Introducing Hivebits

in #hive5 months ago (edited)

Hivebits (HBIT) is a token on Hive-Engine, a sidechain to the Hive blockchain. HBIT is about slowly getting little bits of Hive.



Hivebits basics

@Hivebits is like Bitcoin in that you get it by mining and there are 21 million max, split down to 8 decimals.

Bitcoin is mined by effort, by "proof-of-work". Similarly, HBIT is mined by effort, call it "proof-of-comment". HBIT can be "mined" simply by commenting anywhere on the Hive blockchain by typing !hivebits

You can mine once per day. Your mined HBIT will show up in your Hive-Engine wallet.

To mine HBIT, only two things are required:

  1. A Hive account
  2. You must comment on the Hive blockchain using !hivebits

If you don't have a Hive account already, you can use my referral link at https://ecency.com/signup?referral=crrdlx and I will support you as you start out. Or, go to the main Hive signup site at https://signup.hive.io and choose an option.



Hivebits details

Max supply: 21 million

Decimal precision: 8

Background
I started the @LUVshares project as a comment-based tip/engagement/appreciation token with the intent of sharing love with others on the Hive chain. It seems to have been well-received. In time, it became clear that some users were issuing LUV to themselves using alternate accounts. They were self-tipping. Although the engagement is appreciated, LUV's goal is to give to others.

Enter HBIT. Here, a Hive user can mine for one's self. This is actually the exact intent of Hivebits: Your effort, your reward.

It's worth noting: within a 24 hour period, the intent for HBIT mining is per-person, not per-username. If users are suspected of abusing this, they'll be contacted and possibly blocked.

How it works
HBIT is a comment-based token similar to others on Hive, like LUV. However, HBIT works differently...

  • Tip/engagement tokens such as LUV award a token to the person being replied to in the comment. LUV is a comment-tip token because the repliee gets the token.
  • HBIT awards a token to the person typing the command !hivebits, not to the person being replied to. HBIT is a comment-mine token because the replier gets the token.

The !hivebits command should work anywhere on Hive Feel free to comment on this post to test and see how it works [EDIT]..."anywhere" was incorrect. You can comment/reply on Hive anywhere EXCEPT to the @hivebits account. If you wish to test or mine HBIT, I set up this post where you can reply to me (@crrdlx) and it should work: https://peakd.com/@crrdlx/hbit-mine]...[end EDIT] (allow some time). However, you may eventually wish to make your own post/page dedicated specifically for this purpose. For instance, you might make something like a post called, "My HBIT mine". There, you could comment and earn HBIT whenever.

HBIT is all about slow-and-steady persistence. It's about getting on chain, exerting a little effort, then gaining little bits of Hive. Like your morning coffee...daily Hivebits, daily HBIT.

Value and use
"What's it worth?", you ask. I don't know. The value of HBIT will be determined by the open-and-free market. That's how value works.

The market is at https://tribaldex.com/trade/HBIT I also made some value checker tools to help answer questions like this and may add HBIT.

Hivebits will start with a "fair launch". By this, I mean that everyone will start out with zero HBIT and everyone will have the same opportunity to earn HBIT via mining. A few test transactions were made, but those tokens have been returned to the source/reserve @Hivebits account to launch. See the numbers:

100 HBIT minted so far, 21 M max.
All of the "first 100" HBIT are starting in the @Hivebits account on day one, 01/01/2022. They will be distributed as they are mined by Hive users.

For transparency, you can monitor the token and transactions in places like:

There are only three ways HBIT can be obtained: (a) mine it, or (b) receive it as a gift after someone else has mined it, or (c) buy it on the open market after someone else has mined it. The @Hivebits account will not sell or give HBIT. The account exists solely to distribute the token. Thus, behind every HBIT, or small bit of HBIT, there has been someone's conscious effort and activity on the Hive blockchain. If nothing else, HBIT is backed by this fact.

Once in users' wallets, HBIT can be held, given, or sold. "Price discovery" on the market will reveal the HBIT value.

