The month of October is gone; another chapter/record of achievements closed but not totally as the month had proved productive for a lot of people and would speak volumes for them this November.
I joined Hive September and have been writing everyday since then. It is surreal. Anyway, the Finance industry evolves daily and with new people onboarding the decentralized space, a need to carry people along is borne everyday.
I made or tried to make this post on Monday on @leofinance but for some reason my post got lost, even the draft. I already hit the publish button and it showed success but was lost. I couldn't even access my account and I felt frustrated and reached out to @belemo who said it might have been a node problem because he also encountered issues. I tagged the community because I want them to shed a little light on this. I had put my whole soul into that post and I felt really bad when all of it disappeared. Comments would be appreciated.
Now, Let's move forward...
Prior to the failed post, I had a really interesting conversation with @readthisplease and fun as it was, it also expanded my understanding.
THE GLOAT...
It kicked off with me reveling in the fact that the LeoMobile app was first released on Android and not IOS. Call it whatever but I had this inner satisfaction. So how are yah IOS users?😁
(All's a joke though).
PEAKD, HIVE-ENGINE AND STAKING
He immediately took me through simpler ways of staking than the hive-engine. The hive-engine is broad but for a quick stake, we don't need to go through that long process.
At the end to this post, there is a link to his guide on how you can achieve that. It is very easy(for those who had no idea).
DEX
So, many of you might come across the Leo tokens if you use Leofinance and you'd also see the DEx symbol. Let's understand what DEX stand for.
DEx is the acronym for Decentralized Exchange. What is Decentralized Exchange? Simply put it is exchange(crypto-wise) without a third-party. A platform or space for crypto traders and buyers to engage freely without intermediaries that incur unwanted policies. You are in full control of your actions on DEX.
On hive, there are three kinds of DEX like he explained. Hive-Engine, Leo DEX and Tribal DEX. They are all connected with same tools in regards to staking and the likes but possess different interfaces. Just like the Hive Blog, Ecency and PeakD are connected but have different displays. So you can use any of the DEXs. Whichever you find more appealing or easier.
THE COINMARKET CAP
After reading his post (link at the end of this post) offering a simpler and easier way for beginners to access valuable NFTs, I knew the Coinmarketcap was for me.
HOW IT WORKS...
Download the app, follow due process and claim your diamonds daily. These diamonds are known as Loyalty Diamonds which means they can not be bought. The Coinmarketcap is only a price checker platform but they give away NFTs to their loyal memebers. A loyal member collects diamonds daily. New to the world of NFTs? Go for the Coinmarketcap.
NFTs EXPLAINED...
A newbie might come across this and not understand what NFT means. Even some people like myself who knew NFTs existed might not understand the full extent of it because we haven't fully grasped what it is or what it is for. Let's take this one step at a time shall we?
Previously, I thought NFTs were tokens that can not be exchanged at all. Funny right? Well, that was how my brain processed the article I read on google. Speaking with Readthisplease made me understand a lot of things.
Once again, NFTs are Non-Fungible Tokens. This means that they are unique and possess a form of ownership. Some would call it a title. NFTs are not interchangeable. I will explain.
Take for example, I am given a $1 note by someone. If I take that note and spend it and the person returns for his note, I can not present N570 (the equivalent in naira). It does not work that way. Another way to look at it is I am given the $1 note and I spend it. Then when I am to return it, I present a $1 note from my pocket. Mind you, they both might be $1 notes but only one out of the two bears the mark of that person. Which means, wherever that note of his finds itself wherever in the world, it belongs to him. He owns it. It bears his mark.
That is how NFTs work. There are records and time stamps that signify who the owners are. NFTs are tokenized arts and as such come in the form of memes, images and the likes. Yes, they can be copied and pasted but they can not be stolen.
Another example. We all know of the Mona Lisa painting by the great Leonardo da Vinci. Leonardo created that painting which means it has his mark on it. There can be only one like that in the world. A copy isn't the original.
I WANT TO HOLD AN NFT...
The reason most people are big now on NFTs is because it has proven to be a great investment. When I first read about NFT, the article said that the NFT market surged to $20B in 2020. So you see?
Buying an NFT is a long term investment. Just like the success of a crypto token depends on time and involvement, NFTs work that way too. So holding a valuable NFT is not a bad idea. Besides who wouldn't want to gloat about owning a meme or image?
Earlier, I mentioned the Mona Lisa painting. That painting is now worth over $850 Million. Just imagine being able to sell an NFT you bought at $10 for $1,000. Sweet huh?
Splinterlands is also a way of collecting NFTs. I'm still yet to understand how that works.
I am sure most of you have come across the meme above. "Side Eyeing Chloe" became a popular hit (accidentally might I add😆) but sold for 25 ETH (a little over $76,000). So holding an NFT would prove awesome in the long run.
WALLETS...
Understanding further, valuable NFTs are wallet transferable. So shitty NFTs can not be held in wallets. Popular NFT wallets are METAMASK and TRUSTWALLET.
CONCLUSION...
I have come so far compared to what I knew a month ago. And I would keep sharing with the world. Hold on tight and brace yourselves because there is a lot more where this is coming from.
Related Posts...
HOW TO USE PEAKD FRONTEND TO STAKE YOUR HIVEENGINE TOKENS BY @readthisplease
COLLECT THOSE COINMARKETCAP DIAMONDS TO CLAIM FREE NFTS BY @readthisplease
NFT? SAY WHAT NOW?!!! BY @deraaa
WHAT I THINK COULD HAPPEN: OSITA IHEME NFT BY @deraaa
NFTs: MY SURPRISE & THE LEO APP BY @deraaa
FOR CONTACT & SUPPORT
TWITTER: Deraa_writes
DISCORD: deraa#4794
TELEGRAM: DERAA
THANKS FOR READING! COMMENTS ARE GREATLY APPRECIATED!
Posted Using LeoFinance Beta
One good thing about the app is , you don't need to open different tab before you access what is on That app. The app is easy to use. What we need to download it. For staking. Staking is another way to multiply your token. Staking is what help us in the community to build more coin
Posted Using LeoFinance Beta
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Im not a newbie but then even I find it rather difficult to place a logical concept to NFT and how it works. I definitely believe that i'll get involved with it someday even if I might be doing that a little with Splinterlands.
Posted Using LeoFinance Beta
Oh. Wow. I'm a little speechless because you know...😅. But i think NFTs would go a long way. Also I read about iNFTs. Intelligent NFTs. You could read about it too.
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You really killed it and did better than me when I was a newbie learning. Thanks for the mention.
Thank you for the lessons sensei 🙇
Also, expect me in your DM soon. 😆
You using anime terms now 👀
I'm an anime lover Sensei. I've been using them for a while. Before I forget...
Ohayogizaimasu...