In this post, I will finish the task assigned to me by @prayzz stage-02 regarding Hive, Hive Power, and HBD knowledge.
Basically, almost all hive users already know this, especially those with reputations greater than 55. It means that person has been on this platform for a long time. except for new members.
Of course, all hive platform users understand how to convert HBD to Hive, because that is the fundamental knowledge that must be possessed before deciding to join this platform. And, for the most part, old users are aware of power-up, though not all users have done so for a variety of reasons. When a hive user requires conventional money, he will sell his hive without power-up it
Now I'll answer the following questions about the assigned task:
1. How much do you know about Hive, Hive Power & HBD?
In my previous post, I have explained a little about hive, hive power and HBD. You can read here
If you're talking about hive, there are two explanations, hives in general and hives are tokens.
If in the general hive is an innovative and forward-looking decentralized blockchain and ecosystem built on the Delegated Proof of Stake (DPoS) protocol. This includes the ecosystem contained in the blog. In the blog itself, there are many activities, such as creating content, curating, and others.
While hive in the form of tokens are assets that can be owned by users in the ecosystem. These assets can be traded into conventional money or exchanged for other digital currencies. To sell it into conventional currency or exchange it for other assets, hive token owners can do so on a coin exchange platform that provides hive sales services, including: Binance, Blocktrades, beaxy, bitsonic, bittrex, changelly, coindcx, coinex, upbit, probit , Indodax, and others.
Hive power is the amount of Nest Power attached to a particular account that determines the stake level and allows calculation of associated bandwidth.
Resource Credits are self-charging at a rate of 20% per 24 hours. Such recharge rates act as self-limiting and require the account to risk an amount of HIVE that is directly proportional to the purpose and intent of the account's use.
Your number of votes is also affected by your hive power. The more hive power you have, the more votes value you can give.
HBD(Hive Backet Dollar) is a debt instrument that guarantees Future token holders $1 worth of Hive. The HIVE Dollar is essentially the HIVE in pegged currency. HBD pays interest, and HBD must be convertible to $1.00 in HIVE.
Hive Dollars is a Smart Contract that can be freely traded. However, because of Demand & Supply in the Free Market, whenever HDB is traded on a popular exchange, the price is directly affected by Buyers & Sellers setting the price between each other. As a result, the HBD value fluctuates between high and low.
2. Is it important to turn on Hive?
If the question is it important to do a power-up? The answer is how much you need your strength.
For that, we must understand what can be produced by having great power.
As explained in whitepaper that hive power functions as bandwidth.
Where the amount of bandwidth determines how much of the account can be transacted in a certain period of time and comes from the Resource Credits available from the account. Accounts that have 0 HP Power can still issue limited transactions that vary such as 4 per usage time and blockchain load. For example, an account with 0 HP might have enough Resource Credits to successfully issue 2 textual posts or about 17 transfers over a certain period of use. In this way, Hive removes one of the biggest barriers to entry for users and developers.
Accounts that project higher usage rates will require more Hive Power than accounts that trade less frequently.
Resource Credits are used by different forms of transactions at different rates. Transactions that involve posting paragraphs of textual material will consume more mana than transactions that consist of transfers of assets. The amount required to transact is also affected by the number of transactions during the time of use.
Transactions made during peak times use more resources than those made during periods of low usage.
3. How many ways are there to get Hive Power (HP)?
As explained in this post(https://peakd.com/hive-153850/@prayzz/learning-about-hive-tokens-and-how-to-power-up). Hive can be obtained in several ways, namely:
Hive Power is obtained from hive power-up.
To do a power-up, it is required that you have a hive token first in your hive wallet, then change it to hive power. The trick, you can see in point 5.
Hive Power is obtained from delegates.
Linguistically, delegation means submission or representation. If it is associated with a delegate in a hive, it means that someone has given up or represented some hive power to you. Or conversely, you give up or represent some hive power to other people.
In the whitepaper is also explained Hive Power may be temporarily lent to other accounts using a feature called ”delegation”. Delegated HP may be granted to other accounts for any length of time. The retraction of an existing delegation takes a total of five days to
return to its origin wallet.
Delegated HP is not counted as deduced from the delegator’s stake in respect to governance-level impact, but no longer counts towards their Resource Credit totals. In contrast, delegated HP raises the recipient
account’s Resource Credits for the duration of the delegation but does not augment their own pre-existing stake in regards to governance-level impact. Ownership of the stake is retained by the delegator.
I don't show the method here because in the future there will be special lessons about delegation.
4. Show me the process of converting HBD to Hive from the Internal Market? (Must show screenshot)
To convert HBD to hive, you must first enter the wallet.
Click on HBD and select market
|Enter the amount of HBD you want to convert into hive
Click Buy
Click ok to confirm
And now your hive has you have increased
5. Can you turn on your Hive to HP? (Must Show Process)
- To turn on your Hive to HP, you must first enter the wallet.
- click on hive, and select Power up
- Enter the amount of hive you want to Power Up
That's my explanation about Hive, Hive Power, and HBD and some other related questions to complete Stage-02-Task-02 - Learning About Hive Tokens and How to Power up tasks
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