What is Hive (HIVE)?

Hive (HIVE) is a blockchain that operates on a delegated proof of stake (DPoS) consensus mechanism. It launched in March 2020 as a hard fork of the centralized Steem blockchain and serves as a gateway from Web 2.0 to Web 3.0. The blockchain claims to provide "lightning-fast processing times and fee-less transactions." Examples of use cases include social media with earning rewards for content creators, interactive blockchain games, identity management, micro-lending, and more. The platform offers decentralized applications (dApps) such as Splinterlands, PeakD, and HiveBlog.

Hive is a social network consisting of applications and services, where users explore the potential of blockchain technology, connect with the platform, and share content securely through fair value redistribution. As a result, users are the owners of the network, and sponsors can directly engage with the community and artists without intermediaries.

Hive is an open-source blockchain focused on scaling through layer-2 sidechains, while still benefiting from the common layer-1 blockchain backbone to ensure the integrity of distributed data. The Hive ecosystem runs on two types of cryptocurrencies - the native governance token, HIVE, and the USD-pegged stablecoin HBD.