Can decentralization be a disadvantage?
This year I have been spending some time on different blockchains, learning new things, interacting with testnets e.t.c Most of these have been in a bid to hunt airdrops, but along the line, I have learned a lot more about the crypto space in general. One of the major things I observed though is that hive is different.
Hive is very different from a lot of other cryptocurrencies. For one, hive doesn't have a contract address, hive doesn't have gas fees, hive can only be found on centralized exchanges, and the biggest one which I see as both an advantage and at times a disadvantage is that it has no owner. The only other crypto I know of that is decentralized is none other than the king of coins himself, bitcoin.
All the other chains like to use terms like decentralized, but in truth, none of them are even anywhere near decentralization. And sure Hive itself isn't fully decentralized, but it is the closest thing to decentralization that I have seen. All the other "decentralized" platforms are VC funded or have CEOs and Investors boards of directors, and so on. The majority of the crypto space is just online companies. To be honest there's nothing wrong with that so I have nothing against it and I am even happy to be a part of such projects as long as they're not rugs. However, it is safe to say that that is not exactly what Satoshi Nakamoto envisioned when he created the very first cryptocurrency.
One of my friends who is into crypto but isn't on hive said to me one day that decentralization is a myth. I tried to explain, but there was nothing I could say to convince him that it's possible. And in truth deep down I know that complete decentralization is impossible.
Nowadays the tokens that are thriving are the ones with a lot of funding and with the right person leading them. A couple of them don't even have use cases, the meme coins, and they still find a way to thrive.
Hive is a very amazing blockchain with countless possibilities, but let us be honest it is largely undervalued. Is not having a central figure a limitation? Once in a while when I talk to people and Hive enters the topic they tend to speak like there's a central authority and then when I tell them that Hive has no owner and is community owned they're always surprised. How is a blockchain without an owner thriving? I tell them that Hive is full of a lot of passionate individuals who are always working to improve the blockchain. Some of them are turned off because they're looking for already made chains, but I make sure to tell them that Hive is a hidden gem and that soon it'll shine. And when it finally shines I will be here.
THANKS FOR READING
Cover image by DOZE
Posted Using InLeo Alpha
People are used to tying the success of any project to the face behind it. If anyone heard that Elon runs a blockchain of his own, and its called Hive, they would pay more attention. So that whole thing about a blockchain owned by nobody but a community of people that aren't even generally famous could be an explanation as to why Hive is still under a bushel. I guess that's the disadvantage, but it's not much of a problem as long as Hive works. People will see that someday.
Hehe, if Elon owned hive it'd be packed 😂. Yeah, I guess you're right, as long as it works it's good then. It's just annoying to see how undervalued it is. Market cap and so on. Though I'd say they're some areas to improve on. We'll get there one day.
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