Newbies Initiative Task 5: Hive Tokens And It's Trading

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Hello everyone, hope you have been doing good? It's the 5th week of the Newbies initiative program. Thanks to @ksam on the tutorial material and as well as the lecture given to the newbies on tribe tokens, tipping /mining tokens and hive engine usage.


Image designed by @projectmamabg

The 5th task is about answering questions on the various hive tokens and it's trading.


3 ABUSES Of THE TIPPING/MINING TOKENS

  • Tipping yourself with another personal account. It's illegal for a user to create another personal account to tip oneself, it's a fraudulent act that's punishable.

  • Tipping other authors with the expectations that the recipient will tip you back is an abuse of the token service

  • Tipping yourself by wrong usage of the command in a post or as a comment. If you intend to include the tipping bot in your article, the use of a quote is necessary like this !LUV or ALIVE to avoid activating the command


DIFFERENCES BETWEEN HIVE AND SWAP.HIVE

Hive is the hive blockchain major currencies which is on the first layer, it can not be use to buy or swap any token directly while Swap.hive is a hive engine that's a second layer token which can be use to buy or swap tokens.


4 DECENTRALIZED EXCHANGES ON HIVE

  • Leodex
  • Beeswap
  • Hivepay swap
  • Tribaldex


PRACTICAL EXERCISE

  • Convert 1.1 Hive to swap.hive

My Hive balance is 52Hive and converting 1.1 of it to swap.hive using leodex.io takes the following processes:

I log into leodex.io using my Hivesigner. Then I clicked on deposit in the screenshot below

I input the amount I intend to deposit and clicked on DEPOSIT HIVE to get it processed.

This lead me to a transaction confirmation page that requires me to click on APPROVE.

Then I had a successful transaction page

The process was so easy and straight forward.

Then I went back to check my Hive wallet balance, there was a reduction from my initial 52Hive to 51Hive

Checking the Hive engine, the 1.1Hive I deposited has been converted to swap.hive as you can see below

  • To convert back from Swap.hive to Hive

I went back to leodex.io and click on WITHDRAW

Then it brought a page where I have to input the amount I'm withdrawing.

It was at this stage I had little challenge because I didn't notice that my available balance wasn't up to 1.1 swap.hive, so the withdraw button wasn't active

But when I later discover the amount, I now input 1.0 swap.hive as my withdrawal amount then I clicked on WITHDRAW SWAP.HIVE

It took me to the approval page and I clicked APPROVE

Then I had a successful transaction page

And that was it!

Checking back my Hive wallet balance, the conversion had reflected in my wallet. There was an increment from 51 to 52Hive.

I also received a notification for the two transactions that I've made.

Conclusion
Thanks to the newbies initiative team for this amazing program, I love what I've been learning since the beginning of this wonderful program. Greetings to my team members and special appreciation to Team 2 leader @vickoly thanks for been there at all times.

Thanks for visiting!

hive-153850 nbtask5 neoxian leofinance indiaunited pob luv alive ecency
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!ALIVE

PS. You will earn more ALIVE tokens if you add #aliveandthriving too as we have a curation project looking for that tag with the largest ALIVE stake in the tribe behind it.

  • The 4 points of #aliveandthriving, the first point is mandatory, then add one or more of the rest, share your journey to thrive in life.


Made in Canva

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I enjoy reading your tips for newbies.

The tribes and alt-coins are extremely confusing. I would approach the subject by noting that there are numerous coins traded on Hive-Engine which one can see on the Hive-Engine Tokens page.

Anyone can create a token. It costs 100 BEE to create a token.

Many of the tokens are associated with tags and communities.

A program called scotbot distributes the rewards. This link shows the configuration for the POB token.

https://scot-api.hive-engine.com/config?token=POB

There are some curation accounts which reward posts for a tribe. It is wise for new users to research the different tribes and to find the right tribe for their content.

Many of the tribes accept generic content. Some want specialized content. LEO is interested in content related to crypto and finance. STEM is interested in Science, Engineering and Math, etc.

Some the the tribes will downvote accounts that abuse their token.

So users are wise to chose tribes related to their posts and to avoid abusing the token.

Your post had the line:

It's illegal for a user ...

HIVE is not run by law. It is run by code. For the most part code is king.

The code allows for downvotes and blacklists. When tribal leaders feel that an account is abusing their token, they can blacklist the user.

Your post focused on comment rewards. These rewards are often distributed by programs that read comments and look for certain keywords like !WINE .

These comment rewards have different rules. Many require that users stake a certain number of coins before they can distribute the rewards. As I recall, WINEX requires 25 tokens.

The Hive Bit coin does not require a staking, but only the root author of a thread can use it.

Anyway, I like your post. The main thing I wanted to say is that HIVE does not have laws. It is a blockchain where code is king. Anyone can create a token. Many of the tokens have blacklists to prevent abuse. So, while there are no laws, one should research a token before employing it. I have 25 WINEX and it has been two days since I called the command. So, I will give it a try on this post.

!WINE

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Thanks for your comment and corrections. I really appreciate your kind gesture. I will take note of all you have said. Thanks for visiting.

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Nicely done, terrific tutorial and guidance here.

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This is just wonderful, your explanations to the questions though not perfect were top-notch and relevant to the subject matter and your pictorial and word illustration of the process of converting hive to swap and the other way round is just correct.

Keep up the good work.

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Lol,still learning. Thanks for your kind words sir, you are appreciated.

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This is a brilliant response and I love how you arranged your writeup.

You did so well with the token abuse, making use of the code to wrap up !luv although for the Alive you didn't include the exclamation mark. But your message is clear.

!luv

Wonderful 👏

That reminds me, is Hivepay swap a new DEX?

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Thanks for your kind words sir, I do appreciate.

But for the Hivepay swap, I'm not too sure sir. It was someone that told me that, though not my TL. Please I wish to be corrected if I'm wrong.

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It is great to know that you love what you have been learning since the beginning of the Initiative. Do you know how to use Hive-Engine to swap tokens as well, or do you just find Leodex more convenient to use?

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Thanks for your kind words sir.

For the token swap, this is my first time of trying swapping. I've never done anything of such since I join Hive. So I don't know how to use hive-engine and even the leodex, I'm a novice😆. I read the tutorial material and other authors article to know how to go about it and I found the Leodex to be straight forward, that's the reason why I used it. Hope I haven't done anything wrong?

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This is wonderful!
You nailed it!
If there's anything like 300/100, I'd score you that 👍.

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Lolz, I'm blushing oooo but you are flattering me sha. Thanks for the compliment. I do appreciate a lot

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I'm not flattering oo!
Wait for the score by your leader, e go shock you

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Lolz, I'm patiently waiting for the shock too.

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We are all learning everyday and I must say it’s not easy trying to understand how this hive blockchain works at a time but taking it step by step we will sure do and that’s good. We are getting there.

You did a good job with your task though.

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You are right, there are lots of things to know on the blockchain. It's really nice to be here, thanks for visiting.

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