Hive.blog is a social economy powered by the Hive blockchain and HIVE cryptocurrency, where a user who creates and engages is rewarded for doing so. A community pool is created to collect newly created Hive tokens to reward engagement and contribution based on the number of votes each piece of content receives. Users holding more of these tokens in their wallets as the power of Hive will be factored more into the distribution of the reward pool.
The platform works on a points system. These points are rewarded in the form of tokens which can be sold or bought on exchanges by initiating a buy or sell order. Users compete for rewards on the SocialFi platform by adding value to the platform and engaging in the value added by others. Engagement on the platform is primarily focused on getting subscribers, building connections, and delivering high-quality content that, if consistent, will result in long-term rewards .
Account security is the next most important aspect of being a Hive.blog user. Passwords are used to log in and once lost the account cannot be recovered, therefore they should not be shared with third parties to avoid compromising account security. Each account has multiple keys that grant different levels of authority or action; a memo key, an active key, an accounting key and an owner key.
Key navigations to note on Hive.blog
House – When a user scrolls up or down on the homepage, the most recent posts from the accounts they follow are displayed. This is also known as “flow”. These posts are sorted by the time they were posted and are referred to as “new posts”, with the most recent appearing first on the home page. New posts are distinct from popular posts (“Popular Posts”); these are trending posts or posts with the highest engagement and may be tagged “Hot”. Trending posts also have the most votes and are the most recent.
Promoted – Posts can be promoted on the platform to increase reach, visibility and engagement. Hive Dollar payouts augment these lists. Users can see promoted posts even if they don’t follow the account; if the content interests them, they can follow or interact with the message.
Blog -The blog icon in the user account menu displays content activity on the platform, including posts and reblogs. Blog navigation also allows a user to view their profile, which is visible to others.
Comments and responses – Users can view and track all comments and replies they have made on other posts and content, as well as all replies and comments made by other users on their posts.
Wallet – This takes a user to the wallet page, where they can view their wallet balance, make transactions, redeem HIVE or HIVE dollars, manage their account, and power up. The wallet displays the number of Hive Power, HIVE Tokens and Hive Dollars a user has in their accounts. Based on the current market price of HIVE, the wallet estimates the value of all tokens stored in the wallet.
Settings – All updates and changes are made in the settings. Switch navigation to night mode allows users to switch between light (day) and dark (night) mode themes. Users can exit their account by selecting the Logout option.
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What to earn and how to earn on Hive.blog
Hive.blog users earn HIVE, HBD and Hive Power. HIVE is the main utility token of the platform and Hive Blockchain, and it is a cryptocurrency token similar to Bitcoin. Hive Power is a type of HIVE token that measures a user’s influence on the Hive Blockchain. The more Hive power a user has, the more they can influence the value of comments and posts. Hive Dollars are stablecoins with a value of one dollar. HIVE and HIVE Dollar can be bought or sold on exchanges.
Users who wish to obtain Hive Power must first convert their HIVE Tokens to Hive Power or convert their Hive Dollars to HIVE Tokens before gaining access to Hive Power. A number of newly created Blockchain Hive tokens are allocated to a reward pool from which users who actively participate in the platform are rewarded. Content creators and curators receive 65% of the reward pool for posting and voting on the platform. Users with Hive Power are rewarded with 15% of the reward pool.
Assignment– When community members vote for original content, the creator receives rewards, which can be topped up with a portion of the reward pool if the post is voted.
Acquisition– Hive power generated by HIVE tokens is rewarded with a small but significant number of new tokens.
Voting and curating– When a user votes for a post that has not yet become popular on the platform, they are rewarded with a curation reward proportional to the amount of Hive power the user has.
Purchase– The platform has made a Hive wallet available for users to make purchases and store their tokens. Tokens can be purchased on exchanges or with other cryptocurrencies such as Bitcoin, Ethereum or BitShares tokens.
Rewards on posts are available for claim after 7 days of posting and are sent to the user’s wallet. If the user wishes to withdraw, there is a withdrawal period of three days. Posting, commenting, and other engagement on the Hive.blog platform is free, like on most social media platforms, but the point of distinction is that it rewards users for their contributions, making it qualifies as a SocialFi platform.
Additionally, the platform protects the social and content sanity of its users by establishing a channel for reporting abusive content. Citation links are required for copied content, allowing for proper credit and avoiding plagiarism, so users can be sure they are accessing the original content.
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