Introduction

This is my Hive journey, and this is my diary, which records my journey in this space called the Hive platform.

Hive Community

Hive is a internet based community.
Thus it exists in the virtual realm, not the physical realm. This does not mean Hive isn’t real. It is created by physical beings, and deployed by physical computers. The people I meet, are met virtually, but they exist physically. Hive is therefore a virtual meeting place for beings from the physical realm.

Hive is a social meeting place

Hive is a place where people meet to share their content, which maybe written, graphic or audio. The members of the community who own tokens and transform them into a special form can vote on posts, and those votes award people Hive tokens from the reward pool. In this way Hive is similar to other popular social media websites or applications. And in this way it is different.

Hive is the name of the community and the name of the award token.

The name of the token is called Hive, and the name of the community is called Hive. Perhaps we should adopt the convention of referring to the token as hive with a little h and the community as Hive with a big H.

There are three tokens of forms of hive token

First is hive token which you can trade for other tokens on exchanges.
Second is hive power, which is form of staked hive, also called powered up hive, this allows you to gift content creators with hive on their posts with your upvotes. It also allows you to remove rewards from a post with downvotes. Third is hive backed dollars. These are like stable coins, only they are pegged to hive, not dollars. A hive backed dollar is always worth one dollars worth of hive token. It’s not worth a dollar, it’s worth a dollars worth of hive.

The fact that you stake, lockup or powerup your hive is a designation, meaning you lock up the liquid hive which can be traded on exchanges, to a form called hive power or powered up hive, which cannot be withdrawn to an exchange, and it gives your upvotes value.

Upvotes

We are all pretty familiar with the like system of Facebook for content published on Facebook, that makes us feel good. The equivalent of likes on Hive are upvotes and they are worth hive as a reward for posting.

Author rewards.

These are from what is called the reward pool. The blockchain makes new hive every day and every day you can send a portion of the reward pool to others with your upvote. The size of this portion is dependent on how much hive you power up. The important thought process is that you support content creators with upvotes which rewards them with hive from the reward pool. And you can do this every day.

Curators rewards or readers rewards or attention rewards.

The same upvote you give to a content creators whose post you like, be it words, pictures or music also pays you for your attention. This is a cool feature of the Hive platform because you can get paid for your time and attention. When you upvote someone you are sending them hive from the reward pool, but also sending yourself hive from the reward pool. So you give and you receive. You give hive and you receive hive. The hive that you give to others, it’s your upvote, comes from the reward pool, and is called an author reward. It goes too whoever authored the post, regardless of whether the post was words, pictures or music. You also get rewards for your time and attention called curation rewards.

Attention economy

The last idea I want to leave you with is that of the attention economy. The last topic I explained was curation rewards. These go to you from the reward pool as a result of you upvote and represent something of value given to you in exchange for your time and attention. This token called hive has value, just like your time and attention has value. So it is a financial contract between the Hive Community and you. It is a type of economy based on paying you for your time and attention, hence the name.

Summary

Today I talked bout the Hive community, a blogging community called Hive, on a blockchain, with reward cryptocurrency tokens called hive. It’s both a social and economic community with a reward token called hive, a stable coin called hive backed dollars and a form of locked up or staked hive called hive power. You earn rewards here by getting or giving upvotes, which are like likes, but worth hive, and hive is worth money. This money come from the reward pool. Which is filled everyday by the hive blockchain with new tokens. Your powered up hive is called hive power, and determines how much of the reward pool your votes portion out. These rewards going to content creators are called author rewards, and the rewards which come to those who upvote also come from the reward pool.

In this way both content creators and those people who upvote their post are paid hive for their time and attention. So it’s called an Attention economy because people are paid fo paying attention.

This is the first part of my journey.

@defigeek

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