[Transcript]Huobi x Hive AMA Q&A!
Twenty-nine questions were answered during the Huobi x Hive AMA.
300 more insightful questions were collected, the team will get them answered soon. Below is a recap from the AMA yesterday.
Stay tuned for the rest of the Q&A soon.
Is it possible for Huobi to give the Chinese citizens the opportunity to discover the platform and grant them the chance to take the opportunity to develop their talents and monetize their activities on the platform？
Besides playing the role as an exchange, Huobi also aims to contribute to the blockchain ecosystem by allowing our partners to leverage our resources. We want to help projects grow and to expand, as long as the project proves its worthiness to the ecosystem.
Huobi is one of the top exchanges in Asia and having Huobi’s support would already provide direct exposure to the Asian crowd. For HIVE, we appreciate the community spirit and certainly, we would offer our assistance to support HIVE in whatever way that is within our reach.
What we are doing now — AMA with HIVE community together with all Huobi’s communities could be considered an effort put forth by Huobi to allow the world to learn more about HIVE.
Now I believe HIVE will have at least 10 million more supporters…morally at least ;)
How do you see Huobi benefits the Hive community as a whole?
What advantages besides an exchange does Huobi bring to Hive?
Huobi is rather resourceful considering it was founded in 2013 and we have more than 6 years of experience in the industry now. Throughout our journey, we are trying to position ourselves as the ecosystem supporter and not just an exchange, we have also established Huobi Capital, Huobi Lab, Huobi University, Huobi Charity and other smaller efforts to support the ecosystem.
With all these efforts coming into the picture, a complete circle is formed where a good project could receive relevant financial assistance, the necessary guidance and education, and eventually, the right strategy to present itself to the market. HIVE community could always tap on these resources of ours and put them into strategic use.
Huobi is open to all forms of partnership proposals and we are more than happy to support efforts that are beneficial to the industry.
So please throw at us if you have any idea in the future, more than happy to explore!
I would like to know which tools use Huobi to ensure that the tokens held on Huobi are hard/impossible to hack?
Huobi has about 1200 employees currently and more than 60% of them are some of the most talented developers in the market. From this, you could see the kind of resources that Huobi has poured in to ensure the security of the exchange and ensuring the safety of your asset.
As a track record, we have yet to experience any major security breach throughout our history so it shows that what we have been doing is working.
Other than that, we have just introduced Star Atlas recently and it is a monitoring tool to screen cryptocurrency transactions to spot fraudulent activities. It is similar to the product by Chainalysis, Elliptic, and Ciphertrace.
What we are working on is a holistic approach to the industry because, with Star Atlas, criminal activities could be detected and wrong-doers will be punished, this we believe could lower the crime rate.
Hive is a purely community-driven project. There is no CEO, no marketing manager. How do you feel about a project with no leadership and only community?
What does community mean to you?
Do you believe in the decentralized movement of Web 3?
I believe that our constant and sincere interaction with the HIVE community has directly communicated our appreciation towards HIVE as a community-driven project. We value the voices of the community and we put utmost importance to ensure the voices are heard. HIVE is a good showcase of decentralization and community-driven projects. It could be set as an example to other projects.
To us, the community is the driving force of all projects. Without community, there is no soul, no support, and needless to say you will have no users.
Yes, I do believe in the movement of Web 3. I believe that users will have more control over their digital identities and also data, and also voices of the masses will be heard and valued. Just like how voices of HIVE are heard and how Huobi is supporting the community.
Huobi is one of the most important and reliable exchanges for users. Blockchain is an innovative technology but still has many obstacles from lobbies. How does Huobi intend to facilitate the spread of cryptocurrencies and their use in the world?
We are committed to leading the industrial upgrade of the blockchain, using blockchain technology to empower different sectors. Up till now, we have developed more than 100 different blockchain use cases in China for different industries and a number of them are underway to be adopted.
We have established Huobi Research, Huobi University, Huobi Labs, Huobi Talent, and Huobi Bit Legal to encourage and facilitate the mass adoption of blockchain technology. With these facilities, we are able to offer a holistic approach when there is interest in the technology and they allow Huobi to attend to requests from both governments and corporates in relation to high-level blockchain adoption.
Blockchain and cryptocurrency are our business…so I suppose you could tell that we will exert all our strengths to push the adoption right?;)
I am from Pakistan, and for most of the Pakistanis it is quite difficult to buy/sell cryptocurrency/ies for the local money (Pakistani Rupees), so do Huobi has any plan to support HIVE buy/sell against Pakistani Rupees or Dollar through our Pakistani Bank Accounts?
Huobi vows to serve the global community and we are striving to cover as many areas as possible. Maybe for now, we have not yet reached Pakistan but hopefully soon, you will see us there. Pray for us…may we have a smooth journey there.
