Hey guys, we’re in the 5th week of the newbies initiative, and that means it’s time to submit our long overdue tasks. Last week’s meeting and discussion were led by @ksam on “tribe tokens, tipping tokens, mining tokens, and Hive-engine usage”. As always, he did a great job with the presentation, explaining in detail the topics in question with several supporting articles.
This, like all my other tasks, will be an essay response to the questions of the task. This week’s task comes in a theory and a practical aspect, and I’ll be answering them in the order mentioned, starting with the theory.
Image credit: @projectmamabg
Abusing Tipping/Mining Token service
Authors and content creators everywhere want their works to be appreciated, and what better way is there to appreciate an author’s work than to reward it with something of monetary value like money itself or tokens? Obviously, there are many other ways to show appreciation for someone’s work on Hive. One of these is by upvoting their content. Another is using tipping services.
Like I always say, every time money is involved, dishonesty follows. So the existence of these tipping/mining token services, which is intended for good will definitely breed some GREED in some people and will cause them to abuse these services. How do they abuse it?
Tipping Themselves
Tips are meant to be distributed by you to other people in appreciation for the work or effort. Tipping yourself would be an abuse of the tipping token in my opinion, especially if you make it a regular thing just because you can. The problem with most of these tipping bots is that they follow commands and will tip any user if you ask it to, even if that user is yourself. Consider how you would feel if whales just kept making short comments and upvoting only their comments. That would be a waste or probably an abuse of rewards.
Creating Another Account To Tip Themselves
This is basically just like the previous point, but in this case, people try to be smart and instead of tipping themselves, create other accounts to tip themselves so they don’t get banned from using the tipping service of being seen by the community as tipping service abusers.
Tip for Tip Agreement Between People
Again, this is just another sly way of abusing tipping services where in this case, two come into an agreement where one person tips the other in return for the same by the other person. I mean, it’s okay to tip “other people” right?
HIVE & SWAP.HIVE
HIVE is a first layer token and transactions can be done with it on the first layer. On the other hand, SWAP.HIVE is the a second layer Hive engine token equivalent of the layer 1 token, HIVE. It is used for transactions on Hive-engine.
Decentralized Exchanges (DEXs) on Hive
The recent collapse of FTX, one of the biggest exchanges and competitor to Binance has reinforced the need to abandon Centralized Exchanges and patronize Decentralized Exchanges. As it so happens, Hive has several Decentralized exchanges where true ownership of assets is possible. A few of them are:
To be honest, Hive-engine was the only Hie DEX I had opened until this task. I think I’ll take my time to get a better look and understanding of the other DEXs after this task.
Converting 1.1 HIVE to SWAP.HIVE And Back
I’m conversant with the Hive-engine interface and that is what I’ll be using for this practical demonstration. Depositing HIVE to Hive Engine automatically converts the HIVE to SWAP.HIVE since Hive-engine doesn’t recognize the layer 1 token HIVE itself. Now proceeding with my deposit procedure.
So obviously, I head over to Hive-engine, log in and sign with Hive Keychain, and then I navigate to Wallet and click Deposit.
Then in the pop-up screen that appears, I search and select HIVE in the search box since I want to deposit Hive.
After selecting Hive, I enter the amount of Hive I want to deposit in the next screen. I’m shown my available HIVE that can be deposited. As can be seen in the screenshot above, I hav 2.2HIVE, but I want to deposit only 1.1HIVE (as instructed in the task). After entering the amount of Hive I want to deposit(1.1HIVE), I hit Deposit Hive.
Then the final keychain confirmation screen pops up asking me to authorize or sign with my active key(which I’ve already imported) and I proceed to hit confirm. I get a success screen next, but that didn’t stay long enough for me to screenshot.
We can see that now I have 1SWAP.HIVE on my Hive-engine account.
The history of the conversion is seen in the screenshot above.
Now to convert my layer 2 SWAP.HIVE back to layer 1HIVE.
This is basically a reverse process that starts with withdrawing, just like converting to SWAP.HIVE started with a deposit. So I navigate to Wallet once more and select Withdraw this time.
Then I search and select Hive, and I enter the amount of swap.hive I wish to withdraw(1.0927……) and then hit **Withdraw Swap.hive.
Then I confirm the keychain pop and yeah, it’s back to Hive again. Swift and sharp.
All screenshots in this post are from Hive-engine and keychain extension chrome extension, and dividers were designed by me in canva.
I want to thank the people behind the newbies initiative for the opportunity they’ve given me and other newbies to learn under the guidance of our various team leaders. @nkemakonam89, this is my assignment sensei:)