Possible use-cases for HBIT are:

  • Activity. HBIT encourages users to go beyond reading/scrolling and to engage.
  • Attract. The sheer simplicity of mining HBIT may be attractive to new users because it is a very easy way to gain a token. Why not reach out on other social media, or even better, personally invite a friend right now to join Hive?
  • Fun. Doing something and getting a quick reward is fun. Also, some sort of randomization in mining may come in the future. Imagine opening an oyster, sometimes there's nothing inside, but sometimes there's a pearl! Either way, checking the oyster is always fun.
  • Learn. This is an easy way to learn about trading...how to read order books, depth charts, and how to trade.
  • Spend. Perhaps in the future users could pay-with-HBIT using tools like HivePay.
  • Earn. You'll earn HBIT when you mine. The name "Hivebits" suggests little "bits of Hive". The name can also suggest Hive-to-Bitcoin, actual HIVE-to-BTC by leap-frogging along. It's a process, but it could work as follows:

You mine HBIT. On the Hive-Engine market, you sell HBIT to gain SWAP.HIVE You withdraw the SWAP.HIVE to get HIVE. On a market with a HIVE/BTC pairing, you sell HIVE to gain BTC. It would be very small, but boom!...HBIT-to-BTC. Hive-to-Bitcoin.



Issuance/minting and emission: This requires a little explanation.

HBIT tokens will be issued/minted to the @Hivebits account as needed to keep the "hbitbot" supplied. Issuance/emission does not mean the tokens are in users' wallets. Instead, they are simply being held in reserve by the @Hivebits account which sends out the tokens. HBIT will only be released into the wild to users when they are mined by users who comment with the !hivebits command.

Emission refers to how fast tokens are released. This is a bit hard to predict. The initial intent is to generally follow the curve of Bitcoin's emission: fast at first, then medium-fast, medium, then slow. I say generally because (a) this is not hard-coded anywhere, but serves as a guideline, and (b) there are a couple of factors at play:

  1. Interest/engagement/mining of HBIT is hard to predict.
  2. Resource Credits (RC) matter on Hive because RC fuels activity. Like a rocket to the moon, running a bot like this burns lots of fuel. To start off, @Hivebits has 13 HP delegated to it. That's kind of small. In order to be active and continually distribute HBIT, @Hivebits will need to gain much more Hive Power (HP). There is a very real chance that RC issues may, at times, prevent the hbitbot from sending out tokens.
  3. There are some technical issues at play with a new bot as well. Metaphorically, a baby bot goes to sleep a lot. Be patient.

Summed, #1 above suggests the key point...this is all hard to predict. Which leads to...

A disclaimer: there are no guarantees with HBIT in any way. Consider this entertainment. Regarding the bot, I'll try to keep it running, however I'm sure there will be down times. Also, my primary focus will be to maintain LUV.

Follow this account and/or join the Discord at https://discord.gg/K5GvNhcPqR to keep up.

Summary

HBIT is a token on the Hive-Engine sidechain to Hive. Users on the Hive blockchain can mine HBIT daily simply by commenting with the command: !hivebits

written by @crrdlx

:)


image-name.jpg


Hivebits (LUVshares) Discord: https://discord.gg/K5GvNhcPqR
Hivebits creator: @crrdlx





Not on Hive yet? The top benefits of the Hive blockchain:
  1. YOU control your account. Another person, group, or corporation cannot censor/block/ban or de-platform you at their whim.
  2. YOU own your content and YOU earn the rewards that YOUR content generates. Ask yourself, "Who earns when I post great content on the old social media outlets?"

Join Hive.

Consider using my referral link to get your free Hive account here and I'llsupport you as you start. Alternately, go to https://signup.hive.io/ and choose an option.


<><

Sort:  

This is super interesting and a way to encourage more engagement on the Blockchain!
Great work!
It's worth spreading the word. 🙂

@hivebits

You already know my stance. You've provided awesome initiative as well as positive energy. So... I support HBIT and will do what I can to help elevate the awesomesauce... so everyone can enjoy the journey!

!LUV !WINE !giphy Awesome


Hi @wesphilbin, You Do Not Have Enough WINEX Tokens To Make Another Successful Call.
Please Stake More WINEX Tokens.
(We Will Not Send This Error Message In Next 24 Hrs).

wine_logo


Contact Us : WINEX Token Discord Channel
WINEX Current Market Price : 0.460

!hivebits

Oops, you used the command in response to the actual HBIT source account (won't work, sorry). Instead, use the command in reply to any other account, such as the official HBIT mine at @hivebits.mine and it will work. :)

I !LUV the concept of hivebits. Commenting as a proof of mining, per-person/not per account, and hivebits to BTC are all good ideas. Kudos to you on this @crrdlx!

Thanks! I appreciate you encouragement. :) !LUV

Keep up the good work, man! Thanks for the efforts you put into HIVE.