What does Huobi think about decentralization and the concept of community? Will it support the principles on which Hive is based or will it counteract them?
Decentralization is one of the key concepts in the blockchain and cryptocurrency space, and it is one of the reasons why Huobi was formed — to give the power back to the people. We are seeing a decided global movement with Web 3.0, and the awakening of the value of people’s personal data, and as part of our mission, we aim to facilitate this movement. We strongly support the principles of decentralization, transparency, and trust that the technology imparts, and that means we also will support platforms like HIVE which are championing these concepts.
Everything in this world is censored now. Hive is built with the idea of censorship resistance. What do you feel about the sustenance of censorship-resistant platform?
You are right, censorship is something that has evolved and grown across the globe for decades, and it is only relatively recently where we have seen people fighting back against it. Some of this fightback has been down to the power of technology, namely the internet and the web of information it provides, but now with blockchain technology and its principles, we have an even bigger drive for transparency, trust, and openness. It is platforms like HIVE that are actively pushing to break down walls of censorship that should be supported.
If you had infinite time and money, what would be the first thing you’d change on the Hive blockchain?
I don’t think the question should be what I would change about HIVE, rather what I would use the money and time to add or improve upon. HIVE is an ambitious project that is looking to break down a lot of traditional walls around centralization, censorship, and limitations of freedoms. This is a noble pursuit, but one that comes with added difficulties. I think I would spend the money and time on positioning HIVE as a better alternative to what is currently offered in the traditional sense.
The crypto world is becoming overcrowded with blockchain projects and tokens, what makes HIVE different from other projects?
Hive is a truly grassroots example of a decentralized proof of stake (dpos) blockchain with a concrete and proven utility as a social media and app-centric ecosystem.
Hive has already proven itself to be attractive for non-technical people, which is quite a feature in the blockchain world :) It also boasts some of the fastest transaction blocktimes (3 seconds only).
There is also a substantial decentralized hive fund which allows for continuous growth of the development of the chain and the dapps building on the blockchain.
I am a crypto investor and I only care about prospect of a crypto that I chose, tell me the reason why I should choose $HIVE token over the existing one ? What is your token advantage that can convince me to change from my favorite token ?
Although Hive initially launched as a social media blockchain, and continues to strive to do so, more and more external (d)apps use the network. Not only to connect to the Hive content reward mechanism but also to utilize the 3 second fast blocktime and near-instant confirmation (irreversibility after 1 minute) for an array of apps. With its flexible and easy to use, recognizable RESTfull APIs it is a breeze to implement a Hive integration to any app, whether it’s a utility, gaming, or in the social sphere.
With the continued development on Smart Media Tokens, the Hive chain will cater to those other (d)app projects willing to launch a token-based reward system, which runs on the Hive network.
As a result, Hive has a wide range of utility and organic growth. It also has the increased security that comes from a truly open source and public blockchain, where all stakeholders have a say in its direction. It sports resilience by design from the exit scams and other similar issues affecting the Altcoin community.
Mass adoption is a problem for blockchain projects. So how will HIVE solve this problem in order to achieve adoption in reality?
Did you know that Hive does already have more than 1.3 million wallets?
The cool thing is those wallets are named accounts, not some randomized string. Your username is your wallet address! Hive has proven to be an entry point into the cryptoworld for many through its ease of use and a plethora of apps available for using. The Hive developer ecosystem came up with an array of open-source native desktop apps, mobile apps, and browser plugins to take away the “hassle” of safely & securely handling and storing private keys. Lowering this entry barrier of user growth, combined with fast block times and free transactions results in the adoption of the blockchain by new (d)apps every day. This is a positive spiral upwards!
Are the SMT going to be implemented in the near future like in the next hard fork? Or have at least an eta?
Hive’s intention is to have multiple hardforks at a more frequent pace. Multiple hardforks with oversee-able and thoroughly tested changes. Priorities first: Upcoming Hardfork24 will revolve around securing and optimizing the network. Delayed voting will be introduced which will mean that those intended to use their powered up stake will need to wait before it can use its full weight, preventing governance attacks.
SMTs, the Hive Smart Media Tokens for issuing tokens on top of the Hive blockchain, have long been in development and are presently on the roadmap, pending completion of preceding deliverables.
There is a group of developers working at maintaining and forwarding the pace of development. As the SMT hardfork is one of the most substantial changes of the Hive blockchain, this is not something to think about lightly and just “flip the switch”, but rather test and reiterate.
An SMT-enabled testnet can already be built from the current state of the Hive core software. SMT’s are working yet this prolonged testing phase helps flesh out to final proposition of the product. I am refraining from giving a final ETA for this part of the Hive blockchain to not make any false promises.
