What are the Hive blockchain's 2 cryptocurrencies?
The Hive blockchain's 2 cryptocurrencies are Hive crypto (HIVE) and Hive Backed Dollars (HBD)
If you're looking for a blockchain platform that supports fast transactions, low fees, and decentralised social media applications, then you might want to check out Hive.
Hive is a fork of the Steem blockchain that was created in 2020 by a community of developers and enthusiasts.
Unlike Steem, Hive is community-driven, meaning that the community has control over the development and decision-making process.
Hive is home to two cryptocurrencies, namely Hive crypto and Hive Backed Dollars.
In this blog post, I'll explore these two cryptocurrencies in more detail.
What is Hive crypto (HIVE)?
Hive crypto is the native cryptocurrency of the Hive blockchain.
It is the network's governance coin which is used as a reward for content creators and curators on the Hive social media platform.
The more popular a piece of content is, the more Hive crypto its creator earns.
Similarly, curators who upvote popular content also earn Hive crypto.
Hive crypto can be bought and sold on various cryptocurrency exchanges and can also be used to power up accounts on the Hive blockchain.
This allows users to increase their influence and earning potential on Hive's Web3 social media front-ends like Threads.
What are Hive Backed Dollars (HBD)?
Hive Backed Dollars (HBD) is an algorithmic stablecoin that is pegged to the US dollar.
It is created when users convert their Hive crypto into HBD.
Unlike Hive crypto, the value of HBD remains relatively stable, making it a popular choice for users who want to hedge against the volatility of other cryptocurrencies.
HBD can also be used to purchase goods and services in the real work, while also traded for other cryptocurrencies on various exchanges.
What is the Hive blockchain advantage?
The Hive blockchain offers several advantages over other blockchain platforms.
For one, it has a fast block time of 3 seconds, which means that transactions can be processed quickly and efficiently.
Additionally, Hive has low fees, making it an affordable option for users who want to send or receive cryptocurrency.
Another advantage of the Hive blockchain is that it is decentralised, meaning that it is not controlled by any single entity.
This ensures that the platform remains resistant to censorship and manipulation.
Finally, the Hive blockchain is home to a thriving community of developers and enthusiasts who are passionate about creating decentralised social media applications.
This community-driven approach ensures that the platform is constantly evolving and improving.
If you are interested in Hive or any of their Web3 social media dApps, click here to get a Hive account.
It's super simple and you'll be able to start right away.