Let me start by saying a big thanks to @ksam and @starstrings01, leaders of the newbie initiative for the help they’ve given us in understanding what it feels like to be on the hive blockchain.
This is the 5th task of the initiative and below is my understanding of this week's task questions.
Designed using Canvas
How is Swap.Hive different from Hive?
Hive: The hive is a decentralized blockchain that awards its users for the content they create, they award them through a token called the hive token, users on the blockchain use this hive token to vote either vote for other users or curate content. Transactions done on the hive blockchain are mostly in hive.
Swap.hive: I never really knew what the swap.hive was used for, but after doing some research, I got to realize that the swap.hive is where users of the hive platform go to exchange their hive for other assets. It has a buy and sells others where you can easily trade your hive token for other tokens such as the Leo tokens.
The difference between the swap.hive and the hive is that users get to earn hive through content creation. While the swap.hive is used for converting the hive tokens. Users on the blockchain convert their hive token to swap.hive which can be used for the purchase of other tokens.
Mention 2 examples of Tipping Tokens, and state 2 abuses of the service.
PRACTICAL EXERCISE
The first time I heard of the tipping token was when a friend on the hive platform tipped me with a bear. I didn’t know what it was until I showed it to a friend and he told me it’s a tipping token.
These are gifts you get on the hive blockchain from other users. You get tipped at any time and anywhere on the platform based on your post, or based on your comments from others. You can also tip other users on the platform too.
Some examples of the tipping token are the:
- Beer Token: Mostly used in the gaming community, whenever the phrase
!beeris used in the comment section, the beer bot is activated which later on sends some beer to the author as an appreciation to his post.
However, not everyone can activate the beer bot, you will need to have a minimum amount of 24 staked beers in other to activate this command.
- Lolz Token: This is also another example of a tipping token, as the name depicts, this token is mostly used for funny posts or comments on the blockchain. When the
!lolphrase is used, the bot is activated and shares a joke.
The aim of creating this token is to share joy and laughter on the blockchain.
In activating this token, you will need to have a minimum amount of 16 lolz to activate the bot.
One fact thing about this token is that they are not deducted from your wallet when used. Which is why most users on the blockchain sometimes abuse its use. If a user is caught abusing these tokens, they are banned and never to use them again.
Ways in which users abuse the use of the token are:
Self-tipping: Self-tipping is considered to be an abusive use of the token. The idea behind the creation of this token was to share love and laughter among the users of the hive blockchain. Tipping yourself isn’t an act of sharing love and when caught will be banished from using these tokens.
Another abusive use of these tokens is constant tipping, most users on the blockchain send more than one tips they constantly tip others more than one time. Tipping more than one is considered to be an abusive use of the tip.
Convert 1.1 Hive to Swap.Hive, and convert it back to Hive.
In this session, I am going to show a practical example of how to convert 1.1 hives to swap.hive and then convert it back using the loeDex
Let’s get started.
On your mobile device, open the Hive keychain app and click on browser.
As shown in the screenshot below.
Type in leodex.ioin the search box.
Wait for it to finish loading.
On the Leodex interface, click on the three lines on the top right corner of the page, click on login, and then log in using your hive username.
After you are done logging in, click on deposit and enter the amount of hive you would like to deposit. After you are done, click on deposit to complete the process.
The moment you click on deposit, the hive will automatically be converted to swap.hive token as shown in the screenshot below.
To convert it back, you click on withdraw and enter the amount you wish to convert back to hive.
Within seconds, the asset will be converted back to Hive as shown in the screenshots above
Notifications from ecency to show that the hive was successfully converted to swap.hive and converted back to hive.
Observation: Unlike other sites, the leodex has an auto conversion which automatically converts your hive the moment you enter your deposited amount and clicks on deposit.
To my understanding, the site automatically converts your hive to swap.hive because that is the only preferred token used to buy other secondary tokens such as the Leo token. This is why it automatically converts your hive in other to prevent stress.
Conclusion
Learning about various tipping tokens and the dos and don’t they come with was helpful. For the first time on Hive, I was able to convert from one token to another without the help of a friend. I think this lesson helped me a lot in knowing about the various site to go to whenever I want to purchase a desired token.
I end my here by saying thank you to the team leader of group one @justfavour for guiding me through.