Hive: Account Control Equals True Asset Ownership

LeoFinance
1 month ago
5 Min Read
1059 Words

There is a lot happening simultaneously. The future of the Internet is starting to be laid now. Many entities are jockeying for position.

We are beginning the process of moving towards the Metaverse. This is getting a lot of attention with the likes of Facebook making it a priority. Unfortunately, people do not realize how dangerous that is.

As technology advances, the stakes become even higher. This is true with what we see taking place presently.

People are soon going to realize how important it all is.

50,000 Accounts-No Closure

Hive is quickly becoming the solution to many potential problems that are going to arise. The situation with Facebook is already showing what we are going to confront. As they roll out their new wallet, it is vital to keep this concept in mind.

Last week, almost 50,000 people signed up for new accounts on Hive. As shown in the Weekly Hive Stats Report by @penguinpablo, we see the massive growth that is taking place.

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Naturally, most of this was due to the success of @splinterlands. That game is starting to really lead the charge in the #Play2Earn market.

While people were signing up to get involved in that game, they do not realize the gift they received.

Hive operates a decentralized account management system. The basics of operating an account are done at the blockchain level. This is in the base layer, hence, in control of no individual or single entity.

This is something completely overlooked by the masses at the moment.

With a Hive account, there is no closure or banning. This is going to be paramount as we start to see pieces of the Metaverse developing.

Facebook Being Facebook

We know social media companies are very willing to close or ban accounts. This is something that is getting some publicity yet people are not connecting the dots.

Facebook is making a huge leap into the Metaverse. Mark Zuckerberg recently announced that it was going to transition, over the next 5 years, to a Metaverse company. The challenge is Facebook goes against the main premise of this concept.

At this moment, it is the leading VR company. Facebook is pushing the Oculus. It is determined to be the gateway along with the account management system. This is evident in their distribution of Oculus, even at a loss. People need to wake up to this fact.

In the social media realm, one's account is important. Getting banned can have very bad effects, especially if the account is used for business. Nevertheless, the ability to erase years of one's digital life is startling. In this era, it is like you never existed.

Unfortunately, this is nothing compared to what we will see going forward. In a short period of time, this will have a financial component that cannot be ignored.

Here is something that many are accustomed to seeing:

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We can already see how this is elevated. Having the Facebook account closed down means that not only is the social application off limits, the Oculus headset is now basically useless. This is a device that people paid good money for and Facebook, on a whim, can deny use of it.

It is evident there is now some monetary impact upon the user. Of course, as they say, "you ain't seen nothing yet".

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Source

How about them apples?

The closing of the account eliminated everything in the library. That means anything that was acquired, any asset, magically disappeared.

Imagine what you would feel like if everything in your Hive account was taken from you. How would you feel?

Of course, this cannot happen without someone accessing your keys. With Facebook, however, it is just everyday business. Banning accounts is nothing new.

Protecting Your Assets

Anyone who opts for this future is not going to be protecting his or her assets.

We are all familiar with the "Log in using" followed by the options of Facebook, Twitter, or Google. The problem is all of these centralized organization have the ability to cut one off from his or her assets. They showed they will do this without warning and for any (or no) reason. Either way, each user is completely at their mercy.

Hive Solves This

Hopefully most are beginning to realize how important account ownership really is. If an entity can close down your account, you do not own it. Therefore, anything in said account is their property also. You access is only with their consent.

This puts people in an extremely vulnerable position.

Facebook is bring its Novi Wallet to market. The company claims it will offer cheap and accessible payments. What it failed to tell everyone is that it will offer this only with their permission. As we can see, if Facebook wants to deny any transaction, it only needs to close the account.

Sadly, not only is the access to the system gone, everything in the wallet is history too.

Is this a world that anyone wants to live in?

For all the talk by the tech titans about decentralized social media, the reality is they will not give up control. Even if there is some form of this, the account access will still be through the centralized entity. Logging in using a Twitter account, no matter what the platform, means you operate only with the blessing of that company. If they deem it that you should not exist digitally, poof, you are gone.

With Web3, this means your assets also vanish into the digital wind.

Last week, almost 50,000 accounts were opened that cannot be closed. All those people are now in a world where, whatever assets they acquire, access to them cannot be denied. With Hive's account management system, the owner of the keys is the one who owns the assets.

People are going to realize how valuable an option this is.

This is a concept that has to penetrate the entire industry. Account management is the most crucial aspect to Web3 and, ultimately, the Metaverse. Anything that uses a centralized log in system is going to put people at risk.

With Hive, each person have full account control and that means true asset ownership.


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