The emergence of Bitcoin (BTC) in 2009 courtesy of the anonymous creator(s), Satoshi Nakamoto is undoubtedly one of the greatest digital innovations ever. Particularly, cryptocurrency brought a paradigm shift in the world of finance, providing a reliable alternative payment method and lucrative investment tool.
As the pacesetter, the bitcoin blockchain paved the way and did set the stage for more popular and widely adopted crypto networks like Ethereum (ETH), Binance Smart Chain (BSC), Cardano (ADA), and Polkadot (DOT) among others. However, these top blockchain networks possess many different flaws that could hamper crypto mass adoption.
Interestingly, emerging and growing crypto and blockchain projects like Hive, the web3 social media ecosystem are providing solutions to these key problems associated with these top blockchains by designing a better blockchain network but Hive is still underrated by many.
This article seeks to compare the Hive blockchain with top blockchain platforms like Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) while highlighting why you should embrace the Hive blockchain.
A Close Look at the Hive Blockchain
Hive blockchain, the leading web3 social media, and blogging platform is a community-driven and decentralized proof-of-stake (DPoS) ecosystem that came into existence in 2020 following the acquisition of the Steemit platform by the Tron founder, Justin Sun.
As a layer 1 smart contract platform, the Hive blockchain allows for numerous decentralized applications (dApps) to be developed on it. Already, the Hive ecosystem is home to many top projects like LeoFinance, Splinterlands, and 3Speak among others. Notably, over 126 projects have been launched by the Hive community in several niches including decentralized finance (DeFi), gaming, non-fungible token (NFT), sports, etc.
It bears mentioning that the Hive blockchain is a 100% decentralized platform where community members get to participate in the governance of the platform by voting and electing the 20 witnesses responsible for securing the chain. This further increases the security of the Hive platform, making it difficult if not impossible to steal users' assets or hack the web3 social media platform.
Hive’s closest relationship to web3 is data protection, as it is a decentralized and immutable blockchain. Users are in control of their data.
In addition, the existence of tokenized communities is another feature that makes the Hive blockchain distinctive. This means that any user on Hive can create and own a community, establishing a model that rewards community members who provide value.
Hive and Top Blockchains Comparison
Hive is one of the most underrated blockchain platforms in the crypto industry yet it offers better solutions and utilities when compared with popular blockchain networks by market capitalization like Bitcoin, Ethereum, and Cardano.
The bitcoin blockchain, which was the first-ever crypto to be in existence continues to enjoy the first-mover advantage in the space. It is worth noting that the bitcoin network is a 'slow' network and not scalable due to its proof-of-work (PoW) consensus algorithm mechanism approach.
Of course, slow crypto networks can only hinder mass adoption as fast transaction speed is what everyone wants. Charges or transaction fees on the bitcoin network are another huge challenge as it costs a lot to execute a simple transaction from one wallet to another.
On the other hand, the Ethereum (ETH) blockchain, the largest smart contract platform is still not scalable enough and cost-friendly to enhance mass adoption. Transaction fees on the Ethereum network are on the extreme coupled with slow transaction speed.
Hive Blockchain Offers Faster Transaction Speed
However, Hive solves the problem of slow or delayed transactions as well as high transaction speed. Whereas it takes 15 minutes to complete a transaction when using the bitcoin network and 5 minutes on the Ethereum (ETH) network, executing a transaction on the Hive blockchain takes only 3 seconds.
Meanwhile, other blockchain networks like Cardano, BNB Chain, and Polkadot have their transaction times to be 2 minutes, 60 seconds, and 30 seconds respectively.
In other words, the DPoS-based Hive blockchain is among the fastest blockchain platforms as it offers industry-leading transaction speeds, with 3-second delay block validation. Thereby, providing the ability to support applications that need fast transactions to achieve greater mass adoption.
Zero Transaction Fees
This is undoubtedly the most unique feature of the Hive blockchain. Hive is in fact, the only known blockchain network that places no tax on transactions be it withdrawal to exchanges or user-to-user transfers. Therefore, Hive is a free blockchain.
Meanwhile, it costs large amounts to execute transactions on the Bitcoin and Ethereum networks. To complete a transaction on the Ethereum and Bitcoin blockchains, a user will have to pay between 7-200$ and 10$ respectively. On the Cardano network, the gas fee is 0.4$ while it is lesser on the BNB Chain (0.07$) and Polkadot network (0.015$).
Real Usernames
One of the advantages and better solutions the Hive blockchain proffers is the fact that transfers can be made using real usernames instead of the long alphanumeric Bitcoin and Ethereum wallet addresses.
You don't need to always go to copy addresses from your wallet to complete transactions. By using usernames that can be easily memorized, transfers of any amount can be seamlessly executed with zero fees required.
Join the Hive Community
On the whole, the Hive blockchain possesses many advantages over many top blockchain ecosystems. Are you a developer? Hive offers many tools to seamlessly BUIDL layer 2 decentralized applications of any kind. Are you a user or a crypto enthusiast? Hive allows you to earn without investing any money.
On the Hive blog, you get to earn the HIVE token, Hive Backed Dollar (HBD), and many other second-layer tokens like LEO when you contribute value to the communities on Hive. Sign up on Hive here.
Related: Another Top Exchange Lists HIVE: Details
