For task four of the newbies initiative, the stuff gets more serious as we are exposed to some financial aspects of hive, tribe tokens, buying and selling which is a very important and detailed aspect of the Blockchain.
So far, this has been the most tasking assignment of the newbies initiative as it involves making some research and even trying out the trading and sending screenshots.
Unfortunately, I was unable to perform the trading aspect as a result of both network issues and some other personal reasons. So I will be performing the other assignments to the best of my abilities.
What do you understand by tribe token and give two examples each?
Tribe tokens refers to those rewards or prizes from a hive community or group that one gets when a command is issued for it to be sent to an author of a post or comment. It may involve the response of a bot or it may just go directly to your hive wallet. These tokens have variable values and worth and hence attention must be paid to them. By participating in a community or using a frontend, one can grow his value of a particular token.
Two examples are; luv and beer. They can be used to appreciate an author of a post or comment and encourage engagement in the platform. The Leo token, for example can be gotten by using the INLEO frontend. The more you use it, the more tokens you get. Also a token can be staked and this is similar to putting HBD or hive into savings. By so doing, it is possible to gain passive income on a token.
What is the difference between tags and tribe token?
Tags are short keywords or phrases that one uses to correctly position a post for the right audience or curators to easily visualise. There are community specific tags and general tags. Each post is allowed to have a maximum of 10 tags and some of these tags can be used to attract tribe tokens as rewards by using the appropriate tag for the token.
Tribe tokens on the other hand are rewards which an author gets for posting in a community or when his or her post is deemed fit by the holder of a token to tip. Some tribe tokens can also be mined. While some are gained by using the appropriate tag in a post.
Knowing how to use and acquire these tokens could prove very vital in the growth of a hivian and as such it's very important to learn. Being able to tip the tokens is also important as it would help one to be able to interact and make more friends on the Blockchain of which the benefits could have no limits.
This is my response to the newbies task 4.
The cover image was designed on canva.
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Thanks buzz
That's great @graat! We're here to encourage you to achieve your next goals on Hive!
BTW, we noticed we miss your support for our proposal. Mays we ask you to check it out and consider supporting it?
All you need to do is to click on the "support" button on this page: https://peakd.com/proposals/248.
Thank you!
I just did👍
Thank you for your support @graat, much appreciated!