Building a web2 layer over the web3 layer of the Hive blockchain

Hive blockchain is a pure web3 platform and users entering this ecosystem face a barrier represented by the new technology and its specifics. This makes it harder for users coming from web2 to adopt web3 as they simply don't have the knowledge about what it takes to do that, what tools are needed and how the overall tokenomics are working. Thus I believe that in order to have an boost in the onboarding of users on the Hive blockchain, we need a web2 layer over the existing web3 infrastructure. The end user shouldn't require to know all the technicalities of the blockchain technology, but rather engage on social media in either short form or long form content and at the end be rewarded for it. And the rewards must be given in the simples way possible, even if behind the scene that might imply additional tools integrated - for example if I want to withdraw directly on my bank account or credit card in USD, the system should exchange my crypto earning on demand and transfer the funds as requested. This will simplify everything without the need to use several tools or apps or accounts in different platforms to withdraw funds, exchange and so on. Only when that happens, I believe that we will see true web3 adoption.

Capturing more value from web2

One of the challenges that I see right now is that Hive, as a pure web3 platform, generates consistent content and has community engagement, but doesn’t succeed to capture enough value that is reflected in the token price. Maybe there is something else causing this like constant selling pressure, but if that cannot be stopped I believe that we should try to bring more value in and increase the price through more revenue streams. This is the difference between us and web2 platforms like Facebook, Twitter/X and YouTube which made it easy to create and consume content, then monetized the user base engagement with ads and partnerships. Hive already has the engagement and the rewards system, but it feels like a lot of that value escapes because we don’t have a web2 layer to make things seamless.

Having Hive work like on a regular social feed, without worrying or needing to understand wallets or keys, but just knowing rewards are accumulating in the background. That’s where the true power of simplicity and usability comes into place. If we can combine the earning model of Hive with the usability of web2, we’ll succeed to offer a better deal to both creators and advertisers once and for all. And there are already companies that pay ads directly in crypto, thus I believe the integration will be much easier.

Usability should be the prime ingredient

When someone new lands on Hive, they shouldn’t have to ask questions like: “What’s a private key?”, “Where do I stake tokens?” or "What kind of rewards do I gain?" and so on. These are important features, but they should live under the hood and not strike you from the first step you make into this ecosystem. Just like no one thinks about how HTTPS or server routing works when using X or Instagram, Hive users should be able to log in, post, comment, and maybe watch an ad, without worrying about technical friction.

A web2 layer on the Hive blockchain can act like a friendly and seamless bridge from what users are already accustomed with. Accounts could be created with a simple email or social sign-in, balances could be displayed in dollars alongside HIVE and withdrawals could happen in a couple of clicks with some "smart contracts" behind (even if we might lack at the moment a full solution for that, but I think some integrations could be made in this regard). This way the blockchain complexity, security and its technology remains intact for those who want it, but it doesn’t block everyday people from joining and enjoying earning from their content right away.

Web2 revenue like ads should become an option

This is where things get interesting from my point of view. Ads in web2 have a bad reputation, but the truth is that they pay the bills. Hive already rewards creators directly through the blockchain, but what if we added a web2 ad layer on top? Advertisers get access to real communities, creators get extra streams of income and the ecosystem captures more revenue into its governance token Hive. We top that with more web2 content like a wrote in a previous post - Hive blockchain - We need to create more content that is to be consumed outside of this ecosystem - and I think the revenue will only increase from there.

Approaching the web2 revenue streams also can mean that content creators can earn for lifetime and not only limited to the 7 day window from the Hive blockchain. Imagining a functionality like a "smart contracts" that matches the ads earning for a post with the author for it, could deliver earning on and on. This would transform the earnings model from Hive, while keeping its infrastructure and tokenomics in place. I know that the ads model might not be on the liking of all from here; also the model might have been already attempted without visible yields; but I still think we can have such a layer on top of the current web3 model and who knows, maybe there are more and more ways for lifetime earnings that we can bring here.

Posted Using INLEO