Image designed by @projectmamabg
Another late entry but I was able to make it never the less so we thank God for that. It is the newbies initiative task 5 and it gives an insight into the hive engine and other community tokens here. This particular task focused on mining/tipping of tribe tokens and is very essential that every hiver knows.
I must admit prior to this task, I knew a little bit about other tribe tokens and the hive markets and had even made some little transactions on the currency market after I read a post on @leofinance about swapping HBD for Hive and vice versa. I wish I remembered who wrote that article is I would be able to tag them here.
Thanks to the study materials and video from @ksam, I was really able to understand tipping. It was something I always saw on Hive but had never really considered it at all. For this task, I would be:
Mentioning 3 Abuses of the Tipping/Mining Token service
Tipping is fun, you might want to tip an author you like for a remarkable post or might want to Tip any Hiver you want but like most things, abuse is not tolerated at all. You don't want to give your account blacklisted so here are 3 things you must avoid when it comes to tipping,
Not quoting tribe tokens properly, all tribe tokens should be commanded properly and is usually done like; !PIZZA !LUV
Creating a Hive account just for the sole purpose or self tipping.
Planning with other Hivers to tip each other always
These actions would bring your account under the radar of some people that are capable of blacklisting your account.
Mentioning the difference between Hive and Swap.Hive
This is very simple and straight forward, Hive is a first layer token while swap.hive is a second layer token. This means that Swap.Hive can be used to purchase other hive Engine tokens.
Listing four decentralized exchanges
- Tribal Dex at (tribaldex.io)
- Hive engine at (hive-engine.com)
- Leo Dex at (Leodex.io)
- Bee Swap at (beeswap.dcity.io)
Converting 1.1 hive to swap.hive and converting it back to hive
For the purpose of this exercise, I would be using the leodex exchange.
By entering leodex.io, you should be directed to page that looks this
By clicking the button on the top right corner of the screen, you would be directed to where you can login in. Luckily for me, I was already logged in.
It is important to remember to only input your keys on only sites you trust for your security.
The next thing to do is to click deposit and put in the amount of hive you want, or in this case, 1.1 hive as required for the task. I didn't have enough hive on ground but I called a friend and he was readily available to send me some for the taste so I'm grateful @nelson-george.
After that, click deposit and approve the transaction, it should look like this.
It is as simple as that. For the confirmation, I went to my peakd wallet and scrolled down.
You can see the amount of Hive Nelson sent and the deposit made to leodex.
This task required us to swap back to Hive. All you need to do for this is to go back to leodex.io and click withdraw instead of deposit, putting in the amount you want to swap and approving the transaction, it should look a little something like this
.
Using leodex was very straightforward.
Here is a confirmation for the transaction and this was all for the practice run.
My mission for this week is doing the next task on time, exams and school are really after my life.
I'd like to thank the hive learner's community for the newbies initiative, @starstrings01, @aliento team, @theycallmedan for this wonderful program and for the effort they put towards teaching all the newbies. It wouldn't be complete if I don't thank my teacher and mentor @hopestylist, God bless you abundantly.
Thanks for taking your time to read everyone, you're loved.