Does a Hive account have value?
This is a question that we are going to keep coming back to in the future. Over time, this answer could be "yes".
Are we seeing a radical change in the way we operate? With the introduction of Web 3.0, is this new paradigm assigning value in a different way?
Most of us are accustomed to the "rules" of Web 2.0. For more than 15 years, we were indoctrinated into the system that the technology giants set up for us.
A lot of this is going to change over the next 5-10 years. As Web 3.0 grows, the ecosystem will spread into areas we never considered. Remember, part of this is a key-based system which can alter how we interact.
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Who Is In Control?
With Web 2.0, we are given accounts on different platforms. Go to most any site and it is free to sign up. This makes sense considering the model that it operated under. When people are the product, you want as many as possible.
Of course, they have full control. Essentially, your digital life is theirs. Whatever is done on that platform is with their permission. Stray outside the Terms of Service and you will find yourself vanishing in an instant. The control resides with them.
Up to this point, for most, it was not of great importance. It is true that many have businesses and when an account is closed, there is a financial hit. However, this is not the majority. Nevertheless, it is amazing how quickly years of engagement can be wiped out.
This is not going to be the case as we proceed forward. The digitization of our world is underway. For that reason, our "digital lives" are becoming more important. Hence, it only makes sense for one to have control.
With Web 3.0, this takes on an added dimension when we consider the fact there is a monetary component to the accounts. Since they are tied to wallet, we are dealing with something completely different. No longer are our financial and social media accounts separate. Would anyone want Mark Zuckerberg controlling their bank account?
What Is The Price For Freedom?
Why would anyone pay $3 for a Hive account? At this point, it doesn't seem to make a lot of sense. The question is whether that will be true down the road?
We often discuss the idea of immutability when it comes to our content. Certainly that has a value. Over time, we are seeing more freedoms being eradicated. A large part of this deals with access. When accounts can be closed or frozen, one is not in control. This is a personal point of vulnerability. It is used to silence people. Here we are treading upon very dangerous ground. Therefore, the ability to present one's ideas is vital.
Obviously, anyone using the system at the moment takes this for granted. The fact that a Hive account cannot be closed is something few think about. However, it is a major innovation in the online world. That is not the case with Google, Facebook, or Twitter. Your digital identity and all that goes along with it is in their hands.
At the same time, we are also in full control of our wallet. This means the freedom to spend money where we want. Since the ability to close a Hive account does not exist, the inability to stop one's payments is also present. If lobbying Congress with money can be considered as freedom of speech, it only makes sense that all financial transactions fall into this category.
Either way, the ability to choose without restriction is part of having a Hive account. How much is that worth?
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The Price Of Access
We are seeing many applications start to expand their onboarding process. One of the ways this is being done is by enabling sign up and utilization through means other than having a Hive account.
What the development teams are doing is adding a layer of access that is limited. By using email, Google, Twitter, or Facebook log ins, people gain access to the applications or games. However, there is a limit to what can be done.
Typically, to enjoy the financial benefits, one is going to need a Hive account. Facebook accounts cannot get rewarded. One has to take control of his or her Hive account to claim the tokens or NFTs pertaining to that platform.
This is how the monetary features are accessed. Since this is going to be a large part of Web 3.0, this will become the norm. Perhaps signing up could move toward universal for initial access. However, anyone wanting the financial component is going to have to take another step.
Could we see a pay-to-play model forming?
Value Being Developed
The idea of using one account to log into a host of applications is not discussed a great deal. At the moment, it is not a huge factor. However, over time, we can see value increasing dramatically.
To start, the present version of the Internet requires a new list of friends/followers for each application. Google followers are not necessarily on Twitter. If they are, of course, there is no guarantee they follow on the second site.
With Hive, this is not a problem. A follower will see what one does, regardless of the application. Anything that is posted on-chain is there for all to see. This makes life a lot easier for those who are developing a brand.
Hive has a powerful account management system. Thus, we could see "Powered By Hive" as being important in the future. All accounts are personally named by the individual upon set up. The blockchain monitors all activity related to the account. Nobody is in control of it. Thus the digital identity is safe as long as one protects his or her keys.
As more applications and games are developed, the value of a Hive account only increases. Imagine the day when one account will access over 1,000 applications. To some, that might seem like a lot yet the number is already over 100. In another couple years, with all that is taking place, this number will grow a great deal.
If communities are indeed the future, the idea of being able to access hundreds of them with a single account is very appealing.
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HiveAuth
On the recent episode of CryptoManiacs, we talked with @arcange. He is about to release Hive Authentication Services (Or HiveAuth). This is a key management tool that is going to change how we access different websites. It was also the inspiration for this article.
While this might not seem to be a big thing, if we step back, we can see the potential.
One of the functions is powerful password management tool. From what we can understand, one will be able to put in passwords along with keys. This means the application will have great appeal since it will work with the Web 2.0 site. However, that is only the tip of the iceberg.
How would you like to further ensure the security of your car? Today, if someone gets your keys, that person can drive the car. That is the access feature. While technology is changing, HiveAuth could end up a solution down the road. This is something Arcange brought up.
What if, before the car turned on, it required authentication on your phone. The same way it looks to access a website would also apply to your vehicle. Obviously the technology is not there yet but consider the concept of using a Hive account to access your car.
The point being that we are dealing with the very early days of Web 3.0. The above example shows how real world, physical objects will end up being tied to these "online" accounts. It is part of the merging of the physical with the digital world.
Therefore, if we see continued development of applications tied to Hive, what is that worth? Will there, at some point, suddenly be great value in having a Hive account? The account management system at the base layer is decentralized, reliable, and robust.
Web 2.0 was free simply because the companies were seeking to generate data. This was accomplished the more people used the platform. It is something most are aware of today. As time passes, one of the promises of Web 3.0 is a new data structure.
Does this also mean a different value proposition. Could we see a time when a Hive account has great value simply because of all it offers?
This is something to mull over. What are your thoughts?
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