Hello guys, I welcome you all here to my blog once again, I am here to write and submit my entry to the newbies initiative tasks for the fifth week. The following are the task involved for us to do. There are three questions in all and I would try my best to answer them with the best of my knowledge. Without much ado, let's hit the nail on the head.
First of all, let's look at what Hive currency is all about before looking at hive.swap token. Okay, basically as we all know, the hive is the native token for the hive blockchain network. Hive tokens can be found on different crypto exchanges including Binance, Huobi, and the like. Hive tokens can also be earned here on the Hive blockchain platform where authors do mean Hive Backed Dollars which they can convert to Hive and then later trade them for fiat or any other currency they wish to. Hive token is currently trading around $0.3814 at the time of writing this post.
On the other hand, swap.hive is a secondary hive token that can be used in trading the secondary layer tokens of Hive blockchain. They are called the tribal tokens and they include; LEO, NEOXAG, POB, CCC, STEM, LUV, PIZZA, etc. These tokens are associated with their respective communities and they are earned when one makes a post in those communities or even outside those communities but include their specific tags in the post. For instance, when one makes a post in the neoxag community and adds the "neoxian" tag to the post, he earns NOEXAG tokens when the post pays out. This is similar to the other tokens as well. I have been using some of these tags in my post including "proofofbrain", "neoxian", "creativecoin", "stemsocial" etc, which has been giving me the chance to earn those tokens small by small. I think it is very worth it, and I would encourage everyone to make it a point of including them in their tags as well. Okay, let's move to the next question on board.
Tipping tokens are tokens that are used in gifting or rewarding other Hivian in any community for either making a quality post or sharing a nice comment on your post. Basically, these tokens are used in gifting other authors but each of them has their own rules that must be followed when tipping. We need to know that tipping tokens can equally be sold or traded to Hive and then eventually be sold for Fiat or cash. Some of the tipping tokens require you to hold or either have them in the stake before you can tip any person. For instance, in tipping the LUV token one must have at least 10 LUV tokens in the wallet before.
In tipping the LUV tokens, one must issue the!LUV command and the token is directly shared or gifted to the person. This LUV token was developed by and we say a big applause to him for that. They are situations where this LUV token is abused and I would elaborate a bit on that here in this post. Before I briefly talk about the abuse, let's look at another tipping token which is the HUG tipping token.
The HUG token is also one of the tipping tokens where one can equally share or tip others with. I have shown a screenshot above here indicating, a tip that I received from a different author. I made a comment on the person's post and I was tipped the HUG token. We can see from the notification that it came from a bot, and it says that someone HUG you. Hahaha, funny right, similarly it would have been someone LUV you if it was the LUV token that I was tipped. I have also been tipped other tokens just recently and one of them is the BBH token (Bitcoin Backed Hive).
We can see from the screenshot shown above that, similarly, a bot is responsible for tipping that token as well. So ideally, every token and its specific bots, in tipping the tokens. This tip also came from a comment I made on another author's post.
Okay, so now, as I said earlier, there are some abuses of these tipping tokens and I would share two of them as the tasks required of us to do.
First of all, self-tipping of these tokens is a form of abusing these tokens and it is frowned upon by the hive blockchain just like self-upvotes is frowned upon. We should always try not to self-tip these tokens to ourselves as they are meant for sharing and gifting others for doing good or putting up quality content on the platform. These tokens are supposed to be used to share with other authors by writing or initiating the commands on their posts or comment.
Secondly, another form of abusing these tipping tokens is through an agreement between two people to tip each other. This is where two authors have a consensus and tip each other with the tipping tokens every on each other's post. This is very bad and it is frowned upon to do so. I would encourage myself and others to stay away from this type of abuse of using tipping tokens. Another one is creating an alt account and using that account to tip your main account. Le's look at the last question for this task.
Okay, basically there are several DEX platforms on the Hive blockchain and their function is to provide the platform for trading these secondary layer tokens on the Hive blockchain. I have been using the Hive-Engine platform since joining the Hive platform but another one that I have used before is the TribalDex, with Hive-engine being the most used. The following includes some of these DEX platforms we can trade hive secondary layer tokens;
I would be using the Hive-Engine Dex platform as that is what I have been accustomed to the most. So first of all, I logged my account into hive-engine using the hive keychain. The screenshot here indicates the first process. We can see my profile appearing at the top right corner there.
Next, I then click on the wallet to open my account wallet so that I can perform any transaction that I want to do. This brought me here to the interface that is indicated below in the screenshot shown.
Next from there, I then clicked on Deposit because I want to transfer or convert Hive to Swap.hive. After clicking on "deposit", a new interface open and then I search for HIVE token in there and then click on it.
Now, it shows the amount of hive that I have in my Hive Wallet and I would then enter the amount I want to convert or swap to swap.hive which is "1.1 HIVE" and I entered that exactly.
We can see from the above screenshot that my available balance was 5.201 HIVE, and also a fee of 0.75% would be deducted for performing a deposit on the DEX. This indicates that I would be receiving an amount of 1.092 HIVE after the fee is deducted.
I then clicked on "Deposit HIVE" after which a confirmation pop-up appears from Hive Keychain and then I clicked on "confirm" to confirm the transaction.
The transaction was successful after I confirmed it with my Hive Keychain. A screenshot indicating a confirmation is shown below here in this post.
The next screenshot shown here indicates the deposited or converted 1.1 HIVE into SWAP.HIVE worth 1.092267.
Okay, coming back to the next question which is withdrawing or converting back to HIVE. The following process was followed. First of all, you click on "Withdraw" after which you then search for the token you want to withdraw, and in this case, it is HIVE.SWAP.
From the screenshot shown above, we can see the available balance and the withdrawal address as well. I then clicked on the "Withdraw SWAP.HIVE" as shown above and then confirm the transaction with my Hive Keychain to accept the transaction.
The above screenshot indicates my confirmation of the withdrawal transaction executed. The transaction was broadcasted successfully.
The above screenshot was taken from https://he.dtools.dev/@abu78 from the hive-engine platform. I have indicated the two transactions that I made for the purpose of this task.
Thank you all for your time and attention for going through my post. I would like to use this opportunity to thank all the leaders including ,
,
, and all others for their patience and time that they dedicated to helping us understand all these. See you all again in my next task.