Hello everyone, to continue learning about Hive, I am participating in this second task of stage 02. In this participation I will try to answer the questions raised by @prayzz in this lesson about HIVE token y HIVE POWER.
Own Image, created in Corel Draw
Question ( 1 )
How much do you know about Hive, Hive Power and HBD?
HIVE is the main cryptocurrency of the Hive platform, they are coins that can be converted to Hive Power, exchanged for Hive Dollars or other cryptocurrencies, bought and sold in cash and transferred to any other account at any time.
HIVE DOLLARS is a stable value liquid currency, it is created to maintain a value equivalent to 1 USD. This currency can be converted to HIVE on the internal market. They can also be transferred to other accounts and used as a means of exchange in trading.
HIVE POWER is an influence currency. The amount of Hive Power determines the power of each user on the platform, the more Hive Power the higher the vote weight and the better curation rewards.
Question ( 2 )
Is there any importance of powering up Hive?
The process of performing Power Up is of great importance to the Hive platform and its users. Every time a user performs a Power Up, they are showing confidence in the platform and collaborating in its development, while growing their individual account.
The amount of Hive Power can be compared to the number of shares a partner could have in any company. The greater the number of shares, the greater influence that partner will have within the company, both in decisions and in benefits.
The same happens in Hive, users with a greater amount of Hive Power can count on a greater amount of resources to carry out their tasks within the platform. They can also get better ratings on their posts and comments, which translates into higher rewards for their work.
They can also use their increased voting power to support other users who make quality posts or comments and add value to the platform.
Question ( 3 )
How many ways are there to acquire Hive Power (HP)?
The basic way to acquire Hive Power is as an author reward. Every time a user makes a publication, they are rewarded according to its quality. One part of that reward is paid off with Hive Dollars and the other part is paid off with Hive Power.
Hive power can also be acquired by buying Hive in the market and then transforming them into Hive Power through the Power UP process.
Another way would be through delegations made by third parties. These delegations are usually temporary and are made with the purpose of rewarding or supporting the strengthening of an account.
Question ( 4 )
Show the process of converting HBD to Hive from Internal Market? (Must show screenshots)
To convert Hive Dollars to Hive in the Internal Market we must enter the “Wallet” option.
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The next step is to enter the "Market" option that appears in the drop-down window in the HBD balance.
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Now we proceed to place the amount of Hive that we want to buy.
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In the next window we verify the amount of HBD invested and the amount of Hive to receive, if we are satisfied with the order we approve it.
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Now we confirm the operation with our active key.
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From now on, our open order already appears in the purchase book.
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Finally the amount of hive purchased is reflected in the balance of the wallet.
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Question ( 5 )
Can you power up your Hive To HP? (Must Show The Process)
To convert Hive to Hive Power we go back to the “Wallet” option.
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In the drop-down menu in the Hive balance, we enter the Power Up option.
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Now we proceed to place the amount of Hive that we want to convert to Hive Power.
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In the next window we verify that the amount is correct.
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Now we confirm the operation with our active key.
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Finally we can see that the Hive balance has been transferred to the Hive Power balance.
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Thanks for reading.
Until next time!
Hello @sir-lionel I love how well explained and very understandable your post is.. This is very good.
Thank you very much for your kind evaluation. Greetings