🙂

Uh oh, it won't go through because you replied to the source account (@hivebits). Try it with any other account and it'll work, I recommend @hivebits.mine

!hivebits
!LUV
!PIZZA
!LOLZ
!BEER
!LOL

@rastry, sorry! You need more $LUV to use this command.

The minimum requirement is 10.0 LUV in your liquid wallet.

More LUV is available from Hive-Engine or Tribaldex

@rastry, sorry! You need more to stake more $PIZZA to use this command.

The minimum requirement is 20.0 PIZZA staked.

More $PIZZA is available from Hive-Engine or Tribaldex

Knock knock...
ERROR: Joke failed.

@rastry, You need more $LOLZ to use this command. The minimum requirement is 16.0 LOLZ.
You can get more $LOLZ on HE.

Oops, you used the command in response to the actual HBIT source account (won't work, sorry). Instead, use the command in reply to any other account, such as the official HBIT mine at @hivebits.mine and it will work. :)

Greetings. How many coins do you need to keep in your wallet in order to be able to press a command?

Zero. HBIT is different in that way. If you have a Hive account, you can use the ! hivebits command (no space, and it won't work in response to the @hivebits account, @hivebits.mine is recommended).

!hivebits

Hi, crrdlx here. Sorry it didn't go through. I think it's because the response is on Hive bits own post (didn't think that was a problem). Try the !hivebits command within other post.

I'm trying here: https://ecency.com/proofofbrain/@maylenasland/re-zpek-202211t2154964z If it doesn't work, no worries, this only helps you improve and get some feedback. Thank you anyway!

Hah! It worked there! And thank you, you're right...each little thing helps me learn something. !LUV


@crrdlx(3/5) gave you LUV. H-E tools | connect | <><

You're a "giver" and it matters a lot to people like me who look to connect with others here from time to time. I'll follow you and stay close. Friendship is a golden asset for me.

Awesome. We'll chat going forward. :)

OK, lets give it a try. !hivebits

Not sure why it's not working...could be that it's on the hivebits' own account. If you don't mind, try the !hivebits in a reply at https://d.buzz/#/@hivebits/c/hnri4rndb86m3pkafphf77 That would help me figure it out.

Argh! The dbuzz post is a hivebits post too! If you reply with the command to any non-hivebits post or comment, like this one,I THINK it will go through. Argh. 😀

haha ok, let's try. !hivebits


@thatgermandude(1/1) Hooray! You mined HBIT | market | tools | connect | <><

!hivebits

Hi, sorry it didn't work. I didn't realize the bot won't allow a reply to the hivebits account. (I'll try to change that.) You could reply again with the <!code>hivebits command ANYWHERE else and I think it will work. You could even reply to this comment and it should go through.

!hivebits


@amyx(1/1) Hooray! You mined HBIT | market | tools | connect | <><

A token that works by tipping oneself can go wrong in many ways. It's like inviting abuse. (Even tokens like !LUV invite abuse so this will have it harder.) But I'm interested in seeing where this goes. @crrdlx

!hivebits !LUV !PIZZA !LOLZ

Sorry but apparently using the hivebits command doesn't work in response to hivebits itself. I didn't know that. If you try again by replying with the code anyhwere else, I think it will go through. You could even reply to this. :)

It worked for me on another post. I am just checking if it is limited to one shot per day. We don't want to encourage comment spam just to mine it :)

!hivebits


@ahmadmanga(1/1) Hooray! You mined HBIT | market | tools | connect | <><

Ah, I Just noticed your comment. !hivebits


@stayten(1/1) Hooray! You mined HBIT | market | tools | connect | <><

Self-tipping has-been problem with appreciation tokens. In my view,this will be the same type of thing...it will require looking out for those abusing it. !LUV


@crrdlx(4/5) gave you LUV. H-E tools | connect | <><

That's why we have to work together, and focus on positive energy ✨

A taxi driver was getting flirty with a woman in a bar.
At the end of the night he took her back to her place.

@hivebits, I sent you an $LOLZ on behalf of @ahmadmanga
Use the !LOL or !LOLZ command to share a joke and an $LOLZ. (1/2)

PIZZA! PIZZA!

PIZZA Holders sent $PIZZA tips in this post's comments:
@starbork(1/5) tipped @hivebits (x1)
ahmadmanga tipped hivebits (x1)

You can now send $PIZZA tips in Discord via tip.cc!

This is super amazing.. a great way to encourage engagements.

I'll be looking forward to mining HBIT 😃

hehehe so fun!!!! I just mined my first! thanks @hivebits !!!

hehehe so fun!!!! I just mined my first! thanks @hivebits !!!