I know we are a decentralized blockchain and we don’t have a board or anything like that but, is there any organization or group going to be setting up for representing the community and do some marketing for HIVE?
Hive is projected to remain a decentralized community effort with no sole official representation. Instead, community groups have and are projected to organically form and lead the promotion of Hive. Informally, there are already companies and umbrella groups and collaborations working on marketing and code.
There are also volunteers producing posts and events like this AMA. The Hive proposal system and passionate members of the ecosystem will band together to drive grassroots or professional marketing initiatives.
Additionally, in an ecosystem where anyone can build anything and the blockchain is the skeleton that allows businesses, projects, services, and dapps to flesh out their ideas, marketing Hive goes hand in hand with marketing the ventures.
Having a fairly varied HIVE ECOSYSTEM with games, video players and more, what other types of Dapps are you trying to achieve? What is the ultimate goal of HIVE? be used on all platforms?
The ultimate goal of Hive is to flourish as a decentralized ecosystem that can support and provide an outlet for the voices and needs of a global userbase and audience.
This is being achieved by:
- having a unique content rewards and curation model to build upon
- a userfriendly crypto wallet with easy login flow for signing on users to (d)apps
- common RESTful APIs with well-maintained libraries for developers
- versatile “custom JSON” blockchain object storage API.
- and not to forget; fast 3-second blocktimes to get transactions executed within acceptable waiting time (1.5 seconds on average).
So far it’s been proven that Hive can be used for a wide variety of dapps. Ultimately the goal is to create a decentralized ecosystem that is used by an ever-increasing amount of dapps and users. This has it’s challenges of course, but a lot of passionate people work day in day out on improving the Hive network.
Can you tell us the story how and when HIVE was founded? What is the motivation for the team to build this project?
Hive was originally developed as a fork of the Steem blockchain. It was created on March 20th, 2020 as a community-driven fork. The vision behind it was to continue the strong community values that have been established while also freeing the formerly Steem-based ecosystem from the burden of Steemit Inc’s influence.
Most of the investor just focus on the price of a token in the short term instead of the real value of the project. Can you tell us the motivation and benefits for investors to long term?
Hive has an active userbase and mature infrastructure for building dApps. One of Hive’s primary use-cases, social media, does not require complex integration with real-world players. Onboarding the masses is more natural because the masses use familiar interfaces. The dApp ecosystem is innovating targeted products for niche audiences that do not require users to understand blockchain jargon. In business terms, with a large userbase comes opportunities for synergistic monetization, and this bodes well for future token value.
For example, Hive Communities provide independently verifiable statistics about the size and engagement of a community. A community can leverage these engagement numbers to find mutually beneficial sponsorships that could flow value into the Hive ecosystem. Hive has proven itself by attracting early adopters and has substantial opportunities to encourage inward value flow.
Moreover, with its creation/fork Hive became truly independent and fully owned by the token holders (and not a centralized entity, dedicating the development cycle, with, mind you only 1.5 devs). Bringing full ownership and control to its own community creates a unique environment where the network is owned by all. This drives the passion for the network. Once someone is part owner, it makes one dedicate more time and talent in their own “baby”.
We have seen this in the launch of the network and the past month with many (d)app owners converting to Hive and a fired-up development cycle with a code freeze for the first hardfork already on it’s the way. The number of devs working on the core software and related libraries 20 fold compared to the old chain state.
These “owners of Hive”, all token holders, are in it for the long term themselves. By already being active on the chain for 4 years, they did not want its values to be lost under a central entity and hence poured money, time and resources to make its creation and continuation a success.
What is the longterm goal to keep developers attracted to HIVE?”
There are two parts to this; making it even easier for developers and incentivizing them to develop on Hive.
The community is continuously working on improving documentation, simplifying libraries, and providing tutorials via the GitLab repositories.
Hive has existing ways to incentivize developers.
- Developers can create funding proposals for the Hive Fund which are voted upon by the stakeholders.
- Developers can post about their activity and receive social media rewards.
- Many witnesses (master nodes) are also developers, and they receive witness rewards.
- Additionally, some developers see value in contributing to a decentralized world. dApp developers that create frontends have unique monetization opportunities to reward their investment of time and skill.
New developers can follow community provided tutorials, which makes Hive an excellent choice for learning how to program for a blockchain.
Q10 How can I signup?
Just like the blockchain, also the account signup (account creation) is decentralized. This means multiple account registrars can offer the services of creating your account. Account creation costs a little bit of Hive so some of the registrars ask some fiat or crypto in exchange and with others you “pay” with giving away some social info (twitter, email, etc). Oh and did you know Hive Wallets’ are actually named accounts? So your username is your wallet address… As well as your blog profile handle.
What’s the Primary Reason for Making the “DHF” or DECENTRALIZED HIVE FUND? Is this another Term for “PREMINE”?
