Hive Crowdventure!
Hive Crowdventure
Hive Crowdventure is an entertaining financial journey driven by the hive community. This is my personal financial adventure for entertainment purposes and not something for others to invest in. You may have seen influencers on Web2 letting their social media followers decide where to invest. It's a good way to lose money quickly, but it can also be quite entertaining and, in rare cases, profitable. Hive Crowdventure satisfies my compulsion to invest in an engaging and community-driven way.
Transparency:
Previously, I mentioned that at the end of each episode, I would invest $5 in whatever Hivers picked and $5 in HBD. The amount should be maintained until the next part arrives. Additionally, I will not do any powerdown on this account (which I have never done before Hive Crowdventure too).
Now, the problem was, I was investing $5 of SOL on Binance and $5 in HBD. Here, I just have to maintain the HBD staking balance above $5. Yes, the numbers will grow bigger with each episode. I hadn't used web3 wallets before, although I had some. So, I decided to make a new one using Phantom. Thanks to Hive Crowdventure for pushing me to go far and beyond because of this adventure.
Challenges and Security
I was thinking about the event of Do Kwon's (the LUNA guy) arrest at the airport when his hardware wallet was found. Only if he had memorized his seed phrase.
SEED Phrase:
It's a combination of 12 random words that helps you prove your identity in Web3 to access your funds.
One thing was sure, I had the responsibility of not just myself but also the crowd watching me. I can't end up like the guy who lost his seed phrases and his BTC (yes, that famous guy who lost his phrases in the trash).
As you may know, I completed software engineering. I had to find a technical solution to avoid ending up like those mentioned above. I remember my teacher telling us about AES-256 encryption. So, I wrote a code to encrypt my seed phrase.
Now, you might wonder at this stage what I am trying to say and how it would be a relatively safer option. AES-256 encryption converts my seed phrase into encrypted text of 16 bytes, and only I can decrypt it.
In other words, Alice uses Bob's public key to send a private message on a public blockchain to Bob. Bob then uses his private key to read the message.
I had a 16 bytes unique key and encrypted each phrase using that key. It generates encrypted text along with an IV (consider it another key). So, if I stored my phrases somewhere and they fell into the hands of a malicious person, they would still need to strain their brain to understand how to get the actual phrases while I could still decrypt it. It might not be the best practice, but since our data is stored somewhere, why not go one step further to be extra safe? I just have to decrypt it using a specific method that only I can perform each time I want to import my wallet into MetaMask, Phantom, etc., or whenever I use a new browser plugin extension.
Let's buy SOL:
As you know, I check the order of comments from oldest to newest, and SOL was picked, so now I have to buy $5 of SOL and HODL it. My HBD balance and HP condition to HODL are already met. You wouldn't believe it, but it's my first time buying from Binance and sending it to my Phantom wallet. It was a pretty crazy experience for me. It's the reason I skipped Polycub, etc., because I find it hard to try new things, even if it's just a new UI.
That means now I have to stake approximately 0.03076456 SOL and $5 HBD as a forever HODL until I decide to end this journey.
I just checked, and the fee is quite high, so I think I will keep SOL in Binance for now.
I also moved some funds as an experiment using Base to move ETH. So, I am confident that whenever the fee is 1% of all the money I want to move to Web3, I will leave the nest of the Binance exchange. For now, let's just keep the funds in Binance. It's not logical to waste 1/5 of the funds to move to the native SOL blockchain for staking SOL.
Donation/Tip:
In the last episode, Tergan donated $20 for this crowdventure. So, for Episodes 2 and 3, we can invest $10 in any crypto the crowd picks and $10 in HBD.
About SOL:
I mentioned in the comments that I would discuss SOL in Episode 2. Since this episode already has a lot of new content for both you and me, I'll keep the information about SOL brief.
What are my thoughts about SOL? When I think of SOL, I remember the time when the chain was offline for maintenance. I also heard about how SOL utilized meme coins to revive activity on the chain. By staking SOL on the native chain, we can get airdrops like BONK, which Binance Earn doesn't provide. Also, the APY for Binance Earn is 0.23%, while the APY for native chain staking is approximately 5%. Additionally, when I experimented with Uniswap V3, I noticed that the SOL token didn't have much liquidity.
Of course, in the next episodes, I will discuss the selected crypto in more detail. However, for this episode, the behind-the-scenes work was quite extensive, which you can see from the gap in my posting pattern. In Episode 3, I plan to research blog articles, Reddit, etc. For this episode, I focused on AES-256 and web3 wallets.
Which crypto should Hive Crowdventure buy? Drop your suggestions in the comments section.