Hive Ecosystem Part 4: Ecency
As usual, this article has already been published on both Medium and Publish0x, I am pushing the dissemination of all the Hive material to the maximum, the whole world needs to know about it, they need to start "thinking crypto".
Hello everybody. After the 3 introductory parts of the Hive system, let us proceed to analyze the realities that revolve around the main platform: they are all GUIs that have developed each with their own prerogatives.
If you noticed I mentioned GUIs: all of these applications (decentralized applications or dApps) are all leaning on the Hive blockchain and the standard operations are the same as we find in the original Hive.Blog interface.
As I mentioned above, however, each platform uses different features depending on their Creator
Today we will talk about one of the biggest: Ecency (@ecency) Once you log in via your private key or via hivesigner, we will be catapulted into the Ecency orbit, here it is:
This is the home page, on the left side we find keywords for quick search, in the middle patre we find the posts that have been published, sorted according to the tab highlighted at the top. On the right we find the communities and just above some utility links to our profile. With this article, I am going to focus on the particularities of this dApp. The Ecency project, founded by @good-karma, has introduced an innovation in the management of the blog itself: the Ecency Points.
These points are earned by using using using the blog normally through the Ecency dApp. Both from browser and from smartphone. If desired, it can also be used from a smartphone browser, using the "desktop view," but it is very complicated to read and consequently to edit or even read posts and articles.
Ecency Points are remunerated according to this ranking:
Of the screenshot above, let's talk about the most used ones and they are the first 4 icons starting from the left.
- 15 Pts every time we publish a post
- 5 Pts each comment we make
- 0.3 Pts each upvote we give to an author
- 1 Pts each reblog we make to a post.
We then have point-level rewards just for logging into Ecency and also for intensive use of the application.
How are they used?
The use of Ecency points is a real business strategy: you can use them to promote your content or to ask for a curation of your post. The curation by Boost does not always happen but if your post is really deserving, Ecency curators will likely support it.
Let's see how.
Once we have published our post, all we do is open it for reading and click on the top right where the 3 dots are.
The screen menu above opens and we select "Promote," and the window below opens:
We select the period for which we want to keep it on promotion and balance through the Ecency points available. Obviously we need to authorize the transaction and it can be done either with Hivesigner or KeyChain.
That's it, my item is repurposed by the system for the duration I selected.
The curation (Boost)
Boosting is different from promotion, in fact boosting is activated to have a fast track regarding curation of the article. The curation arrives within 24-48 hours, after that period, without the curation, the committed funds are reversed to one's wallet.
Important note: The post must not have been published for more than 24 hours to be eligible for curation!
Thanks to @melinda010100 who explained this important detail about HIVE's blockchain!
As with promotion, we click the 3 dots and select the Boost item
After selecting the boost item, we need to enter the Boost entity we want to insert
Having selected the desired amount we confirm, logically, as with promotion, this will have to be authorized via hivesigner or KeyChain.
It is only fair to point out something that may have been underestimated: if I earn enough points, with curation, I can "buy" the upvotes of each item.
Wrong, and very wrong!
Curations, are not "mandatory," if they are not executed within the set limits, the points are reversed in one's wallet and the curation is not executed. This aspect is noteworthy regarding the democratic nature of the system. You can trust it because I have personally tested the robustness of the algorithm, even with different settings, and the result is that curation seems to be performed randomly. Never mind changing the reward settings, the amount of points, the time between posting and boosting. All in keeping with an almost obsessive democratization.
Well here I am "demolishing" with the technique what we use daily with a certain naturalness. Ecency Points, other than utility tokens that are created continuously, being a dedicated token and only purchasable and not sellable, it makes no sense to make it deflationary or inflation-controlled.
When we activate a promotion, all we do is send the points to the Ecency wallet and the smart-contract grants us the promotion time.
For the boost it is slightly different, the tokens before they are sent are frozen in a smart-contract until the 24-48 hour time limit, after the time limit has passed, if the curation has been carried out the tokens arrive in the Ecency wallet, if the curation is unsuccessful, they are reversed to the wallet of origin.
This is a question I ask @good-karma directly: do the points that are used to pay for promotions and boosts suffer a burn or do they remain in circulation?
That's all for this installment as well, see you in a few days discussing another Hive.Blog satellite!