Hive (HIVE) operates as a blockchain utilizing a delegated proof-of-stake (DPoS) consensus model. It emerged in March 2020 via a hard fork of the centralized Steem blockchain, positioning itself as a bridge from Web 2.0 to Web 3.0. The network asserts it provides “lightning-fast processing times and fee-less transactions.” Potential applications range from social media platforms that reward creators, interactive blockchain games, and identity management to micro-loans. Decentralized applications (dApps) built on the platform include Splinterlands, PeakD, and HiveBlog.

Functioning as a social network of services, Hive allows users to explore blockchain capabilities, join the platform, and share content securely while ensuring value is redistributed fairly. In this model, users own the network, enabling sponsors to engage directly with artists and communities without middlemen.

As an open-source project, Hive aims to scale using layer-2 sidechains while relying on a shared layer-1 backbone to maintain data integrity across the distributed system. The ecosystem supports two digital assets: HIVE, the native governance token, and HBD, a stablecoin pegged to the USD.

Members of the Steem community announced the project's launch. Hive emerged from a power struggle for management control between Tron CEO Justin Sun and Steemit Inc. Developers executed a hard fork of the original Steem blockchain to operate independently, prioritizing decentralization.

Hive positions itself as a blockchain built for Web 3.0 and social media decentralized applications, prioritizing speed, scalability, security, and ample storage capacity.

The network features a system for bandwidth and resource storage that it describes as future-proof. It can securely hold vast quantities of data and provide access to it through time-based monetization methods.

Every piece of original content posted is permanently recorded on the Hive blockchain. Users can vote for creators using HIVE and HBD tokens over a 7-day window. The Proof of Brain protocol manages content quality standards, aiming to boost the creative economy by utilizing human subjectivity.

The project also states that its open-source code makes adoption straightforward for developers, enabling them to build, launch, and operate dApps. Developers have the option to establish new public or private networks using this code.

HIVE serves as the native token of the Hive network. Under the DPoS protocol, users who stake more HIVE gain a larger share of the reward pool.

This cryptocurrency is inflationary and lacks a fixed maximum supply. New tokens are issued on a set schedule, with distribution allocated as follows: 65% split equally between content producers and curators; 15% to HP stakers; 10% to Witnesses; and 10% to the Decentralized Hive Fund (DHF).

The Hive blockchain relies on a Delegated Proof of Stake (DPoS) consensus model to maintain security. In this system, designated Delegates, also known as Witnesses, handle transaction verification and block creation for investors. Specifically, 20 chosen Witnesses generate blocks in a random order, while users retain the ability to withdraw their delegation whenever they wish. This approach generally limits centralized authority over the network.

Governance is decentralized, granting voting rights to users who hold a stake in the ecosystem. This stake consists of locked coins kept in specialized wallets to safeguard the protocol. Additionally, the entity responsible for launching HIVE keeps all digital cryptocurrencies in cold storage.

As of September 2022, HIVE is available for purchase on a variety of cryptocurrency exchanges and trading platforms. These include Binance, Bithumb, Gate.io, Huobi Global, Bittrex, ProBit Global, MEXC, Indodax, Tokocrypto, WazirX, Upbit, CoinEx, Nominex, BKEX, Pionex, CoinDCX, Bitcoiva, Jubi, and ProBit.