What is Hive?
Hive is a decentralized blockchain. It is social media. It is finance by way of cryptocurrency. And it is a development platform. It is part of “Web3”, meaning it is the decentralized internet…no one runs it. “Hive” is a commonly used word within technology and this has led to some Hive brand confusion. This wiki is for the Web3 Hive, found at hive.io online or at @hiveblocks on Twittter.
All blockchains must somehow come to consensus in their data. Hive uses a Delegated Proof of Stake (DPOS) consensus protocol. Hive users can delegate Hive Power (HP) to witnesses who form consensus and create new blocks. Beginning in March of 2022, Hive is a fork of the Steem blockchain.
And, all of the data is immutably stored on the chain. Even if an edit is made to information, the original info has been recorded and can be retrieved.
Hive combines three interwoven components: (1) social, (2) financial, and (3) technology. Anyone can interact with Hive on whatever level they're on: simply reading, posting/blogging or commenting, trading or speculating, developing, running a node, or more.
Hive is a “Web3” blockchain. This means that everything is decentralized and blockchain-based. In other words, it is not run by any one person or by one company. Instead, “witnesses” are elected by Hive users based on their staked Hive, called Hive Power (HP). Just as these witnesses can be elected, they can also be un-elected.
As a Web3 blockchain, Hive is determinedly decentralized. You can learn about the birth and history of Hive in this animation: The Hive Story Animation