Hive Explained: Resource Credits

What are Resource Credits?

This term is defined by it’s creators the developers.

Their definition: Resource Credits are non-transferable credits given to each account based on how much HivePower it has, which get “spent” whenever a user transacts with the Hive blockchain.

So what function doe this new entity called Resource Credits perform on the Hive Platform?
They are a form of currency you spend to enact or perform transactions on the platform.

What are Transactions?

They are votes, comments, transfers and power ups.

You pay or expend Resource Credits when you perform transactions or interact with the Steemit platform.

Each transaction has a specific cost in Resource Credits, and if you have enough resource credits to cover the cost, you can perform the transaction.

If you don’t have enough resource credits you get an error message telling you that you are unable to perform the transaction or interaction.

You should also be aware that the cost of transactions varies depending on factors that effect blockchain perform and the available supply of resource credits.

Let’s do some FAQs, I love Frequent;y Asked Questions.

Questions:

How do I get resource credits?
Answer: You are given a certain amount of resource credits in direct proportion to how much Hive Power you have. You need at least 15 Hive Power to be awarded any resource credits.

If I spend all my resource credits, do I have to buy more?
Answer: No, resource credits regenerate each day by a certain percentage, which is believed to be 22% and it takes 5 days to fully regenerate your entire allotment from zero.

Can I buy resource credits?
Answer: No they can only be given to you buy Hive blockchain when you buy Hive Power.

Can I give my resource credits to others?
Answer: No, these tokens are non-transferrable, they are attached to Hive Power. But you can delegate part of your Hive Power and the resource credits go with the delegated Hive Power.

How much do transactions cost?

comments 1,570,000,000
votes 282,000,000
transfers/powerups 259,000,000

That’s my Short Report.

Written by Shortsegments. ✍🏼

Knowledge can be used to create wealth.
***Wealth creates or permits freedom to live your life your way.
Stay thirsty for knowledge my friend.

Shortsegments is a blogger or writer on social media application or platforms, some of which are running on blockchains. A decentralized application or a decentralized platform, means there isn’t a central authority or owner to take your account away from you and your account can’t be deleted. You are the owner of your account and these platforms are censorship resistant. In contrast, centralized platforms have a central authority or owner who can freeze your account, hide your content and delete your account and all your content. Examples of centralized platforms include Facebook, Instagram or YouTube.