What to know about RCs (Resource Credits) and why HIVE is so amazing
I can't be more bullish on HIVE right now, as reported in my recent post entitled, "I am SO bullish on HIVE right now!". But the indicators just keep rolling in, every where I look!
Before I get to today's headline news, which is that PeakMonsters ran out of RCs for the FIRST TIME EVER while on HIVE blockchain, I think its completely appropriate to step back and get a handle on what RCs are and why they are so important to the future of HIVE blockchain.
RC's were introduced in 2018 as part of Hard Fork 20. I dug up the original announcement post, entitled 'Hardfork 20 - What to Expect Tomorrow', an especially apt title as anyone who can remember that time can attest to. Basically a critical nightmare ensued whereby no one had any RCs (in fact, massively negative RCs, since we had all outrageously 'overspent' on the old system) and the blockchain worked fine but no legacy wallets could interact for nearly a week. Fun times.
From the announcement post:
See, a key part of what we do is FAST, FREE transactions. Our delegated proof of stake system is specially designed to have low latency transaction times will remaining FREE of fees.
How can we do that? Well they are not FREE in all senses of the word, HIVE just charges something other than HIVE for it, it charges RESOURCE CREDITS.
Resource Credits are a 'rechargeable mana pool' of ability to transact with the HIVE blockchain. Yours can easily be seen in HIVE Keychain, on the Peakd.com Profile Page (popup hover on i symbol by username), or on hiveblocks.com/@yourusernamehere
Resource Credits are the value that is given to being able to interact with the HIVE blockchain, except that up until now, they never seemed all that valuable.
You can see here that a comment costs 1.1M and a vote 0.07M and I am recharging 3368M per day even with most of my HP delegated.
What really eats up my RC is claiming accounts. Claiming free accounts is expensive, and eats up thousands of M each. If you don't have a free account from RC, you have to pay 3 hive to mint a new wallet. During the crypto bear, some accounts stopped claiming.
Nowadays, @splinterlands is claiming 19 per day, but they are burning 3 hive per account for thousands of accounts per day.
Let's get back totoday's headline story - I couldn't list a card on peakmonsters.com this morning, I was trying to create some splinterlands customjson so that I could analyze it against what gerber and the dappradar representative were saying to me.
Why couldn't I transact using that interface? PeakMonsters RAN OUT OF RC!
Of course, as @jarvie and @asgarth know, this is an easy fix. Power up more HIVE. There is slack on their personal accounts, delegate it over. But this is big news friends and fellow hiveans, this is something that has never happened before.
Not since the implementation of HardFork 20, the birth of RC's, has the claim that this would scale, and scaling would have a positive impact on HIVE, been put to the test.
NEVER BEFORE, UNTIL NOW
As we speak, HIVE and its unique RC system is being put to the test, and we are seeing the effects on the HIVE price. Apps need bandwidth to interact with HIVE, to get the advantages of its FAST and FREE transactions, with the added security of being decentrally owned by a whole community, and mostly-competently governed by a community voted consortium of witnesses.
I have never been more bullish on HIVE!
The signs are all around us, let's keep pushing, let's keep creating onboarding content like @ryzeonline, let's keep helping the noobies along!