Hive FAQs: The Basics

I thought I'd start rewriting the 'Hiveblog FAQs' but better, and focus on 'Hive' the ecosystem, rather than just 'Hive blog'.

At some point, hopefully in the not too distant future @anomadsoul, @tarazkp and I will kickstart the 'Into Hive' project, like the onboarding project for that other blockchain but better and for Hive, so I thought I may as well get ahead.

The idea is we can just use this as a basis for that website once it's up and running. Probably a good idea to get some public drafts out for commentary too!

This is also the kind of stuff I quite enjoy doing.

This is part one, of what could well be 20 posts, possibly more. It's a complex place after all.

NB this is the medium length version - to be used as a basis for cutting down to 'true' FAQ stylee and building up to serious nerd volume, but that's all for laters.

HIVE FAQs: the basics (part 1)

What is Hive?

Hive is a blockchain with a diverse array of social media and gaming applications ('dapps') built on top of it.

It is based on the principle of 'proof of stake' - the more you invest in the platform, the more power you have to decide who secures the network (who runs the servers), who gets paid to develop what applications, and who gets rewarded for posting content.

Hive brings together a diverse array of investors, developers and users, many of whom disagree over how Hive should evolve, but there is agreement that whatever the future of Hive is, this should be decided through consensus based on decentralisation, and not controlled by one individual or corporation.

Hive was formed by forking the Steem blockchain, after a hostile takeover by Justin Sun of Tron centralised that chain, with Sun controlling enough stake to have sole control over all future developments. In response to that hostile takeover and the regression of Steem into a centralised database, the Hive blockchain has been galvanized through a collective reaffirmation of the principles of true decentralisation and anti-censorship.

The main entry point web site for Hive is Hive.io

What can I do on Hive?

You can use the blogging front-ends (such as Peakd and Threespeek) to post content to Hive, secure in the knowledge that this content won't be censored. Hive, and especially @threespeak are pro free speech and stand against deplatforming.

You can engage with others with similar interests within topic-specific communities by commenting on their posts, again secure in the knowledge that your comments won't disappear or be censored by those users.

You can earn Hive on your posts and comments if other people upvote your content.

You can reward other people's content by upvoting them: the more Hive you have staked, the more you can reward them, and you yourself can earn by voting other people's content because earnings are split 50-50 between content creators and content 'curators' (the people who vote for the content).

You can treat Hive as a purely passive investment vehicle - if you stake Hive tokens on the blockchain (a process referred to as 'powering up'), you will earn an approximate 1% passive ROI on your stake, just by letting it sit there.

You can delegate (lend) your staked Hive to other accounts to use, with absolutely no risk to your capital, and receive a return. Some users/ accounts (such as the @tipu application) offer an 8-9% annual return on delegations.

You can send Hive to anyone else's account directly, with no third party interference, and they will receive it within seconds. (You can also 'tip' people with Hive for their content, rather than rewarding them by upvoting.)

While the most commonly used applications on Hive are for blogging, there are several others, and you can explore these further by clicking here.

If you're a developer then there are plenty of opportunities to develop your own applications on Hive, and you might want to check out the Decentralised Hive Fund to see which projects are currently receiving funding.

How do I sign up for a Hive account?

To open up a Hive account, you'll need to click here and pick one of the registration providers to sign up and get yourself a Hive account.

The reason there are several registration providers is that Hive is decentralised, and so several different developers have established different services to onboard users. No matter which registration service you use, you can use your account to access everything on the Hive blockchain.

Two of the registration providers are Esteem and Threespeak, which are two of the applications run on the Hive blockchain, so if you sign up to these you'll be directed to these front ends, but remember you can also use the Hive account you create through them to access other Hive applications. (NB Esteem is a mobile Hive app, so it would make sense for you to download that to your phone or tablet, and sign up via that device).

Hive.blue is a good option if you want a free account, but you'll need to wait up to 72 hours for the account creators to verify your account.

The reason some of the registration providers charge for access is because they 'load up' your account with some Hive Power (typically 15 Hive) which you'll need to be able to interact on the Hive blockchain. Beware that most of these only accept payments in other Cryptocurrencies, so if you don't have any crypto, you'll need to sign up with one of the free otions.

If you choose one of the free options (and the same applies with Esteem) you might be starting out with 0 Hive Power, in which case you will find that the number of interactions (such as posting, commenting and voting) you can make on Hive will be pretty limited at first.

If you are struggling with getting set up with a Hive account, then you can always drop in the Hive Discord Server and ask for assistance. There's usually some friendly people around willing to help, and there's a good chance someone will offer to delegate you some Hive Power for a couple of months or so if you need it to get up and running.

Is my account secure?

You are primarily responsible for the security of your account on Hive. So if you take appropriate responsibility then it's even more secure than your Facebook account or your bank.

On signing up to Hive you will get a main master Password and a number of keys - the two most used are the posting, which allows you to post, and the 'active key' which allows you to make a wider range of transactions, including money (such as Hive transfers).

If you think someone else has gained access to your posting or active keys, you can use your main password to generate a new password and new keys.

As soon as you have your Password and 'Keys' you MUST make a copy of them (in notepad or Word, for example), and then make sure that is stored securely - ideally on an encrypted USB disk and NOT on your computer and certainly not online anywhere. On no account should you store your main Password anywhere other than OFFLINE.

It is also good practice to change your password as soon as you've registered a new account.

If you know someone else on Hive that you trust you can set that account as your 'recovery account' IF you trust them, so at least you can recover your account if you lose your password, but you'll need your old password to do that.

If you don't know anyone else on Hive that you can trust there is no way you can recover your account if you lose your password.

NB without your keys, it is nearly impossible for someone else to change anything you post to Hive, and nearly impossible for anyone to freeze your funds (unlike with Facebook or Banks where the centralised owners can control your content/ funds).

The downside of this is that there is no central authority that is going to be able to recover your account and your Hive funds for you if you lose your password/ keys!

Why is the Hive Mooning?

If you bought a shed load of Hive in the last month, it's because people are finally realizing the true potential of Hive.

If you missed out on buying a shed load of Hive in the last month then it's almost certainly a pump and dump scam.

Or if you're not sure, stop looking and the damn Hive price and go for a run or do something else outdoorsey instead.