Hive tokens
Ecency wallet is a cryptocurrency wallet that lets the community manage their HIVE, HBD, Hive Power, Savings, and other tokens securely.
Where do the tokens come from?
The Hive network continually creates new digital tokens to reward content creators and curators. Some of the newly-created tokens are transferred to users who add value to platform by posting, commenting, and voting on other people’s posts. The remainder is distributed to holders of HIVE POWER and the witnesses that secures the blockchain.
What can I do with my Hive tokens?
In the Ecency wallet, you can perform various operations on your Hives:
Transfer- If you want to Transfer your Hive to someone, you can select Transfer and fill in the account name and amount of Hives to Transfer it.
Transfer to Savings- By transferring your Hive to Savings, you will get annual Interest from them.
Power Up- When powered up, your HIVE becomes staked and converts to HIVE Power, which increases your voting power and resource credits on the blockchain. You can Power Up Hive and Save it in your Account or Transfer it to other accounts as Hive Power through filling account name field.
Trade Token- Clicking on it redirects you the Ecency Market Page where you can exchange tokens. Hive can be Swapped to HBD wihtout waiting period 3,5 days.
What determines the value of HIVE and HBD?
The value of HIVE comes from the demand and supply of the token. HIVE will always be in demand based on the way the system is designed and there will always be supply for HIVE. As long as the Hive blockchain exists with continuous development and users being active, there will always be demand and supply for HIVE, adding value to the token.
What are HIVE tokens?
HIVE tokens are tradable and can be transferred at any time. They can also be converted into Hive Power through a process known as powering up or staking HIVE. HIVE is a type of cryptocurrency token, similar to Bitcoin.
What is HIVE POWER?
Hive Power refers to tokens of influence that increase in value when held for a longer period and used for voting on content. The greater the amount of Hive Power one possesses, the greater their ability to impact the rewards of others and earn rewards through accurate voting. Hive Power is obtained by staking HIVE tokens, which can be withdrawn after a 13-week period.
What are HIVE DOLLARS or HBD?
Hive Dollars, often shortened as HBD, are tokens equivalent to approximately $1.00 worth of HIVE. These tokens can be exchanged for HIVE and can be transferred to other accounts for commercial purposes or trading. Additionally, Hive Dollars can be converted into HIVE, but this conversion process takes around 3.5 days.
What is delegated Hive Power?
Users can delegate Hive Power to other users, allowing them to have the same benefits and privileges as if they had their own Hive Power. This includes having their Resource Credits, content votes, and curation rewards calculated based on the delegated Hive Power. However, users who receive delegated Hive Power cannot power down or withdraw it as it still belongs to the original owner.
What is powering up?
You have the option to increase the power of your earned Hive tokens by converting them into Hive Power. This process involves keeping your HIVE tokens in your wallet and converting them into HIVE Power, which in turn boosts your voting power and resource credits on the blockchain. By having more Hive Power, you can earn higher curation rewards and receive additional vested tokens. Additionally, possessing more HP gives you greater influence in approving Hive witnesses.
What is powering down?
You can both power up and power down Hive Power using the same wallets. However, when you choose to power down, your Hive Power will not be immediately accessible as Hive. Instead, it will be converted into 13 equal parts and transferred to your Hive wallet on a weekly basis. The first portion will only be available one week after the power down process has been initiated.
What does the Savings mean in my wallet?
You have the option to generate income from your current Hive or HBD holdings without needing to convert them into Hive Power. By moving Hive or HBD from your balance to Savings, you can receive an annual interest rate of 20% APR. Although you can withdraw it whenever you want, there is a 3-day waiting period for balance withdrawals.
What is the HIVE engine?
Hive Engine is a platform that operates as smart contracts side-chain for the Hive blockchain. It serves as a decentralized marketplace for the trading of tokens on the Hive blockchain and other cryptocurrency networks. Users have the ability to perform various functions on Hive Engine, such as generating and distributing custom tokens, establishing liquidity pools with integrated rewards, forming tokenized communities known as outposts with built-in token reward systems, producing NFTs, creating decentralized autonomous organizations (DAOs) called Decentralized Token Fund (DTF), initiating airdrops, claiming drops, engaging in token mining, and more.
What is staking?
Staking is depositing a token in your wallet and receiving rewards for not selling it while it is staked. It is a process that involves committing your tokens to support a blockchain network. Staking is an easy way to earn interest on your cryptocurrency holdings. If a token you own allows staking you can “stake” some of your holdings and earn a percentage-rate reward over time.
How to stake tokens?
Details regarding your tokens, including the types and quantities, as well as their potential uses, are available in your wallet. It’s important to note that not all tokens are eligible for staking. If you’re interested in staking, make sure to verify the staking eligibility of a specific token by selecting it in your wallet. If it can be staked, there should be a staking option available. Simply click on it and input the desired amount of tokens to be staked in your wallet.