion, Hive excels. This provides an epicenter of information that anyone can tap into, integrating it into its application. The example provided here shows how things can unfold.
That is not the only example. We have another member who turned to the Hive network to solve a problem.
So couple of weeks ago , a new project came to me in my office and it was related to temperature monitoring in the server rooms.
So basically I have to put a temperature sensor in the office and keep on monitoring the temperature .
If the temperature reaches certain threshold a mail should go to the relevant department .
Seems like a sensible thing. Of course, when it comes to most situation, someone is going to have to approve this.
I said yes it would help in analysis and other related stuff . They were against the idea of keeping old data because there are 5 server rooms in each building we own and we own 5 building [ total of 25 rooms data ] .
That is when I thought , hey wait , why not use Hive for this? A simple Custom_JSON transaction .
So the IT department shot the idea down? Here is where Hive was the solution.
Custom JSONs are something we associate with games, most notably Splinterlands. It is a way that data is posted to the blockchain but in such as way that it is "ignored". In other words, the blockchain will store the data but does nothing with it since there are no commands such as the transfer of coins or upvotes.
This again exemplifies the power of Hive.
Some might not consider air conditioning sensor data important and, in the grand scheme of things, it isn't. However, here was a problem that one was able to turn to Hive to solve.
Data is data and Hive doesn't care what it is.
The Future Of The Hive Database
As we go forth, we will see the access to Hive becoming more expensive. It is something we will notice in the form of an increase in the price of activities in resource credit terms. We are dealing with a finite asset here albeit one that, through scaling, has the ability to grow.
For this reason, there will come a point where people will have to decide what goes on chain. Essentially, the question of how important is it has to be asked?
This is where secondary layers come into play. Nevertheless, this is where the true power of Hive comes from.
Since resource credits are determined solely by Hive Power, as there is more data being written to the blockchain, more HP will be required. It is true we have Resource Credit Delegation as of Hard Fork 26. However, someone still have to create the RC by powering up $HIVE.
We can easily see how this will generate upward pressure. $HIVE is a utility token in the sense it provides one with access to the blockchain. If people start to realize the value of building on Hive, there could be competition for those resources.
In an open market we know what this means in terms of price.
There are many examples of what happened to transaction fees when blockchains got busy. Just look at the history of Bitcoin to see how this plays out. We will get a similar result albeit without the direct cost associated with these other ecosystems.
Some might think this is bad but it is not. Having the cost of RC increase means that we likely see the price of $HIVE go up. This has a practical benefit to the Hive ecosystem: the correlation to the Hive Backed Dollar (HBD).
As the total market capitalization of the former expands, it provides a stronger backing for the latter. Since coin demand is tied to access, it is not as vulnerable to pump and dump pricing. There is a baseline established since people simply need to the coin to operate on chain.
With businesses starting to tap into this, we can easily see how they will keep going. Again, perhaps A/C temperature data isn't the most crucial information in the world. That said, the data being put out by @podping certainly is becoming a central piece to the world of Podcasting 2.0.
This is the circular nature of building on Hive. It also shows how powerful the tokenomics can be.
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