"Hive mining" is nothing new. It's totally
Iain Stewart's Proof of Burn concept from
anno domini 2012, which is used in Slimcoin (SLM) from 2014 on (and there was another coin called TGC which used it but died)
I have read the whitepaper and the only substantial difference to the original Stewart concept is the centralized community fund. So it's not only "related" to Proof of Burn, like the devs claim in the white paper. It's
totally the same thing as Proof of Burn.
Please correct that on the whitepaper and original post. I will follow this coin as I consider the concept interesting, however, I don't like the centralized community fund, as it involves trust and could even open attack vectors. Even if it's completely optional, it should not be part of the consensus system.
So yes, Hive is like Stewart's pob in that coins are burned which enables later mining, but beyond they split radically.
The only implementations of Stewart's pob (Slimcoin and one other) were extremely poor, buggy coins produced from hacking on early and quite poor proof-of-stake implementations. The coins are both dead partially because the wallets couldn't stay up without leaking memory or segfaulting. It was not pretty.
As often, ideas are cheap and the glory and value are in implementation. If anything I'd say we are the first actual coin to nicely implement something similar to Stewart's ideas.
Also addressed in WP -- see bottom page 3 and ref 13.
Philosophy is different and implementation is completely different.
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