Hi fellow Hiveians,
Today I wanted to share a funny resource credit milestone, if you can call it that!
Low Resource Credits
Do you ever have something that is completely useless but a little bit of an aspiration anyways? Well I certainly have one myself LOL I want to see how low I can get my Resource Credits to show up as!
The Resource Credit concept for Hive is really quite a remarkable and revolutionary thing if you think about it. The transactions on Hive are "free" meaning you don't pay gas fees or some other bullshit per transaction but it does require that you have something of the chains assets in order to use it. That is what Resource Credits are!
I feel like an old fart saying it but "I remember before we had Resource Credits!" 👴
Seriously though, I have been around since 2018 which doesn't feel like a long time but in reality it's actually a pretty decent amount of time to be associated with anything, never mind a platform! In those years I've seen quite a number of changes and one of the good beneficial changes has been the addition of Resource Credits. Before they were used, there used to be quite a lot of spammy bullshit. Lots of comments and people sending random wallet memos. It was pretty annoying if I do say so.. These days we have bot commands which are almost as annoying but thankfully those are tamed because you have to call the bot in order to bring it in.
With the Resource Credits and our ability to consume them by claiming account creation tokens, one of the strangely fun things that I've been trying to do is claim the tokens and see if I can do it at a specific time in order to get my Resource Credits as low as possible. I think the other day, I hit the lowest I may ever see! LOL I got all the way down to .05% resource credits available! That was really a funny thing to see.
With the amount of Hive Power I have, I have no concerns at all with how quickly it regenerates. I don't know if this is how it is for everyone but it takes 5 days to fully recharge all of my Resource Credits and even getting to .05% available Resource Credits, I knew that I could still comment a hundred or more comments, thousands of votes and still recharge those resource credits faster than I was consuming them. It's pretty remarkable for sure how the whole thing works!
I know Hive is just chugging along here, making great waves and changes in the ecosystem that are revolutionary and beneficial for everyone - but the thing with these is that it takes time for people to recognize and appreciate them. I know that eventually other blockchains will use pieces of Hive to model what they want to do, hell they might even take a fork of Hive to get the underlying benefits without having to do all the crazy legwork to figure out how to do it on their own. I think the Resource Credit concept is absolutely one of the things that other chains will be copying in due time.
Transaction fees are definitely going to be something that as more people get involved in crypto and the whole digital asset realm, the transaction fees are going to start to go up quite a bit but at the same time people are going to start moving to places that don't have that bullshit as an issue. This is where Hive will continue to shine. You can get 10 Hive and do quite a bit of things on here. With current prices that's 3$ in "transaction fees" but a similar transaction on Ethereum can cost upward of 40$ for the single transaction and you have to pay every time you want to do something on it. For Hive, you pay that 3$ and it gives you credits to consume it as you wish, with it recharging eventually over those few days. It also is subject to the inflation rate so it will slowly grow at ~3% annually so you could buy 50 Hive, power it up to perform transactions and at the end of the first year, your Hive Power balance would 50.15 but you did nothing except let it sit there.
In the future, wherever Hive ends up in the grand scheme of things, I know that a lot of the things that we've built on here are going to be picked up and expanded considerably for others and Resource Credits are definitely one of those aspects! I think it would be cool to see something in 5 years based on this, and me knowing "I was on the original blockchain that implemented that!" is a pretty cool feeling.
-CmplXty. Real human written content, never AI.
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