Crypto project development does not have to stop because the world’s financial markets are in free-fall. In fact, Hive has just relaunched its blockchain with a smooth hard fork from the Steem network.
The relaunch took place on March 20 and introduced a number of new features that will move the community towards true decentralization and will help develop the codebase.
The Hive Blockchain is live!
– First Blocks and Transactions have been produced.
– API nodes are coming up
We are monitoring the chain to ensure everything is perfectly operational.
— Hive.io (@hiveblocks) March 20, 2020
A promising relaunch for Hive
The Hive team tweeted a celebratory announcement following the smooth launch of the blockchain over the weekend: they reported that there were no stalls nor crashes, and boasted fast block times.
It’s been a wild 24 hours 🥳
– We have had a successful launch
– A major listing announced through @BittrexExchange
– Many dApps already up and running
— Hive.io (@hiveblocks) March 22, 2020
Hive’s move towards true decentralization
Hive is a delegated proof of stake (DPOS) governance blockchain engineered for Web 3.0 with a strong emphasis on true decentralization.
The Hive launch is a direct copy of the existing blockchain with a few small upgrades, which will allow developers to get back to community discussion on the direction for the future.
It has over 30 active developers and is fully open-source and available to anybody to make contributions.
The team stated that there will be a further hard fork in the future to make some fixes and introduce new features and functionality. The project is still in its infancy and only has around 30 dApps according to hiveprojects.io.
There are a number of Hive wallets being actively worked on and ported at the moment. Steem users will automatically have their accounts migrated to Hive in a seamless process.
According to the blog post, witness votes from the Steem network will carry over to Hive, and the community will have an even larger input to the direction of the new network.
Steem pump on airdrop
There was also an airdrop with all valid Steem stakeholders receiving a mirrored balance of their current holdings in the new Hive token.
The announcement added that there are six exchanges working on the airdrops, with some of them also working on a listing for the new coin.
Hive has yet to make it onto the major exchanges though there was a brief spike in Steem prices late last week.
On March 22, major crypto exchange platform Bittrex announced that they have included Hive (HIVE) and Hive-Backed Dollar (HBD) to their listing. Other exchanges may soon follow.
New Listing Update: The BTC-HIVE and BTC-HBD markets are open and trading will begin shortly on https://t.co/vWO7SITe5n.
For more information about $HIVE and $HBD visit:https://t.co/wgWgXhzey9 @hiveblocks #Bittrex
Deposits and Withdrawals will be open shortly. pic.twitter.com/VjbpCNgZKk
— Bittrex (@BittrexExchange) March 21, 2020
According to Coinmarketcap.com STEEM jumped 230% before pulling back sharply to around $0.183, just 33% higher on the week.
At the time of writing, HIVE was trading at 3223 satoshis on Bittrex. The rest of the crypto market had started to retreat again during Monday morning trading in Asia.