Oivas_CryptoCorner

Hive Blockchain
So, Hive was and is one of the earliest crypto-based writing sites that I had subscribed to, and I still continue to use it. I have come back from a break and have explored the communities and writing model on Hive. While quite a bit has changed, some of the known communities and writing themes still remain the same. So, I feel quite at home.
For someone who hasn’t explored Hive before, here are some details. Hive is a blockchain and an ecosystem in itself. Hive is also the native token of the ecosystem. The ecosystem consists of writers, developers, gamers, and more. Splinterlands happens to be one of the oldest running blockchain games, and it is on the Hive blockchain.
The Above Comparison is from 2022, but the current numbers won't be too far from those listed.
As a writer, what makes it interesting for me is the presence of multiple communities focused on everything from crypto/blockchain to games/toys to autos and more. You can pick and choose your interest area and write to a specific community, or write community-independent articles. Everything works.
Anything More?
There’s a lot more.
As I mentioned, Hive is the native token of the blockchain and is trading on major exchanges like Binance, MEXC, and more. While on the site, users have to face three versions: Hive, Hive Backed Dollar (HBD), and Hive Power. HBD is a value token pegged to USD; Hive is the floating token rate and is currently trading at USD 0.045. The third term is Hive Power, and it is a function of a user’s interaction with the Hive Ecosystem. The more Hive Power, the more the user's influence on the blockchain’s workings. It is much like shares of a company that one can buy or earn, and based on the amount of shares a person holds, he/she has a portion of the company’s capital. That same logic works over here for Hive Power.
Last but not the least, as a true decentralized platform, Hive allows each user to vote for 30 witnesses (or nodes), who they believe to be doing the most for the Hive ecosystem. This is where the Hive Power of the user matters the most, as their votes carry weights proportional to their Hive Power. That’s got a bit technical, but the thing that a user needs to remember is that the voting system allows for a decentralized and democratic system of working.
That’s worked well so far.
Is That All?
There’s more and a lot more, but I leave that to the users to explore and find out. The one thing that has stood out for me is the amount of Hive and Hive Power you get at the time of payout of your articles right now. That’s crazy. I understand that it has to do with the current Hive price, but hey, I am not complaining. 😊
The front end that I use to write is Peakd(dot)com, but there are many more for those interested. So, what are you waiting for? Go on and explore the Hive ecosystem!
Image Courtesy: Hive Ecosystem

Here’s What Happened

Let’s get straight to it. BONK is one of the meme coins/tokens in line with the SHIB, DOGE kind. The BONK DAO came into existence a couple of years ago, and much like any DAO proposals are welcome, and if passed, it is implemented.
The thing is – nobody was using the BONK DAO much and therefore not watching it either. This is what an unknown person took advantage of. Nobody knows who this somebody was, but here’s what happened.

1. This somebody buys $4 million worth of BONK
2. Posts a DAO proposal to transfer $20 million BONK to an address (his/her, of course)
3. Plays the waiting game for seven days. And nobody notices the proposal in that time
4. After the waiting period, votes “YES” to the proposal. Remember, this person owned $4 million worth of BONK already and so his/her vote had weight.
5. The proposal passed
6. $20 million worth of BONK was transferred to the person

And then the team woke up from its slumber to notice that $20 million in BONK was gone. Interestingly, nobody, absolutely nobody, noticed the entire thing unfolding until the tokens were gone.

Phew! And we say DAO is for participation and governance. Both failed in this case.
That’s It

And that’s what happened. Keep watching your DAO if you are involved in one. 😉
Image Courtesy: BONK Meme Coin