What is Hive? What is Hivepower? What is Hive Based Dollar? Get ready to answer these and more questions if you are bringing your friends over to join Hive platform like am doing. Its good to understand these terms well especially for our new friends that just created their account. I will bring the terms and their meanings as we see them in your wallet. Then, I will try to explain them to a lay man's understanding. So here we go.
1. What is Hive?
Tradeable tokens that may be transferred anywhere at anytime.
Yes, Hive is the cryptocurrency that your earn on this Hive platform when you write and post articles. It is the basic currency used to reward positive action such as posting articles and liking other people's posts. So lets say it is the money they pay you here for creating and curating content on the hive platform.
2. What is Hive power:?
Influence tokens which give you more control over post payouts and allow you to earn on curation rewards.
Hive power is a portion of your hive which helps you to earn when you like other people's posts. The more hive power you have on your wallet, the higher your curation rewards. Your Hive power is also gives you the resources needed to create content and perform other activities on the platform. If your Hivepower is 0 for instance, you will earn nothing when you like other people's post. You will equally not be allowed to make much posts. Since your hive power gives you control over payouts and other things, you can not withdraw it all at once. Your hive power can be converted to Hive through a process called powering down. This takes 13 weeks to complete. So if you have 100 hive power, then 1/13th of it is paid to you when you power down.
So basically, if you want to earn more through curation or liking other peoples post, you need to have a large Hivepower.
3. What is Hive Based-dollar:?
Tradeable tokens that may be transferred anywhere at anytime
Cryptocurrencies like hive flunctuate all too often. So in this platform, Hive dollar is another currency on this platform and it is pegged or made to have the value of $1. So Hive dollar has far more stability than Hive. This is useful to create a more stable currency similar to fiat, for use on this platform.
I hope this explanation is enough to clear the doubts about Hive, Hivepower and Hive dollar. You can consult the Hive FAQ for further explanation of these and other terms. Feel free to ask questions or make further clarifications in the comment section