Since the inception of blockchain technology, we have seen the emergence of several chains to take full advantage of decentralization, system and operation that has brought a lot of online users to limelight. It first started only as a means of fast and borderless transaction when looking at how bitcoin first gained its popularity. It soon soared in user adoption and we have seen how it has entered the financial market in a must say 'spectacular way'.
We have seen it though in the process brought some transaction challenges and delays due to slower approval time. Why? The chain got overcrowded and its efficiency when it came to speed was deterred. Adding to that, it also led to high transaction fees which has pushed a lot of cryptocurrency users to the altcoin coin industry. Over time, we have seen the development and introduction of networks to ease the problem of both time and fees in layer 2 bitcoin transactions. It's a good innovation I must say, but the truth is, it came a little late if you would like to agree with me.
Some had already left the chain before this innovation. Perhaps, they might have found a better replacement to suit their needs. I can't even remember the last time I did a transaction with bitcoin although layer 2 chains have been praised to ease the former discomfort. Have you imagined how the case would have been if all this were put in place from inception. We all know bitcoin was birthed to undergo some later developments but I have seen the altcoin industry having this hedge ahead of it.
Speaking of a replacement chain, we have seen how transactions are pushed within 3 seconds on the hive network. Adding to that, the transaction fee is zero; yes you heard me right it free. I saw a friend on chain talk about the future challenge hiveblocks might get so I feel a need to echoe it out that we may not also fall victim of the bitcoin network when all goes evergreen on this chain.
How will hive handle scalability when the chain's operation soars?
It's a question worth asking and on time. We have seen several developers and frontends coming to build and promote the hive chain. One of them has been the inleo front end( formerly leofinance) with lots of tactics and effort to preach the hive ecosystem abroad. There are high probabilities that we will soon get there; you know that massive adoption that we have been dreaming of. I have heard several complaints and challenges about how the hive front ends aren't user friendly which we also need to resolve as soon as possible.
Another factor that needs careful consideration is 'how far can the hive chain scale' in case our population soon skyrockets. Will we be retaining users or just welcoming them to soon lose all?. We have seen it happen to the bitcoin chain and although as I said, there has been a development to ease through layer 2 chains, it came a little late. With lots of options and competition surrounding the web 3.0 network, not even talking about the fact that we are yet to lay off the web 2.0 competitors, every opportunity counts.
Nothing and no one at the same same is indispensable, meaning your service could always be gotten elsewhere if you fail to realize your duty. How ready are we to combat transaction time and cost. What has been currently put in place?, Are there projects we do not know that we must have an idea about to strengthen this community? Hive has the advantage of decentralization mindset which will play a huge role when online users come to realize this, I just wouldn't want this one time opportunity to pass us after years of patiently waiting.
What needs to be done must be done now
Yes, it indeed needs to be done now. Preparing ahead of rainy days is a good act to show the needed resilience during challenging times. Bitcoin networks have adopted the layer 2 platforms to ease the burden on the main chain. Should we also adopt this technique, to make sure the main hive chain is not overcrowded when huge transactions demand start floating the chain?. Or are there any better ideas to solve this? Will it cost transaction fees in the process and how can transaction fees on side chains affect the hive ecosystem.
We need a round table meeting to dissect all these future expected challenges as we continue to advertise this chain in the process. Personally, I feel side chain adoption wouldn't be bad so we could keep that three seconds transaction speed or if it adjusts maybe at most six to ten seconds. How long we can hold onto that free transaction fee as I see will be challenged by the scalability we will face in the near future. One thing is getting big and another is staying big.
Hive network vision should not only be embedded in getting big, staying big plays a crucial role and it all starts from the 'how we can tackle' an unforeseen market demand for the hive token. There are basically two ways of learning; either through wisdom or experience. As it stands we have the experience from the bitcoin chain and wouldn't want hive chain to fall victim to such. I know there is a lot of creativity on this chain, putting heads together is our thing, hive is a community that walks hand in hand to bring solutions. We should look into this scalability (scaling) matter early.
To conclude, let me add, the advantage of hive chain being a highly decentralized platform should be leveraged to strengthen this chain. It will bring potential enthusiasts and investors soon. Yet we must not fall the scalability victim just as it happened to the bitcoin network. The network has gradually continued to push itself up the ladder and shouldn't afford to miss the pending opportunities. Scalability was one of the challenges we saw in the web2 and centralized networks. Blockchain technology promised speed, and this should not be deterred even in an over demanding market. Hive network will come out to be one of the best used web3 platforms but we must focus on user retention in which scalability will play a huge role to determine.