What is the difference between HIVE and Steemit?

Steem and Hive are both blockchain-based platforms that originated from the same codebase but have diverged significantly in terms of governance and community orientation. Here are the key differences between them:

Origin and Development

• Steem was originally created in 2016 as a blockchain with a focus on social blogging and cryptocurrency rewards. It was designed to allow users to post content and earn rewards in the form of STEEM tokens.
• Hive was forked from Steem in March 2020 as a response to concerns over centralization following TRON’s acquisition of Steemit Inc. The community initiated Hive to maintain decentralization and community control.

Governance and Decentralization

• Steem is perceived as centralized, especially after the acquisition by Justin Sun of TRON, which led to concerns about control over the network’s witnesses and governance.
• Hive, on the other hand, emphasizes decentralization. It introduced the Decentralized Hive Fund (DHF) to enable community-driven decisions and funding without a single controlling entity.

Tokenomics

• Both platforms have similar token structures. Steem uses STEEM, Steem Dollars (SBD), and STEEM Power, while Hive uses HIVE, Hive-backed Dollars (HBD), and Hive Power.
• The tokens on both platforms serve similar purposes, but Hive’s governance model aims to prevent any single actor from having disproportionate control over network changes.

Community and Ecosystem

• Steem has a larger DApp ecosystem with applications like Steemit, DTube, and APPICS. However, its centralization under TRON has caused some community dissatisfaction.
• Hive has attracted many developers and applications that migrated from Steem due to its decentralized nature. It supports platforms like Peakd and 3Speak, fostering a growing ecosystem.

Conclusion

In summary, while both Steem and Hive share a common origin, they have diverged in terms of governance philosophy. Steem is seen as more centralized under TRON’s influence, whereas Hive is celebrated for its decentralized approach and community-driven governance.