The Hive blockchain and community seem to be among the most underrated on the blockchain. The endless applications and programs that could be built on it make it a blockchain that embodies everything. It is free for all blockchains, which deserves more exposure than it is currently getting. The primary purpose of the Hive blog was to provide a platform where everyone would feel safe and welcome to express themselves while earning in the process. When we imagine or talk about freedom of speech, the hive blockchain offers that for all diverse communities.
The feel-good factor to express yourself without the restriction of fear of censorship on what you share has been eradicated. Hive offers a community to express yourself and earn the copyright for all you publish. Unlike other social media, where users' content is stolen and re-used without the authors' approval, Hive frowns at that and preaches against such. Aside from content creation, the platform encourages developers to build projects while leveraging the Hive blockchain. This has resulted in numerous projects built on the platform and many more in the tunnel.
Explaining the Hive Tokenomics
The Hive blockchain has two native tokens, Hive and Hive-Based Dollar, i.e. HBD. The Hive coin is a volatile coin that moves according to the market condition of cryptocurrency. It moves up and down based on its demand, supply, and coin. However, HBD is the stablecoin of the Hive blockchain. The Hive-based dollar could be linked to other stablecoins such as USDT.
Understanding the Hive blockchain tokens will briefly introduce how the blockchain operates and what currency is needed to conduct or carry out an activity. It also set in motion an overview of what is needed to earn.
That said, think of what BNB and BUSD are to the Binance blockchain and what Hive and HBD are to Hive Blockchain. According to hiveblockexplorer, here are the tokenomics of the Hive Blockchain:
- HBD: 32,355,969.079
- HIVE: 400,636,715.691
Explaining Hive Power, Voting power, Resource Credit, Curation and Rewards on the Hive Blockchain
Understanding the Hive power and the resources credit is very important as they are responsible for your activities on the platform. You cannot do anything tangible without both, even with a Hive account. You could probably view and navigate around the communities and platform, but you cannot conduct any activity there. You can only view posts and maybe follow accounts. You cannot comment, vote on a post, or publish your posts or content. Let us explore what these terms are together.
Hive power is the amount of HIVE tokens stacked on the Hive blog platform. This Hive power determines how many Resources credit and Voting power you get and what you get as a reward from curation. Building a big hivepower is a great way to earn passively from Hive through curating. You could also delegate your Hive power out if you are not the active type, and you get paid dividends monthly or weekly for your delegated Hive power.
Resource credit and Voting power are almost similar, aside from the fact that Resource credit determines the activities you could do on the Hive blogging platform, such as comment and posting. In contrast, Voting power determines how many times you can upvote a post or comment on a hive blog. Some similarities they share are that they could both be exhausted from usage if the Author is active and engages frequently. Also, they both govern your operations on Hive. It is possible to finish the possible allocated Vote power and Resource credit while you still have your Hive power intact.
To continue one's activity, you have to buy hive power or buy Hive and staked up, You could also get delegation for Hive power and Resource credit, but there is no delegation option for Vote power.
Reward on the Hiveblog platform
Now that we have understood Hivepower, Voting power and Resources credit, let us talk about how to earn a reward from the Hive blog. This could be achieved in numerous ways, but I will start with the popular one, earning through Blogging. Authors and content creators get rewarded for their published content on the hive blog. This content could be text, pictures, paintings, music or vlog posts, which are original and yours. You earn from the vote gotten on your content. If the people voting have a very big Hive power (Stacked hive), You will earn richly, but if the curators have low hive power, you earn lesser.
Talking about curation reward; it is when Curators earn from Upvoting or Voting on a post. On Hive, when you upvote a post or comment, you tend to earn 50% of what your Hive power adds to that post through curation. This way, everyone on the platform earns. The author earns while the curators also earn too. To earn big from this, you have to have a lot of hive tokens staked, and it could be expensive, but it is worth it. Earning from curation could be both manual and also automatic. This means you could earn passively from curation by setting some accounts you want to upvote whenever they put a post out. Manually requires actively upvoting posts on your own accord, and you must always be present online to do this.
