What is Hive SBI?
Hive Stake Based Income (Hive SBI) is an account-based curation program. You sponsor accounts for regular ongoing curation, and then you receive back curation rewards as upvotes on your own content. This empowers both accounts to earn a sustainable crowdfunded basic income.
Members regularly accrue pending balance, and when their pending upvote balance is high enough, they receive an upvote on their latest post (or next post if their latest post is older than 24 hours), from one or more of our curation accounts.
Tokenization is Here
As the first step toward major improvements in the functionality and usefulness of our curation program, we have released opt-in tokenization. The HSBI token is now available on Hive Engine, with supply created as-needed, and a maximum supply of 21 million.
Functionality
These HSBI tokens do not receive upvotes. In the future, holders will be entitled to curation dividends, paid in kind. We will announce that release when it is ready. Please do not buy HSBI tokens in anticipation of either upvotes or dividends prior to that release.
At the present moment, the only usefulness for HSBI tokens is to sell them on Hive Engine's markets. We have placed orders on the order book at 0.475, with the intent of providing liquidity for anyone that needs it. Since Hive SBI's internal 'voting units' are created at a rate of 1 HIVE per 2 units (one each for sponsor and sponsee), the origination value is 0.50. We have placed the buy-wall at a slight discount to that to eliminate some origination arbitrage opportunities that would otherwise drain value from the program.
There may be additional usefulness to these tokens at a future date.
How to get it?
We are leveraging the auto-transfer functionality that was released in July.
To tokenize your Hive SBI voting units, send 0.001 HBD per unit to @steembasicincome, with sbi-tokens in the transaction memo. This will transfer your voting units to @sbi-tokens and it will issue HSBI tokens to you in return. If you sent more HBD than is needed, the excess will be refunded to you by @sbi-tokens.
We have removed the 999 unit cap on auto transfer functionality. You can transfer as many units as you have to @sbi-tokens. If you have fewer than 5 Hive SBI voting units, please send 0.005 HBD still. Any smaller value than 0.005 HBD is handled as a transaction memo and not an auto-transfer, as most wallet spam is in this micro-transaction range.
These transactions are processed as part of our enrollment cycle that runs every 2.4 hours. If you don't get your tokens right away, please don't panic! If it has been more than 2.4 hours, let us know in our Discord and we will look into it. If you try to sell your tokens on Hive Engine and there is not enough liquidity at the buywall price, please let us know and we will refresh it.
Hive SBI Enrollment
To curate accounts using Hive SBI, enrollment is pretty straightforward:
Just send 1 HIVE to @steembasicincome. Include the name of a Hiver to sponsor in the transaction memo (preceded by @). You and the person you sponsor will each receive 1 unit in the program. You can sponsor any active Hiver (except for yourself), it does not have to be a current member.
This is an open-access program. You do not already have to be a Hive SBI member to enroll by sponsoring another Hive account.
The official currency for enrollment is HIVE. HBD transactions are only accepted for auto-transfer functions, not for member enrollment. Enrollments are processed automatically every 144 minutes.
Most questions are addressed in our FAQ. If you still have questions, ask in the comments section or join us in our discord channel.
You can check your member levels at https://www.hivesbi.com/ These metrics only show your internal Hive SBI voting units. They do not include any HSBI tokens that you may hold on Hive Engine.
I missed the announcement but awesome work !BBH !UNICOIN !PIMP
That's pretty cool. Could we just buy the tokens on Hive Engine as well? I don't want to give up my SBI but I would like to grab a bunch!
You can. There will eventually be some usefulness, but there isn't yet, and dividends will not be backdated.
Since sponsorship transactions create voting units at a rate of 2 per HIVE, which can be tokenized at a cost of 0.001 HBD per unit, we do not recommend buying HSBI on Hive Engine at any value greater than 0.50 HIVE per token.
Will there be a method of getting these tokens back into voting share?
This looks like a great way to buy tokens from people who want to sell without having to go through finding them on discord and the likes.
Conversion into tokens is one-way. HSBI Tokens will not be convertible back into Hive SBI voting units. Right now their only function is to sell into the buy-wall so members can manage their own refund if desired.
Later there will be curation dividends paid in kind (HSBI token holders will earn more HSBI tokens over time). We do not recommend buying HSBI tokens at any price greater than 0.50 HIVE each.
Nice.
I like that.
I will continue to participate in HSBI adventure :)
!PIZZA
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