My Dad had always advised me to "gain knowledge before power". I understood it at that level to have meant that where knowledge is lacking, power can corrupt. Growing up, I get the awareness of the many shades of meaning to those words. I recently read James Baldwin's quote that reads "Ignorance, allied with power, is the most ferocious enemy justice can have." This again emphasizes the need for knowledge with power, else, we misuse the power we have.
This post is not about politics, but about governance, the government of the blockchain of Hive. The hive blockchain runs its government with users' Hive Power. This is the stake each user has to contribute to the decision-making process of the Hive ecosystem. When I was a new user, gaining Hive power was so that we could just upvote other user's content. With time, I learned another use case of Hive power which is to participate in governance. However, utilizing my HP for all of that simultaneously and profitably was not well known until now.
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I've voted for 14 witnesses so far based on my convictions on how much they are making an impact on the hive. Why I never tried voting witnesses and proposals was because I thought, my Hive power would be depleted, but no. That was ignorance speaking. Surprised that I could vote for those witnesses and still have my Hive power to upvote posts.
Recently, I discovered the Holozing game and after reading several posts on how users have delegated their HP to Holozing to receive $ZING token, my curiosity again queried if delegating my HP could make me lose curation rewards, again no! I decided to part with just 80 HP as a delegation to @zingtoken with an eye on the reward to know how profitable it can be.
The Holozing website stated 32% APR as a reward for delegating HP to Zingtoken. I'm not an accountant, so I find it really hard to do the maths. I just had to wait for a few days to see what my rewards look like and compare it to what my curation rewards could be. Meanwhile, I have delegated to one or two projects on Hive and what I got in return has been encouraging.
Delegating HP to Holozing Beats it all
In the last three days, my 80 HP delegation to Zingtoken rewarded me with 13 ZING Tokens. I just had to go to the Tribaldex swap market to see what that means on $HIVE. It was worth 0.24 HIVE. This will result in 2.4 HIVE by month end and 28.8 HIVE by year end. That is a big reward especially as I am not losing my HP neither I'm I losing support for Hive governance. I can say I'm impressed. I now understand what 32.3% APR means. See the screenshots below.
I think I've made a good decision so far with delegating HP to Zingtoken and will be updating my HP in the days ahead until my ZING goals are achieved. Presently, I sit on 361 staked ZING tokens. At this point, I can say it is not a mistake to delegate my hive power to Zingtoken of the holozing game.
Let me conclude with reference to James Baldwin's quote made earlier in the post. James Baldwin emphasized the dangerous combination of ignorance and power, asserting that when individuals in positions of authority lack knowledge or awareness, it poses a significant threat. The quote serves as a warning against the perils of ignorance, particularly when coupled with positions of influence. On hive blockchain, your hive power is your influence.
My deduction is that when you are ignorant of the power of your Hive power, you will live in regrets and poverty when your Hive power can give you so much wealth.
Let me hear your thoughts in the comments section of this post too.