Another way of earning is by having a saving account your Hive and HBD tokens on the Hive blog platform. By saving your Hive-based dollar, you tend to earn twenty per cent per annum on your saved coin. This is the most secure way of earning with little to no risk attached. HBD offers the highest APR for saving compared to the other stablecoins on the Blockchain, yet it is underrated and relatively unknown. Kudos to those cashing out steadily from this.
Lastly, you could earn through delegation of your Hive power. Some Investors or people with Big staked hive power could delegate their hive power to another account and earn passively from it. This is majorly done by accounts that do not have time to be active on the hive platform and do not just want their token idle in their account without purpose.
Tribes, Layer two tokens and Communities on the Hive blog
Tribe and Community are also similar to one another. It is very easy to mix them up as both are still built on the hive blog platform. The similarities are much as both acts as a safe haven for authors who share similar beliefs and visions or want the same thing. However, posting in a community built on Hive would only result in you earning Hive and HBD. However, for Tribe, you tend to earn not just HIVE and HBD but also the Tribe community tokens, and that's what birth the concept of layer two tokens on the hive platform.
For better clarification, The similarities are highlighted below:
- You earn HBD and Hive from publishing your content on both Tribe and Hive communities
- Both are built and set up on the Hive blog
- Both have owners. Unlike Hive, which does not have an owner, tribes and communities have Owners
- They both have their predefined rule and guideline on what to post in the community
- They both have unique tags
- You can cross-post from one community to another, likewise for tribes. Using another tribe tag, your content is replicated on other tribes' platforms.
However, despite sharing similar qualities, they also have their differences which are highlighted below:
- You earn layer two tokens from posting on the tribe, but you do not for publishing your content in a hive community
- All tribe have their own front, but you must access communities through Peakd, decency or Hive blog.
- You can stake tribe tokens and earn more through curation
- All tribe platforms have a discord channel. However, only very few communities have a discord channel.
- Creating a tribe is way more expensive than creating a community.
Layer two tokens are additional tokens specific to a tribe platform in which you might have published your content to use their tag. It is an additional way to make money on the Hive Platform and Blog. Two tokens could be staked in this layer, and curation is generated based on how many you staked. The layer two tokens can be purchased from the hive engine or Tribaldex with the Hive Coin.
However, they are other tribe projects which have cross built their token on other Hiveblockchain while some have wrapped their token on other Blovkchain. An example is Leo, which has wrapped its token on Ethereum, Binance and even Bitcoin.
Can Hive be Mined?
Not many knew that the Hive token could be mined. I was shocked to see that it could be mined myself, but after researching, I discovered that the Hive native coin could be mined through Proof of work (POW). To be a miner on the Hive blockchain, the following requirement and processes are what is needed for mining:
To be a miner, a Hardware asset is Required. Miners are to get strong and reliable mining machines such as Supercomputers or specialized mining rigs (ASIC miners) for the mining algorithm used by Hive.
Installation of the Software is the next step to facilitate the next process. This mining software supports the mining algorithm used by Hive. Examples of supported software are CGMiner, BFGMiner, and EasyMiner.
For people who find the mining hardware expensive, you can join a Mining Pool. This option allows you to join your mining resources with other miners to increase your chances of mining blocks and earning rewards. Joining a mining pool also ensures a more consistent income stream.
Create a Hive Wallet: Set up a Hive wallet to receive the mined tokens. You can choose from various Hive wallet options, such as Hive Wallet, Hive Keychain, or any other wallet that supports Hive. (Source: Chat GPT)
Configure the mining software with your Hive wallet address and other information like the mining pool address. This step may vary depending on the mining software you are using.
After configuration, the next step is to launch the hardware and software mining tools. The mining process will entail the software leveraging the mining hardware's computational power to solve complex mathematical problems and validate transactions on the Hive blockchain. Successful mining results in adding new blocks to the blockchain and the reward of Hive tokens.
Kindly note that miners might not profit as other miners might be using better hardware, and what is mined might not equate to all the hardware gotten. Also, mining consumes lots of electricity; hence a stable power supply is needed. Before engaging in mining, it's essential to consider the cost of hardware, electricity, and the potential return on investment.