Hive is a decentralized blockchain built using DPoS - Delegated Proof of Stake concept. For people who are new to the blockchain world, this statement can be a little confusing. To make it easy to understand, you can consider Hive as a blogging platform where you get paid for your valuable content. Later after you get used to the blockchain, you can explore more about Hive and understand how it is way beyond a blogging platform. There are different ways to earn HIVE. But before we go in detail, I would like to give a short introduction as to what is Hive.
Bitcoin is the most popular and the very first cryptocurrency in the world that came into existence with the help of a technology called Blockchain. After that, there were many blockchains that were built with similar concepts of creating a cryptocurrency and distributing rewards based on cryptocurrencies. Hive is also one such blockchain that was created with similar concepts. In simple words, the Hive is a token or a cryptocurrency that can be exchanged to USD or other currencies and FIAT with the help of Exchanges.
Earning Hive from blogging
Though Hive Blockchain has many use cases, blogging was the very first use case when this all started. When you create blogs on Hive blockchain you get an opportunity to receive rewards for your blogging. These rewards are distributed to the bloggers in the form of HIVE tokens and HBD tokens. If your articles are of good quality and if you attract readers with a good amount of stake on this platform, you will be able to grab a nice vote on your post that can reward you with a good amount of crypto earnings. This concept of writing blogs and earning from blogging is also called proof of brain.
If you are a consistent blogger or a content creator, you can post articles on the Hive.blog website and start earning. Like all other platforms, you will need a good fanbase to make your posts popular and get votes. Sometimes for a new starter, the rewards may not start flooding from day one but when the efforts are recognized the rewards will start coming.
Earning Hive from curation
Curation is an act of reading posts and blogs from others and voting them. If someone is having a good stake of Hive power in their account, they will be able reward the other bloggers with a big vote. Curation is the next way to earn Hive in addition to blogging. There are two types of curation on Hive. With the Voting mana we have, it is ideal other posts 10 times with a 100% weightage. If we go beyond that it becomes challenging to maintain the voting mana. (For people who don't know what voting mana is, there should be some article available explaining the Voting mana. If not I will try to write an article in the future.)
Curation is an important way to earn on Hive blockchain because the reward distribution is in such a way that when someone is writing a post, 50 percent of the post reward goes to the author and the remaining 50 percent of the post reward goes to the curators. There are many people who don't write many posts but they earn their rewards from curation.
This is the regular method in which we browse Hive blockchain to read some good content and vote them. Like I mentioned in the previous paragraph, we can vote up to 10 times with a 100% vote. Manual curation can sometimes be time-consuming but it can be the best way to engage with others and get to know each other. Along with voting, leaving an organic comment can also increase engagement. And, with the engagement we will be able to make some new friends.
Automated curation is a method in which we can automate our votes. Some people might argue that this can damage the system but if this is used wisely, this can be one of the best systems to reward authors. There are many communities on Hive that support good authors when they write good posts. @curie, @curangel, @ocd, @bdcommunity, @indiaunited are some good examples. People follow the curation trail of these communities and cast their votes when these communities select some good articles for curation. This is called the curation trail and this can be done with the help of a tool called Hive.vote. Developers can also write their own bot to achieve this.
Earning Hive through Engagement
On Hive Engagement is the key. When we make more friends here, there is a high possibility to get more support on the posts we write. It is a good practice to comment on posts that we read on this platform. Some people vote the comments supporting the engagement on their post and that in turn becomes a good source of income as well. There are people on this platform who earn Hive by engaging through comments instead of making posts regularly.
Earning Hive with the help of DPoS
Hive blockchain not only provides an opportunity for the bloggers and curators but also provides an earning opportunity for the investors as well. People can purchase Hive tokens from the exchanges and stake them on Hive wallets to create Hive power. This Hive power can then be delegated to some of the communities that provide daily payment for delegation. For example, there are a few communities and bots that share their daily revenue with their delegators based on their delegation. To name a few, @bdvoter, @appreciator, @upmewhale, @bdcommunity, @indiaunited, @gitplait, etc are some of the bots and communities that share their daily revenue with the delegators.
The income from delegation is something like an interest we get out of our investment. Some of these returns are over 12% APR. Additionally, the income can be powered up again to compound the income we get. In other cryptocurrencies, when we invest some value to purchase their tokens, our investment would just stay idle in the wallet or in the exchanges. But as Hive is a DPoS system, we can make our investment work and give us a passive income. Some of the big stakeholders and investors are getting daily passive income in the form of Hive with this concept.
Earning Hive by playing game
This is the most interesting thing. A few years back nobody would have wondered that they could earn by playing games. There were tournaments prizes and schemes like that for hardcore and high-level players but there was no earning opportunity for every common player. Today cryptocurrencies are creating a big revolution in the gaming industry by providing an opportunity for gamers to earn cryptocurrencies for their investment into the game in the form of time and money.
There are multiple games on Hive that can give you a good opportunity to earn Hive. To name a few, Splinterlands, city, Exode, Holybread, etc are some of the games that are built on top of Hive blockchain that provides a good earning opportunity. The earning concept is different in each game. Some games just give you passive daily income just for staying invested and some games expect to spend time on the game to earn some goodies that can then be sold for Hive and other tokens.
Above are all the generic things about the earning opportunities on Hive. I thought it would be good to share my personal experience here in this article and how I have been earning on this platform. I started when the price was very high and I was looking forward to just do some blogging activity here to earn some income. I realized that it was a good thing to invest in this platform and I did purchase some tokens as well.
Today I do almost everything that I have mentioned above.
- I blog every single day and I write a minimum of 2 articles per day.
- I manually curate some good posts written by other members.
- I also engage with all the comments I receive on my posts and I also leave a valuable comment on posts that I read.
- I play two games on Hive blockchain namely Splinterlands and day. My in-game items are worth over 1500 $ in both the games. That acts as a good passive income source for me.
A final note, I started my journey here without any single penny to invest. Later I gradually invested some amount of money here and then I spend a lot of time here with the friends I have gained from this platform. My overall wealth here is around 4000 $ through different earning opportunities I found here.
Opportunities for developers
Being a developer, I also found opportunities here to earn through my coding skills. I build apps and bots for some communities and that has been a good source of income for me. I also run a notification bot service that sends discord notifications for Hive users (Details and link available in the footer). As this is a decentralized platform, we are free to use our development skills to create any apps and earn through the apps.
So, overall it has been a great journey here as a blogger, developer, curator, investor, gamer, etc.