After reading the post of @prayzz on "Hive Tokens and How to Power up" and browsing the features of hive.blog . I am writing my Task-02 Post of Stage-02.
Greetings Everyone:
Hive Launched on March 20th, 2020, It is a decentralized information sharing network. Uses of Hive are social media with monetized rewards for content producers, interactive games, identity management, polling systems, and micro-loans. Hive is a leading blockchain technology used by people around the world.
Course Outline:
Different Terminologies are used in Hive Blockchain. In this post we will discuss about
- Hive, Hive Power (HP) and Hive Backed Dollar (HBD)
- Importance of Powering Up Hive.
- Ways to acquire Hive Power (HP).
- Process of converting HBD to Hive from Internal Market.
- How can you power up your Hive To HP ?
Hive:
Hive is a cryptocurrency like Bitcoin, Ethereum, BNB, Litecoin etc that you can trade, spend, transfer and just like every other big cryptocurrency, hive can be bought and also sold for cash on Binance, Upbit, Gate.io etc.
Now, question is what is cryptocurrency? Actually, A cryptocurrency is a form of digital or virtual asset based on a network that is distributed across a large number of computers without the need of a central monetary authority such as a government or bank. This decentralized structure allows them to exist outside the control of governments and central authorities.
It is the liquid currency of hive.blog. we can earn Hive on hive.blog by posting, commenting and voting (half earning of our vote is credited to our wallet).
We can also buy Hive from other crypto exchanges. If you would like to know where to buy Hive, the top cryptocurrency exchanges for trading in Hive stock are currently Binance, Huobi Global, Mandala Exchange, Gate.io, and Upbit.
We discuss in detail because it is the main concept of Hive Blockchain.
Screenshot of my Wallet below.
Hive Power (HP):
Actually, Hive Power is impact or influence score of this platform. Voters with more Hive Power have a greater impact over the allocation of the rewards for a particular post than voters with less Hive Power. If you have more Hive Power, your upvote have more value.
Hive power you have on your account determines the amount of post, comments or upvotes you can do in a day.
Screenshot of my Wallet below.
HBD:
Hive Dollar is a liquid token that we earn as rewards on our posts here on hive.blog. Like Hive token, Hive Dollar or HBD is also tradable with other cryptocurrencies as well. Top cryptocurrency exchanges for trading in Hive Dollar stock are currently Upbit, and Bittrex.
Hive-backed dollar (HBD) is a unique type of trustless stable coin that is backed by the underlying value of the Hive blockchain itself.
Screenshot of my Wallet below.
Importance of Powering Up Hive:
Powering Up Hive or Increasing your Hive Power is most important because if you have low Hive Power (for example 5 HP) then your RC (Resource Credit) is very limited or low. You can't share more Posts, you have low upvote impact, you can't comment on more other users posts (means your engagement with Hive Community is very limited). Your upvote have no rewarding power ($0.00). As stated above, Hive Power have a greater impact over the allocation of the rewards for a particular post than voters with less Hive Power. For example my 100% upvote value is $0.01 and @lazy-panda 100% upvote value is $17.30. Hive power increase or decrease a reward of a post depending on if you upvote or downvote the post.
Ways to Acquire Hive Power:
After describing the importance of More Hive Power. Now I describe you the ways, how you can increase Hive Power. There are Three (03) ways of increasing your Hive Power
- Earn from Posts and Comments.
- Buy Hive and Power Up.
- Get Delegated Hive Power.
Earn from Posts and Comments.
When you Post very interesting Contents in Hive Community and also write a nice comments on other's post then Community Members Rewards your posts and comments in the shape of their Upvotes. Reward of your post or comment spilt into four parts, two parts goes to the wallet of Curator and two parts goes to the wallet of Author. One parts of Author Reward converted into Hive Power and remaining one part is converted into HBD. So, it is very slow process of increasing Hive Power. It is true that you can convert HBD into Hive then Hive to Hive Power but fast method of increasing Hive Power is to Buy Hive and Power Up your account.
Buy Hive and Power Up:
If you have money then this is the easiest and quickest way of increasing Hive power.
You just go to crypto exchanges like Binance, Upbit, Gate.io etc. Buy Hives , transfer these Hives into your Hive wallet then Power up your HP.
Delegate Hive Power:
If anyone have more hive power then he can delegate a part of his Hive Power to any other user for a specific time. For example if I have 8000 HP ( HP ) and my friend has 5 HP. I him delegate 200 HP for a month then he can enjoy RC and Voting power of 205HP for a month. After one month his Hive Power reduce to 5 HP again.
Process of delegation will be discuss in next post.
Process of converting HBD to Hive from Internal Market:
Follow the following Steps to convert HBD to Hive
- Open Your Hive Wallet
- Click on Small Arrow of Hive Dollars. As shown below.
- A list of different option appears, Click on Market as Shown below.
- After Clicking you see Market Window like this.
You should understand this window.
0.927790 is written In front of Price which is the Lowest bid asked. It means now you require 0.927790 HBD to purchase 1 Hive. It is the current rate of market. You can put your own value but if you write a low value like 0.5 then order placed but HBD not converted to Hive now. It will converted into hive when market rate drops to 0.5.
In Total Box, you should write amount of HBD, you want to convert into Hive.
Amount Box will automatically updated according to Total HBD and Rate of Hive.
- For example if you want to convert 8.957 HBD to Hive then window see like this.
- Click on Buy Hive then system confirm your order. Press OK.
- Then System ask your Active or Owner Key. Put Active key in Box and Press "Sign In".
Now the process of Converting HBD to Hive is complete. Now your HBD has been converted into Hive.
Process of Power Up your Hive to HP:
- Open Wallet.
- Click on Small Arrow of Hive. A list appears then click on Power Up. As shown below.
- Then system ask amount of Hive you want to Power Up. Put Amount and Click Power Up Button.
- Then system confirm Transfer. Press Ok
- Then System ask Your Active or Owner Key to Sign the Transaction. Put Active key and Press "Sign In".
Now the Precess of Power Up Hive to HP completed. Your Hive Converted to Your Hive Power.
I try my best to describe my whole knowledge on Hive, HBD, Hive Power , Power UP and HBD to Hive Conversion, I apologize in advance if I made any mistake or violate any Community rule.
Thanks 🌹 for your time to read my post. Feel free to ask any questions if you can't understand any point in my post. I feel Happy to clear up your confusion.
This is probably one of the best I’ve seen so far @ziabutt3836 you did very well.
Thanks 🌹 @prayzz .
This is due to your nice guidance post.
Sir, What is my next Task ?
Yay! 🤗
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