A Bit About WORKERBEE and BEE tokens .:. Why You Should Think About Investing in Them
I will maybe regret the words that I will say in this post, but I will say them either way... I like Hive and it is my home for over two years, and I saw some great things here, and some others not that great... Like in all things in life, if it's not on TV it didn't happen... Everyone has experienced something like that, and especially in the last couple of months when people are being silenced and censored all around the globe...
Well, the Hive isn't spared from that... Yes, we are in our (small) bubble enjoying our lives here, but still, inside the bubble are other bubbles... So, we have some awesome developments here on Hive that can bring a lot to the community and to the coin itself, but they are ignored by the "powers" of the Hive... I don't know the real reasons for those things, but it hurts to see some of the best dApps, frontends here on Hive, struggling to get deserved attention... And not just that, but having a bit of fresh air to breathe...
Created in Canva.com, background image source @aggroed
If you scratch a bit the surface you will see that one of the most popular tribes on Hive can't get in top witness, because... just because... If you look a bit further, you see all these awesome tribes on Hive that have been created separately, as SMT's has never arrived... If they weren't created, Hive would be much, much deeper in a gut... Yes, there is a lack of communication between developers and end-users, but still, in the past year, we got some awesome stuff developed ON the HIVE ecosystem... 3Speak will launch very soon their tokens which will add additional value to the Hive as a whole...
One of the apps that probably 80% of Hivers is using every single day is Hive-Engine exchange... These days, the exchange has made the first step toward decentralization by creating a witness system for transaction validation... I have to admit that I wasn't informed well about that before, but when it was announced, on the very first day, I have jumped in and created the Hive-Engine node to support it... Some other developments are happening in these moments, but there isn't a lot of information about it... It looks that that also is being pulled under the rug...
When I have created my introduction post about the H-E witness, I got a lot of questions about the WORKERBEE and BEE tokens, as people wanted to participate and help the system "rolling"... So, I have decided to dive deeper into it, and I will share some of the information that I got, and like I have understood them... If I made some mistakes, please feel free to correct me in the comment section...
So, what are WORKERBEE and BEE tokens?
I have always hated to learn the exact definitions for things, and I like to interpret them in my way... And sometimes, that's the way that people understand things better... So, the WORKERBEE token is, in nutshell, a miner token... That means that it creates (mints) some other token, in our case, it creates BEE tokens... There is no way to create new WORKERBEE tokens except by buying them on the market...
To make them work, you have to stake tokens and then you wait to receive the first BEE tokens in your wallet... As the mining process is like a lottery, more staked WORKERBEE tokens will increase your probability of mining some BEE tokens... If I'm not wrong, every hour only 10 BEE tokens are created in a mining process (all staked miners together)... Because of scarcity, I have created a WORKERBEE pool where you can delegate your tokens and receive weekly payments even if the rewards are under 1 BEE token...
Also, staked WORKERBEE tokens give you power in voting for Hive-Engine witnesses...
OK, let us talk about the product of mining, the BEE token... The BEE tokens can be mined with staked WORKERBEE tokens, or by purchasing them directly from the market... For what can you use them? Currently, all products that you can buy on Hive-Engine have to be paid with BEE tokens... So, I would say that they are kind of the official currency of Hive-Engine... You can spend them to create your token, to create your tribe, to buy some tools that can help you in the maintenance of your community, or to help you with trading your favorite tokens on the Hive-Engine...
Why would you invest in WORKERBEE or BEE tokens?
Let us roll back to the beginning of this post... These tokens didn't receive their deserved attention... yet... They have been created at the beginning of Hive-Engine and have been used only for some basic stuff, and they have maintained their value all the way... If you look only at that, knowing how cryptocurrencies are volatile, that means a LOT! But, let us try to look a bit in the future, and not that far away...
Diesel Pools are coming!
If you know something about decentralized pools on Ethereum, and maybe you have heard about Uniswap, Sushi, and some others, then you are already excited that I have mentioned this, here on Hive... Diesel Pools will be created on the same base as the Uniswap pools, but with some Hive-specific tweaks... Like, instead of high GAS fees on ETH, ZERO fees on Hive... Some additional tweaks will be implemented directly in pools, like adding incentives for liquidity providers, automatic rewards distribution, etc...
But, what have Diesel Pools with WORKERBEE or BEE tokens?
Well, specific pool creations and all other stuff needed for running them will be priced in BEE tokens... That means another huge sink for the token which was successfully keeping its value for a long time... So, what do you think is more likely to happen in the future? To see the BEE token at 0, or...
You can find more info in reference posts by @aggroed:
Disclaimer: I'm not a financial advisor or anything like that... These are just my personal opinions and thoughts and you should do your own research before investing your hard-earned money... When you have YOUR OWN opinions, then you should consider investing or not...
If you want to support my witness, you can do it by voting for @ph1102.ctp here https://tribaldex.com/witnesses, or just scan the QR code down below...
Thank you for your valuable time,
ph
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