Idk what to do with that but seems cool so, why not...

!hivebits

Thank you for sharing this post! I will try your idea about creating a "my hivebits mine" post on my page. I also didn't know that that was how Luv worked, so here's my first one of those! :) !LUV

@dangerbald, sorry! You need more $LUV to use this command.

The minimum requirement is 10.0 LUV LUV in your liquid wallet.

More LUV is available from Hive-Engine or Tribaldex

How about now? :) !LUV

Interesting idea! !hivebits

Thanks for sharing this @steevc. I love the growth of @hiveengine. !hivebits Happy New Year to all

!hivebits

I see you replied to @hivebits which is fine, but I made a mistake. The command works in response to any account EXCEPT hivebits. Try replying to this comment with !hivebits</code. and I think you'll get your first HBIT. 🙂

!hivebits


@sanjeevm(1/1) Hooray! You mined HBIT | my wallet | market | tools | connect | <><

This is cool! Ill make a miner post soon to test it out! Im a bit low on undelegated HP at the moment, but ill delegate some when I have accumulated more ✌️ Happy new year! !LUV

@michelmake, sorry! You need more $LUV to use this command.

The minimum requirement is 10.0 LUV LUV in your liquid wallet.

More LUV is available from Hive-Engine or Tribaldex

I understand about the HP being low. I (@crrdlx) have like 99% of mine out to LUVshares, which is why I only had 13 HP to start out here. If you can delegate in the future, that would really be appreciated. If not, that's okay too. I hope the account will grow over time and begin to sustain itself. !LUV

@hivebits, sorry! You need more $LUV to use this command.

The minimum requirement is 10.0 LUV LUV in your liquid wallet.

More LUV is available from Hive-Engine or Tribaldex

I have coincidentally powered up some hive today. I delegated 25HP 👌

Wow! Thank you so much. That will really help keep things going as we start out with HBIT.
I see it...

Screenshot 2022-01-03 154136.jpg

And I'll try the !LUV command again.

I continue to be blown away by the work being done on HIVE to create a healthy and active platform and this project is no exception. Great idea, great job. Have a !PIZZA

!hivebits excelente iniciativa vamos a usarla de inmediato

!hivebits

!hivebits

へー、おもしろそうなプロジェクト。Sounds intersting 😄
!hivebits #japanese

thanks for the follow, it reminded me I needed to mine a comment somewhere.

Thank you, this is awesome. I love engagement so this will be fun collecting Hivebits too. Your LUV shares are fantastic and I love sending them out so this is just another wonderful initiative.

This is cool!
!hivebits

A bit late, but you used the command in response to the actual HBIT source account (won't work, sorry). Instead, use the command in reply to any other account, such as the official HBIT mine at @hivebits.mine and it will work. :)

A bit late, but you used the command in response to the actual HBIT source account (won't work, sorry). Instead, use the command in reply to any other account, such as the official HBIT mine at @hivebits.mine and it will work. :)

image.png

@hivebits, if this stays like this, I'll be a very happy man in a couple of months time :p

i'll give it a shot!

!hivebits

Do you need some help for the bot? Happy to delegate some

Right now, I think it's okay. It was drawing down, I turned off comments, it started to replenish. I sent 100 yesterday. Right now it's at 65%. I'd say no need right now, maybe one day in the future. But thank you for checking!

!hivebits nice

!hivebits

Hi, just fyi...replying to the hivebits account (the HBIT source) won't work. Maybe try the official hivebits mine athttps://peakd.com/hbit/@hivebits.mine/mine-hbit and it will work.

!sbi status

Hi @michelmake!

  • you have 52 units and 208 bonus units
  • your rshares balance is 126644860118 or 0.155 $
  • your next SBI upvote is predicted to be 0.052 $

Structure of your total SBI vote value:

  • 78.83 % has come from your subscription level
  • 18.95 % has come from your bonus units
  • 2.22 % has come from upvoting rewards
  • 0.00 % has come from new account bonus or extra value from pre-automation rewards



    No longer active on Steem? Convert your Steem SBI into Hive SBI.
    See our FAQ for details!

!hivebits

Hi, just fyi...replying to the hivebits account (the HBIT source) won't work. Maybe try the official hivebits mine athttps://peakd.com/hbit/@hivebits.mine/mine-hbit and it will work.

!hivebits

Oops, you used the command in response to the actual HBIT source account (won't work, sorry). Instead, use the command in reply to any other account, such as the official HBIT mine at @hivebits.mine and it will work. :) !LUV