What to know about RCs (Resource Credits) and why HIVE is so amazing

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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:
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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

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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.

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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!

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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.

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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!

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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!

Freedom and Friendship!



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34 comments
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pixresteemer_incognito_angel_mini.png
Bang, I did it again... I just rehived your post!
Week 74 of my contest just started...you can now check the winners of the previous week!
!BEER
3

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You need to stake more BEER (24 staked BEER allows you to call BEER one time per day)

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I agree, the indicators are everywhere, and PeakD and Splinterlands are doing phenomenal work. Thanks for mentioning my onboarding guide, and I recently created a Splinterlands Onboarding Guide as well that just got curated in a collection, in case that helps.

Anyway, I love your bullish vibes and the way you encourage people here. Freedom and friendship indeed! 🙏

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Keep up your positive content and ways as well! I am slowly digesting you 😅

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Thank you, I totally appreciate it! (And totally understandable, I've written a lot to digest in the last few months, lol.) 😅

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Ironically I'm Powering Down, waiting for that $2 mark - but then ring fencing to buy back in laters!

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me too, but powering down because I need the liquid hive to provide price stability profitably is still a bullish use case for HIVE!

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It's a great time to be on Hive!

Splinterlands has just been awesome, I feel like I've got a real reason to plug the place now!

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its going to $20. too many ethereum and bsc peopel will find out about HIVE once https://ptokens.io puts PHIVE on eth and bsc for uniswap and pancakeswap (a legit peg not a ghetto peg from leofinance lol ) it made telos go from like 10 cents to $1 in a week lol

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I think resource credit system is good for this community. It bring stability of this platform.

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That's exactly right! Thank you for reading, how is it going so far on HIVE for you?

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Very well written. I think RCs are often overlooked but their importance is becoming more evident as Hive gets more and more users.

Posted Using LeoFinance Beta

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It reminds me of my days when I first started HIVE. RCs were definitely an issue and I am glad that they understand where the issue is. I guess the demand on their end is just too big.

Posted Using LeoFinance Beta

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I HEARD WE CAN SELL resource credits for NEW ACCOUNTS to get around 3 hive cost bottleneck?

WHERE IS THE INFOGRAPHIC to show JUST HOW MANY new accounts per day hive can ACTUALLY handle? I wanna know what it takes to get hive 100 million accounts. whats the RC cost and where do you rent RCs? Dlease?

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I don't its actually selling resource credits but the fact that they don't have enough new account tokens. I think it also depends on how many people are creating accounts. Last I checked, I think it required like 5k HP or so to even claim a single token so its out of my range. Since Splinterlands is signing up more accounts than they can produce, they are using the option of creating an account using 3 HIVE as the fee.

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ok so we ARE bottleneck bearded at the 20M or so new hive a year? and all that wont go into new accounts

i guess some big company could try to BUY 30 Million hive for 10 million new accounts and own them all and just give posting keys out and pay users like an HBD cut via debit cards on crypto.com and manage all their rewards lol untill they each pay back the 3 hive and in teh future 3 hive may be liek $200 soi it has to be sold as a lifetime membership to the blockchain which will include cities and housing projects and apt blocks and gated communities one day lol

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The demand for our bid system increased a ton recently causing a spike in RC needs ... easy fix to just power up some more.

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Yep. Couple that with the SIP on the SpkNetwork eating up Hive and we can see how there will be a push on demand while supply is diminishing.

All of it is favorable to Hive. And to boot, #ProjectBlank is slated to roll out by year end. Wait until you see all the RC needed for Twitter on the Blockchain.

Posted Using LeoFinance Beta

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It's all looking good at the moment. We don't know where things are going but it is very positive with the new sign ups and more use case.

Hope it keeps going like this.

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We have chosen to support your post because you are one of the good promoters of Hive on Twitter based on our Hive Twitter Daily Report.

We appreciate your time and enthusiasm for promoting Hive!

Keep up the good job! 😍😍😍

This is done with the support of #theycallmedan.

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We ran out of RC for @sportsrewards (the issuing account for SPORTS) last week as well. As you said it's a simple fix of feed the beast more!

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I hope Resource Credit pools are up and running before we get a deluge of new folks signing up that makes the Splinterlands bump look tiny.

And very curious to see what the yield on leased RC’s might look like. Less than the yield on leasing HP almost certainly, but by how much?

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All of this is happening with only one DAPP going viral. I don't think most users of HIVE are even expecting what would happen when we soon start having over 100 million users in the next few years. The COVID-19 censorship and @spknetwork will bring some massive growth.
!PIZZA !LUV

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Thanks for all the info ecoinstant! Excited to see Splinterlands and our guild grow, thank you for the warm welcome guys. Can't wait to be of some use in the brawls. Looks like I tanked it this week lol...

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