Hello friends, I am glad to share with you my piece in today's #aprilinleo writing prompt which is a call to explore Hive blockchain. With close to four years as a Hive user, there is this one recurrent initiative that has sustainably communicated strong values to Hive users. This initiative has been of immense benefit to the blockchain and to the users. This initiative is known as Hive Power Up Day (HPUD).
What is Hive Power Up Day?
Hive Power Up Day (HPUD) is a monthly event within the Hive blockchain community where participants are encouraged to convert their liquid HIVE tokens into staked HIVE Power. This process, known as powering up, involves locking HIVE tokens in a long-term commitment, thereby increasing the user's influence within the ecosystem. The HPUD event typically takes place on the first day of each month.
As a prominent blockchain platform known for its focus on decentralization and community empowerment, the celebration of HPUD fostering a sense of unity and collective action among community members. This monthly celebration is more than just a symbolic gesture; it serves as a cornerstone for the platform's sustainability and growth as it helps to increase the overall network security and voting power, offering significant benefits to both the blockchain and its users. It is safe to say that HPUD is a way to incentivize long-term commitment to the platform and reward active participation.
Benefits of HPUD to the Blockchain
To, the Hive blockchain, thee are many benefits of HPUD, let us elucidate a few.
1. HPUD enhances Hive Network Security: When users convert their liquid HIVE into staked HIVE Power, they contribute to the stability of the blockchain. This is because Hive power is essential for the governance of the Hive network and is also used to validate transactions through what is known as Delegated Proof of Stake (DPoS). The more HIVE Power staked, the greater the resilience of the network against malicious attacks such as happened during the Steem Hostile takeover.
2. HPUD improves Governance Quality: Since HIVE stakeholders with higher HIVE Power have a greater say in the governance of the platform, they become the key players in the decision making process of the blockchain. There are many decisions that can be taken including witness voting and proposal voting. As more users participate in HPUD, more users have a say in the governance process making it more democratic.
** HPUD increases the Longevity of the Blockchain:** For any project, sustainability is always a goal. Powering up HIVE tokens demonstrates a user's commitment to the long-term success of the Hive ecosystem. When tokens are staked, the users are billed to stay longer rather than sell out their holdings. This in turn would atract more new users, investors and developers, further fueling innovation and growth.
Benefits of HPUD to Users
The users of the hive blockchain also benefit from HPUD. Let's look at a few of these benefits.
1. Community Engagement and Solidarity: Hive Power Up Day fosters a sense of community spirit and solidarity among users. It encourages collaboration, mutual support, and shared goals within the ecosystem. By coming together to strengthen the platform, users build trust and camaraderie, laying the groundwork for sustained collaboration and growth. Some users participate in HPUD as a competition and it evokes the spirit of sportsmanship. @hivebuzz introduced a hpud helper challenge into the HPUD to reward high HP users to delegate or donate HP to new users.
2. Increased Influence and Rewards: Every unit of HIVE staked into HIVE POWER improves the user's influence in the Hive network. Higher HIVE Power translates to a larger voting weight, enabling users to curate content, support initiatives, and earn rewards through activities such as posting, commenting, and voting. Additionally, powered-up HIVE generates curation rewards, incentivizing users to actively engage with high-quality content. There is also some rewards for holding Hive Power passively.
3. Financial Incentives: Participating in Hive Power Up Day can yield financial rewards for users. Hivebuzz issue badges to users who participate. Some other influential users upvote #lpud posts and give other forms of rewards to participants.
The next HPUD is in 3 Days!
The next Hive Power Up Day comes up on the 1st of May, 2024. This is just 3 days and few hours from now. Any Hive user can participate in the campaign for the benefits elucidated above. However, for those who desire to earn financial rewards would have to meet certain criteria.
- Your reputation must be above 39 and below 70 and your account must be in good standing with the community.
- Your total HIVE Power (before the 1st) must be more than 100 and less than 8000.
- You must power up at least 10 Hive on May 1st (and must NOT be powering down).
- You must write a post about your power up on May 1st with at least 1 of these 3 tags - #HivePUD (International), #HispanicHPUD (Hispanic), or #HPUD (General) as one of your first 5 tags (tagging only in the body of the post doesn't count).
Note: your Power Up Day post doesn't have to be just about your power up. You're welcome to just include a bit about it at the beginning/end of an unrelated post.
Will you participate in May 2024 HPUD?
You would agree with me that HPUD epitomizes the ethos of decentralization and community-driven governance that defines the Hive blockchain. By encouraging users to convert their HIVE tokens into staked HIVE Power, the event enhances Hive Network Security, improves Governance Quality, and increases the Longevity of the Blockchain. Moreover, it empowers users with increased influence, rewards, and a sense of belonging within the Hive community.