Hello and Welcome!
Can you believe it is four weeks Already? Yes, four weeks ago I began an incredible journey as one of the successful applicants selected to participate in the first edition of Newbies Initiative for 2024. How time flies, right!
Image designed by me in Canva
Week 4 Task
In this post, I will be giving my response to the questions arising from the Week 4 tutorial, or rather this is my response to Newbies Initiative Task 4.
The focus for this task is Hive Engine, Tribes, Tokens and Tags. It is amazing that though Hive seems like a small platform, yet it is very vast when you have the patience to take a closer look, study and understand how it works.
Below are the Task 4 questions and my answers.
What do you understand by tribe token and give two examples each?
First of all, we need to understand what tribe means before talking about tribe Tokens.
Tribes refer to different communities on Hive blockchain while tribe Tokens refer to the rewards which someone earns by using those communities for posting and engaging, or by tagging those communities in a proper way.
Two examples of tribe tokens are:
- $Leo from the Leofinance community (InLeo)
- $Alive from We Are Alive Tribe.
What is the difference between tags and tribe token?
The major difference between tags and tribe token is that tags are topics relevant to the content of a post or article while tribe tokens are rewards generated by using those topics or by posting in the relevant communities.
Tags are represented by the # sign while tribe tokens are represented by the $ sign. For instance, #pob is a tag while $pob is a token.
Follow through the material for buying and selling with Hive Engine, and sucessfully place a buy and sell order of LEO tokens or any Hive-engine token of your choice. showing all steps taken with screenshot.
As I continue below, I will be taking you through the process I used to place buy orders for BEE tokens and also sell order for LEO tokens.
First, I had to use my Keychain for Hive app which I had downloaded sometime ago. After logging in, I took a look at my tokens to decide which one to use for this illustration, after which I decided to use BEE tokens to illustrate how to set buy order and use LEO tokens for my sell order.
Clicking on the browser button (the round icon that looks like a net at the bottom of the wallet page) on my Keychain app, I went into Hive-engine website so I could perform my transactions.
Realising that I needed more swap.hive to be able to purchase the tokens I wanted, I switched back to Keychain to swap 2 liquid Hive to swap.hive, after which I returned to Hive-engine.
I selected BEE from the tokens list, input my bidding price, and indicated the number of tokens I wanted before Clicking buy. Of course, the system already calculated the total amount I would be spending. As soon as my order was completed, my BEE tokens increased by 2.
Then I proceeded to set the sell order for my Leo tokens. Selecting Leo from the tokens list, I decided on the my asking price and filled out the selling form indicating how many Leo tokens I wanted to sell, before Clicking Sell Leo button. Immediately my sell order, was fulfilled, my available Leo tokens reduced by two.
The procedure I have shared above can be used for buying and selling any of the tokens available on Hive-engine.
I hope the screenshots I shared have helped you to understand the process of buying and selling tokens on Hive-engine better.
Thank you for reading my post. My appreciation goes to @eunice9200 and @starstrings01 for the amazing job they did taking us through the week 4 tutorial to prepare us for this task.
I look forward to hearing from you in the comments to know what you think.
First Image: designed by me on Canva.
Screenshots: Captured from my Keychain app and Hive-engine Dex using X-recorder app on my phone.
Thank you once again.
Posted Using InLeo Alpha
That is a nice initiative. You deserve better support.
Thank you so much. I appreciate your warm comment.
Interesting that the newbie initiative would have you buy and sell tokens on the hive-engine. I say that because the Hive-engine is very important as a tool to get your asking price for a coin when speculating on a coin's price but there are better tools for simply converting from one coin to another. As you noted your hive-keychain can do the same task more easily for a simple buy/sell but hive-engine means you can wait to get your desired price on a buy/sell (if you are willing to wait).
As for tribes and tokens there is a little more to it than that. Any person can make a token if they wish to pay the fee involved. I've done just that with the GLD token. Sometimes the token is used to support a community (like my $GLD token with the #earnspendgive community), sometimes to support a tribe (like $SPT for Splinterlands or $AFIT for Actifit), but sometimes they are for specific uses within a tribe such as SPS and DEC within the Splinterlands game.
Communities and Tribes can have different levels of Hive feel. Hive Learners is very social network based and would be a community. Splinterlands is very game like and would be a tribe. Actifit functions both as a tribe and community so maybe a hybrid of both :)
As you said....Hive is vast :) There is Hive the crypto backbone. Hive the social media site. Hive the dApp engine. Tribes that are purpose built communities which may or may not appear on the social media site. Communities which are like tribes but not actually set themselves apart as much as a tribe.
All very frustrating :)
Good luck on your journey!
Wow! This is very enlightening! I know, I still have so much to learn about Hive. TBH I have been using my Keychain to perform swaps but this task required us to make use of Hive Engine.
Thank you so very much. I intend to increase my GLD tokens (I have only been holding the ones you graciously gave me). Now, I am trying to get the hang of so many things but there is a lot of progress I must say.
Thanks once again.
Well the $GLD token is on the hive-engine and I make sure to keep buy and sell orders available for those who use the platform but usually use ecency, hive-keychain, or tribaldex to actually exchange the coin (better rates for small amounts). I totally understand why #hivelearners wants people to be able to use hive-engine as it is important but more for speculation if you ask me.
Side note... feel free to tag me (or add me on Discord) if you have questions about Hive. I'm not an authorized trainer but I do know a fair bit about the platform :D
Oh, great! I am taking you up on that discord chat offer☺. Can I find you with this same username? I agree that some discussions are better done privately, smh...
@tergan604 is my discord username. It is my original account. @terganftp is an account I started with nothing and put no money into just hard work to show people that you can make money on Hive. After I made my first $1000 I started moving money around and @hivebbyftp is designed to bring in income to support the $GLD coin and this account has a different goal now....which I'll reveal when I hit my next $1000 HBD valuation :)
This is amazing! I am glad to connect with you. My message will soon drop in your DM. Thank you so very much.
This is really very helpful for new people on hive, I love this project you started
Thank you so much, @nbats. It has really opened my eyes to many things.
keep it up. probably better explain why you needed swap.hive too.
This is well illustrated, and I now understand everything better, thanks for sharing these amazing tips with us here.
This is incredible dear.
Just like you said, Hive is vast. Take your time to explore.
Always remember to buy when the price is low, and sell when it's high. The aim is to make profit at the end of the day.
Well done on ✅
!LADY💓
View or trade
LOHtokens.@phyna, you successfully shared 0.1000 LOH with @ngwinndave and you earned 0.1000 LOH as tips. (1/2 calls)
Use !LADY command to share LOH! More details available in this post.
Oh, right! Great advice that I'll keep in mind. Thanks so much for dropping timely nuggets always, my boss.❤