Outlook is India’s most credible current affairs and news magazine which was launched in 1995. The magazine has over 700,000 monthly subscribers and many more copies are sold separately per edition.
The magazine's December edition - Changemakers Who Shaped 2024 - featured an article on Hive :
Outlook India would like to do a series on Hive Blockchain which will consist of 6 digital articles. These articles will be published on their website. The guidelines for the articles are :
- Not more than 3000 words
- Up to 4 images
- Up to 4 links
If anyone from the #Hive community is interested in writing an article for this series, please reach out to @guiltyparties (username : guiltyparties.com) or @blackheart1 (username : black._.heart) on Discord. Or you can drop your article as a comment on this post.
Here is the article that was featured in the magazine : PDF LINK
HIVE: A BLOCKCHAIN FOR THE CHANGING TIMES
A fast, scalable, powerful Web3 solution for India
The internet as you know it is called Web2 and large corporations control most of its infrastructure and data, leading to monopolies, censorship, and data misuse. Their lack of transparency leads to trust issues and raises questions over their integrity, their biases and eventual failures. Web2 comes with other challenges as well. There's a lack of interoperability as it's difficult for users to move data or assets between systems. Security vulnerabilities are quite common as centralized servers are prime targets for hackers, leading to data breaches and service outages. Users need to create multiple accounts and passwords for various platforms leading to digital identity fragmentation.
When we talk about Web2 and the financial inclusion i'ojht has provided to the masses, diving a little deeper will tell you that it is not what it looks like. Traditional payment systems in Web2 often involve high fees, limited accessibility and geographic restrictions. Millions of people remain unbanked in regions with limited banking infrastructure.
All of this makes one wonder whether a solution to these problems is even possible? Yes, the solution is blockchain technology or simply, Web3.
Web3 leverages the decentralized architecture of blockchain technology, ensuring no single entity has control. Users retain ownership of their data and interactions are governed by community-driven protocols rather than centralized platforms. Blockchain’s transparent ledger allows anyone to audit transactions and smart contracts. It enables peer-to-peer transactions with minimal fees and no intermediaries. It’s accessible globally, allowing anyone with internet access to participate in financial systems through cryptocurrencies. Web3 uses open standards and protocols to allow interoperability between platforms. Users can carry assets, identity, and data seamlessly across ecosystems. But the problem now is that a lot of blockchains have popped up making promises about Web3 and decentralization they simply can't deliver. This is where the Hive blockchain comes in. It is a great starting point for anyone exploring the revolutionary blockchain technology with ease.
So, what is Hive? Hive (hive.io) is a decentralized information-sharing blockchain built on the Delegated Proof of Stake (DPoS) protocol. Hive supports many different types of Web3 applications that contribute to the freedom and accessibility of data. The performance of the blockchain is designed to scale with widespread adoption of the currency and platforms in mind. By combining lightning-fast processing times and fee-less transactions, Hive is positioned to become one of the leading blockchain technologies used by people worldwide.
But how can the Hive blockchain work for the Indian masses? Hive is ideal for fast-paced, high-tech Indian developers. It is fast, simple and resilient. It has built-in flexibility that allows for an unlimited range of products to be either built on or connected to it. It saves teams time and reduces the need for large capital injections that its competitors require. There are no barriers, such as gas fees, to including the Hive protocol or its supporting infrastructure stack in any new or existing application – Hive is entirely fee-less. It makes development ideal with unrivaled speed and efficiency while also granting instant access to the 2.5 million user base.
The future of India is driven by young, tech-savvy individuals who understand the value of decentralization and transparency. Hive effectively empowers the movement of both monetary and content-focused transactions in a manner that can be tailored to the needs of the utilizing application. Its decentralized governance means it does not belong to any country or organization but is instead owned by its stakeholders, from the largest to the smallest.
Compared to the many blockchains out there, Hive’s technological excellence sets it apart. The Hive protocol is an open-source development project spearheaded by a diverse group of blockchain experts. The protocol sports 3-second blocks, no more waiting for lengthy confirmations. This makes Hive perfect for games and advanced financial applications that require speed and accuracy. It offers layered solutions to ease flexibility for builders and integrations.
Hive has two native currencies: HIVE and the Hive Backed Dollar (HBD), which is its stablecoin. While HIVE is prominent for on-chain activities and trading, HBD is widely adopted as payment method for goods and services. This is further supported by the Hive-powered Virtual Smart Chain or VSC, which enables cross chain interoperability. Staked HBD also earns a variable APR rate and is commonly used as an investment. While most of the blockchains out there have some kind of transaction costs, Hive instead relies on something called resource credits which are automatically generated. This system is ideal for transacting without taking a loss, which is why Hive is so popular among merchants and investors.
Notably, applications must be able to transact in real time to be effective and attractive to their user base. Hive’s one-block irreversibility makes confirming transactions near-instant. Speed matters in any competition, and Hive provides developers with that cutting-edge confidence to build on a blockchain without sacrifice. A prime benefit of Hive’s layered solutions is making integration accessible for any programmer, irrespective of their depth of experience with blockchain technology – a basic understanding of development concepts is sufficient.
For those planning to start exploring Web3, the blogging features of Hive and its simple yet secure wallet system are ideal for the first step while also monetizing your experience. Loved ones and even strangers can comment and vote on your posts. Diverse content features are available through a variety of Hive-based applications. Communities on Hive range from technical topics to sports and hobbies. They are a great place to find interesting content and meet others who share the same interests.
Accounts, or wallets, on Hive are not numbers like they are on other chains. They are usernames that the person creates themselves. The account allows its owner to use authentication tools like Hive Keychain to log into any Hive-connected application and use it securely. Additional security is granted through a tiered key system. Hive accounts are tied to keys which let their owner transact in different ways. This is in stark contrast to other blockchains where there is only one key. With Hive, the account owner is always in control, making Hive the true definition of Web3.
All this indeed makes Hive blockchain a changemaker in Web3.
-- Authored By @blackheart1 & @guiltyparties
