Hello everyone, hope you have been doing good? It's the 5th week of the Newbies initiative program. Thanks to @ksam on the tutorial material and as well as the lecture given to the newbies on tribe tokens, tipping /mining tokens and hive engine usage.
Image designed by @projectmamabg
The 5th task is about answering questions on the various hive tokens and it's trading.
3 ABUSES Of THE TIPPING/MINING TOKENS
Tipping yourself with another personal account. It's illegal for a user to create another personal account to tip oneself, it's a fraudulent act that's punishable.
Tipping other authors with the expectations that the recipient will tip you back is an abuse of the token service
Tipping yourself by wrong usage of the command in a post or as a comment. If you intend to include the tipping bot in your article, the use of a quote is necessary like this
!LUVorALIVEto avoid activating the command
DIFFERENCES BETWEEN HIVE AND SWAP.HIVE
Hive is the hive blockchain major currencies which is on the first layer, it can not be use to buy or swap any token directly while Swap.hive is a hive engine that's a second layer token which can be use to buy or swap tokens.
4 DECENTRALIZED EXCHANGES ON HIVE
- Leodex
- Beeswap
- Hivepay swap
- Tribaldex
PRACTICAL EXERCISE
- Convert 1.1 Hive to swap.hive
My Hive balance is 52Hive and converting 1.1 of it to swap.hive using leodex.io takes the following processes:
I log into leodex.io using my Hivesigner. Then I clicked on deposit in the screenshot below
I input the amount I intend to deposit and clicked on DEPOSIT HIVE to get it processed.
This lead me to a transaction confirmation page that requires me to click on APPROVE.
Then I had a successful transaction page
The process was so easy and straight forward.
Then I went back to check my Hive wallet balance, there was a reduction from my initial 52Hive to 51Hive
Checking the Hive engine, the 1.1Hive I deposited has been converted to swap.hive as you can see below
- To convert back from Swap.hive to Hive
I went back to leodex.io and click on WITHDRAW
Then it brought a page where I have to input the amount I'm withdrawing.
It was at this stage I had little challenge because I didn't notice that my available balance wasn't up to 1.1 swap.hive, so the withdraw button wasn't active
But when I later discover the amount, I now input 1.0 swap.hive as my withdrawal amount then I clicked on WITHDRAW SWAP.HIVE
It took me to the approval page and I clicked APPROVE
Then I had a successful transaction page
And that was it!
Checking back my Hive wallet balance, the conversion had reflected in my wallet. There was an increment from 51 to 52Hive.
I also received a notification for the two transactions that I've made.
Conclusion
Thanks to the newbies initiative team for this amazing program, I love what I've been learning since the beginning of this wonderful program. Greetings to my team members and special appreciation to Team 2 leader @vickoly thanks for been there at all times.
Thanks for visiting!