First Time Joining AMA In Hive With Crimsonclad Hosted By CCC.io

AMA (Ask Me Anything) is one way to get to know more about the project's roadmaps, developments and any future plans and if the project is reliable to invest in.

I wanted to have a comeback in my Hive account, it's so timely that I bumped into a Telegram Channel which is CCC.io who are conducting AMA's on different blockchain projects and one of it was Hive.

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Upon knowing that CCC.io will have an AMA with Crimsonclad, Hive block producer, educator and blockchain liaison in Hive I never hesitated to join as I wanted to get to know more about hive, how its ecosystem works and more. The AMA happened last July 18, 2022 and had 1 hour duration. Crimsonclad explained about hive background,her views on the current crypto market, hive basics, upcoming plans and features, achievements and many more.

Below is the link of the AMA, you can watch it. I won't explain everything that the AMA covered only the important things I understand, as I don't want to have copyright issues with the audio/video that CCC.io posted.

Here's the time breakdown of the AMA;

00:41 – Welcome to CCC.io Crimsonclad introduces Hive
03:53 – Crimsonclad's views on the current crypto market
07:47 – Her insights about next crypto trends
10:59 – Insights about Hive in Web 3.0
18:49 – Difference on Hive currencies: HIVE, Hive Power, HBD
26:36 – Crimsonclad explains how Hive address security & privacy concerns?
33:45 – Explained Hive ecosystem’s DApps & games
39:58 – She answers how do collecting & making NFTs works on Hive?
44:55 – Insights about crypto stability
50:02 – Winners announcement. Farewell (5 winner will have 100 $Hive)

Among the question answered the most part that got me was about the Hive currencies, which are the hive, hbd and hp because I don't understand it before.

Difference between Hive, HBD and HP

I've been a user in hive for almost two years and I still don't understand what is the difference and usage of hive token, hive backed dollar (hbd) and hive power (hp), not until I joined the AMA and Crimsonclad explained the difference and it's usage. I have many friends here from other platform that are also newbie in Hive, so I decided to write about this so they'll also understand the difference between the three.

Hive

$Hive is the native token in Hive ecosystem, we can trade it to other users, we can buy and sell with it on different exchanger and speculate it's price just like other cryptocurrencies. It's also one of the tokens users can earn when they join hive blogging. It's one of the rewards given by the curators when they like their content, or one can buy it on exchanger as a form of investment and hold it as it's price is fluctuating just like other crypto coins.

$Hive can be convertible into Hive power as well to grow users power to do any transactions in hive blockchain with 2.9% APR when they stake it.

Hive Backed Dollar (HBD)

Hive backed dollar is also one of the rewards given or can be earned in hive especially in blogging, if you notice in the reward settings there is an option that shows 50% Hive and 50% HBD, user can chose either to earn $hive alone or HBD, both has usage that a user must understand so they can chose wisely what tokens they like to receive as their reward. HBD from it's name hive backed dollar means it is pegged with dollar, it's price is equivalent to $1 and it does not fluctuate like $Hive.

In other blockchain, they only give fluctuating rewards wherein users will be forced to convert their tokens in stablecoins if they're not so happy with crypto's volatility. Hive ecosystem provide this solutions so users don't have to go to other platforms just to exchange it's crypto to a stablecoins and stake it. HBD can be stake as well with 20% APR in Hive blockchain, other users use CEX (Centralized Exchanger) just to stake their crypto or go to any DeFi platform which is very risky at some point, at least in Hive they care about it's community as it is a community powered blockchain.

Hive Power (HP)

Hive Power is the one that can give user power to do any transactions in hive blockchain, it can also be used in governance voting. If a user wants to get involved in any development in hive, they can participate in governance voting using their hive power. It also gives 2.9% APR when they stake it.

Why Hive have these three currencies and why they have different communities??

Hive blockchain is very unique from other blockchain by providing these three different currency as they wanted to secure their users safety so they won't have to go to other platforms just to let their cryptos work, they wanted their users to be part of the ecosystem (governance voting) not just a user.

Hive blockchain provides every users interest as it has different communities where users can utilize according to their interest, if they're interested in play to earn there is Splinterlands, if they're interested in music there is 3speak, if they're into writing there are communities that has different niche and many more.

This blog was just based on my understanding upon joining the AMA, if you want to understand more you can watch or listen the video attached above. Thank you for reading, if there are parts that I wrote or understand wrongly, corrections is highly appreciated.