About DHF, which some others also asked:
Hive’s economic model is based around inflation, which lowers annually but lies currently around 8.5%.
Previously out of this inflation the content rewards were paid, as well as block producers and insurance for “staked tokens” to safeguard them against inflation.
Nowadays the inflation is still the same… Yet another “receiver” has been added to the mix: The Decentralised Hive Fund.
What other projects have been developed using the Hive Developer Portal?
Wallets, games, interfaces to the hive chain, even sidechains. You can see many of those projects listed at the directory over at https://hiveprojects.io for example. Remember the chain is one month old and check out the amount of output already
How’s the transformational journey from Steem to Hive ? What have you and your team learned in the process ?
(Not being an official Team. and certainly not my team but being a decentralised “organism”, aside) We learned to take responsibility for our own chain! One of the major problems facing blockchain technology is that it tends to slow down with mass adoption.
What measures has HIVE put in place to ensure they don’t fall prey to this issue bearing in mind that HIVE COMMUNITY has grown rapidly in all ramifications? Thanks to DPOS the chain is optimized for High IO, much higher than for example Eth or BTC.
Currently (according to https://blocktivity.info) hive did 264,288 Operations past 24 hours… And only used 0.02% of its capacity.
Question for Huobi:
Many users in some countries got a problem with barriers from their government, so it seems Fiat gateway limited. How will Huobi solve this problem for users who could buy cryptocurrencies convenience?
Question for Hive:
I see that Hive also uses DPoS consensus, in the past, there was an attacking by centralized exchanges on Steemit which has DPoS, so could you tell me what makes Hive against to similar attacks in future?
“We pride ourselves on the hard work we have our in thus far to be recognised as one of the world’s leading exchanges. With the foundation we have set over the last 6 or so years, not only as an exchange but as a global blockchain business, we feel we feel we are well set to push into the future of the space and better it. To be more specific, it is our customer focus and attention to detail, as well as heavy belief in safety and security that will not only help Huobi become more valuable in the future, but also our HT which is a vital cog in our overall growth”
Good one, let me answer that:
-With the fork the biggest thread for centralization beyond exchanges has been removed to a community-managed Decentralised Hive Fund.
-Especially to mitigate this risk of centralized exchanges and others powering up major stake, a new “delayed voting” method will be introduced in Hardfork 24. This means that one can not just instantly “stake” their liquid holdings and immediately have a say with the full power of that stake as was the case with the “attack” you refer to. Instead at first that big stake would have a very small say in governance.
As you say that For Hive, Decentralized is more than just a buzzword,
How will you Differentiate the Benefits of Decentralized Platform & Centralized Platform?
The benefits in a centralized platform come primarily from the creation of a legal entity that can then be looked as the sole leader, point of contact, etc. In a decentralized ecosystem like Hive, decentralization removes that one point of weakness; there are myriad options should a prominent point of contact, for example, is no longer available. There is a diversity of ideas and approaches and a decentralized ecosystem is far more responsive to global and community shifts and needs. It is more reliable and by default resilient from exit scams and similar.
Can you introduce about your Dev Team?
Are they having enough qualifications and experience to deliver a world-class project?
There is no “hired” Hive development team; instead, there is a decentralized group of experienced developers who are contributing and working on a regular basis, keeping a similar pace to a traditional dev team. Many of them are the people who have built the Steem blockchain that Hive is forked on and have been part of the development of Graphene projects for nearly half a decade.
What’s the Primary Reason for Making the “DHF” or DECENTRALIZED HIVE FUND? Is this another Term for “PREMINE”?
The DHF is a way to organically fund projects, activities and development on the Hive chain and within the Hive ecosystem through a community consensus mechanism where all stakeholders hold a vote that is used to support the most worthy initiatives. It has nothing to do with pre-mining but instead is a consensus apparatus.
Are You, at HIVE, Plans to Competing Against STEEMIT, your Mother Chain Code? What Is Your ADVANTAGE over STEEMIT that You’re Proud Of?
$HIVE Have total supply of 350,324,912 HIVE. In the upcoming feature is there any burning plan? Or Buyback program to maintain $HIVE price estimation?
Any burn proposal can be submitted to our DHF from the community and carried out if consensus is found. This must be done by the community itself.
Can you explain more about the the trustless “Decentralized Hive Fund” (DHF)? An important function of HIVE
The Decentralized Hive Fund (DHF) is an on-chain decentralized autonomous system that allows users to submit proposals for funding and vote on which proposals should be funded.
How is hive prioritising privacy? Would like to know, what security measures that HIVE community has or would deploy to save guard vital data of the entire community?
Hive is fully transparent: it is a blockchain. With this in mind, anyone should behave accordingly.