The Hive cryptocurrency was the result of the breakup in the team of STEEM developers. The maximum number of Hive coins is not limited by the algorithm. The Delegated Proof of Stake (DpoS) algorithm is used to confirm the number of coins in the network. According to the developers' idea, this is an open-source cryptocurrency designed to build Web 3.0 applications on its basis. A variety of dapps, APIs, and front-ends are already available based on Hive. The main purpose of Hive is a free information exchange without censorship. Different content is recorded in the blockchain and can be stored there in the same form. It is one of the fastest cryptocurrencies in the world, transaction takes 3 seconds on average. At the same time, the commission for the transaction is zero. In total, there can be 401 262 163 HIVE coins.
Why do we need free public nodes of Hive?
Hive does not use mining to confirm transactions. Instead, free public nodes that have the right to sign blocks with transactions are selected according to the Delegated Proof of Stake (DpoS) algorithm. In practice, it means that DpoS crypto nodes are selected according to the weight of staked funds. There are several different types of Hive nodes. Witness Hive nodes are allowed to sign blocks. There can be 20 such Hive nodes in total and they sign blocks one by one. Free blockchain nodes ranked 21 and further are considered as alternate candidates. There are also seed Hive nodes which are used for external peer-to-peer (P2P) connections. The cryptocurrencies nodes API has the right to create an external remote procedure call (RPC) connection.
How do the Hive and STEEM cryptocurrencies differ?
Hive developers paid special attention to the protection against the attack 51%, from which STEEM suffered earlier. Unlike STEEM, the Hive cryptocurrency financially stimulates the creation of not only the text content. Hard forks and key protocol changes are accepted by voting of trusted free blockchain nodes in the Hive network. Unlike many other cryptocurrencies, Hive wallet address is not a complex sequence of letters and numbers, but a convenient text string. The name of a Hive wallet is the name of a user account at once. Any user can register an available name ranging in length from 3 to 16 characters. It is possible to create additional user accounts for a small fee.
What types of assets are used in Hive?
The Hive system uses Hive and Hive Backed Dollars (HBD) tokens. Hive tokens can also be converted to Hive Power, it is a stacked form of HIVE. It is also possible to convert back, Hive Power into Hive tokens. In this case, Hive Power turns into Hive tokens over a period of 13 weeks, in equal shares each week. This measure is designed to reduce the number of free Hive tokens in circulation. Hive Power (HP) is also needed in order to forward text messages between free public nodes. A feature called "delegation" allows the transfer of Hive Power from one public node to another.
Further development of Hive
Hive uses to build ChainBase dapps, an evolution of Graphene. This type of blockchain permits snapshots to be created of its state and allows parallel access to the database. Custom JSON (JavaScript Object Notation) is used for cross-platform and application integration. JSON is chosen as a common and modern programming language, compatible with web applications. Thus, most modern applications are suitable for communication with cryptocurrencies nodes of the Hive blockchain. Any data that can be represented as a text string can be instantly written to the blockchain. With scalability and flexibility, Hive supports large size databases.
