Staking and Delegation on the Hive Blockchain: An Introduction

in #hiveblockchain • 2 years ago (edited)

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The Hive blockchain is a decentralized social media platform that enables users to create and curate content, interact with others, and earn rewards for their contributions. One of the key features of the Hive blockchain is its governance mechanism, which relies on a community-driven voting system to allocate rewards and make decisions.

Staking

Staking involves holding HIVE tokens and "powering them up" to gain Hive Power (HP), which represents a user's ownership and influence within the network. The more HP a user holds, the more their vote counts in the governance of the network. Staked HIVE tokens earn interest through the inflation mechanism of the Hive blockchain, incentivizing users to stake their tokens and earn passive income for supporting the network.

Delegation

Delegation, on the other hand, allows users to support the network and earn rewards without staking their tokens. Instead, users can delegate their HP to another user or a community account, which can then vote on content or proposals on their behalf. Delegators retain ownership of their HP and can withdraw it at any time, while also earning a portion of the rewards generated by the delegated HP.

Delegation is a powerful tool for distributing voting power across the network and supporting specific content creators or communities. It also allows users to pool their HP and delegate it to trusted and competent individuals or groups, helping to ensure that the network is governed in a fair and transparent manner.

In summary, staking and delegation are two important mechanisms used on the Hive blockchain to participate in the network's governance and earn rewards. Whether you choose to stake your HIVE tokens or delegate your HP, these tools offer a powerful way to support the Hive community and help shape the future of decentralized social media.

Here are some useful links to learn more about the Hive blockchain and staking/delegation on the platform:

"The Hive blockchain is a game-changer in the world of social media, providing a decentralized platform where users can interact, create, and curate content without the interference of centralized entities. It empowers the community to govern and shape the future of the platform, creating a truly democratic social media experience." -YEA

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#hive #blockchain #staking #delegation #governance #decentralizedsocialmedia #cryptorewards
2 years ago in #hiveblockchain by
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     2 years ago  

    Thanks for a great intro post! Lots of people come to Hive through games and understanding Hive Power, Resource Credits, and the Layer 2 stuff is a lot to digest all at once, so good resources for new "Hivians" is a must-have!

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     2 years ago  

    Great comment! I completely agree that understanding the intricacies of Hive, especially for new users, can be overwhelming. It's wonderful to see that there are resources available to make the learning process easier. A Hive school system is definitely an idea whose time has come and that would benefit both new and experienced users alike. Let's hope the Hive community can make this a reality! ;)

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     2 years ago  

    🍕 PIZZA !

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     2 years ago  

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       last year  

      Thanks. I have a lot of alt coins on #hive, which I routinely stake. What happens if I delegate them as well ?

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         2 years ago (edited) 

        This article provides a clear and concise introduction to staking and delegation on the Hive blockchain. It's great to see how these mechanisms allow for community-driven governance and support of content creators and communities. The links provided are also helpful for those looking to learn more about the Hive blockchain and its ecosystem. Enjoy! :)