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Does Hive need deflationary mechanics? by r1s2g3

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hive-167922 · @r1s2g3 ·
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Does Hive need deflationary mechanics?
## Does Hive need deflationary mechanics?

I was reading an article about the Ethereum Merge in which it outlined how the Ethereum transition from the "Proof of Work" Concept to the "Proof of Stake" concept has affected the overall supply of the Ethereum. Not only the miner rewards are reduced but also they burn the portion of the transaction fees once they switch to the PoS mechanism.
Article estimated that the burning of these transaction fees caused a [net supply reduction of 299,922.50 ether](https://www.coindesk.com/markets/2023/09/15/a-year-after-ethereum-merge-net-supply-down-nearly-300k-ether/) which makes Ethereum deflationary at current. 
It is not sure if ETH will become deflationary going forward or not because, in the future reduction in gas fees/transaction fees is also planned.

![hive.png](https://files.peakd.com/file/peakd-hive/r1s2g3/23viPT35SaeRiiM3u8ek91qRZEf4F4j6pABY5uF7qgwYNFsQ3NhBnMQESfK7umK57fJVk.png)

When we see Hive we do not have any "mandatory"/"automatic" burning mechanism built within the blockchain itself for transactions though we have many different kinds of burning mechanisms available like sending the Hive to "null", burning the Hive rewards in post, or burning the Hive for HBD conversion. 
I feel having some kind of dynamic automatic burning mechanism in Hive will be a good addition. By dynamic I mean that its value can be set to zero to some fixed percentage based on the witness consensus.

Another thing that Hive is lacking and pending is the creation of the official second layer and smart contracts on Hive. With Hive inflation getting reduced with every year, Hive needs more utility and use case apart from "blogging" so that it can become a mainstream currency and attract more developers and users who would like to develop products and experiment with their ideas in the Hive blockchain.

I think, couple of years back, blocktrades himself hinted at working on Hive's official second layer (unofficial is of course Hive-Engine/Tribaldex) but I did not hear much about it. I hope Hive development team is still committed to it and might be able to release it soon.

So friends, what do you think should be added in Hive that will attract more users and utility of Hive?



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@hiq.smartbot ·
HiQ Smart Bot says
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@jfang003 · 
I don't think there needs to be a burning mechanism and people can burn hive if they wish by sending it to null. I think the RC structure on the blockchain is enough to have utility here on Hive and adding in burn mechanics doesn't make Hive that much more attractive. People will come here for the applications and where would that Hive that is burned come from? I am guessing that the only option would probably be the DHF (which hurts funding proposals) or author rewards.
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@r1s2g3 · 
Not exactly, I was thinking on idea of having provision of wallet transaction fees.
Since all , BTC , ETH have "good" transaction fees  and high volume , so I feel crypto community is fine with paying fees but they need more "utility" + "security"
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@pizzabot · 
<center>PIZZA!


$PIZZA slices delivered:
@r1s2g3<sub>(1/10)</sub> tipped @jfang003 


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!hiqvote
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