On the Hive blockchain, the first day of every month is not just any day but it is Power Up Day.
I signed up on Hive on March 19, 2019 and since that day I have never done a Power Down but I have always done Power UP.
Hive is not just a decentralized blogging platform but it is much much more and the success that Splinterlands is having shows how Hive is the perfect cradle for the development and growth of Web 3.0 projects.
Power Up Day is an initiative initially created by @streetstyle and carried on by @traciyork.
The code name of the Hive Power Up Day initiative is HIVEPUD.
All Hivers can participate in the Hive Power Up Day initiative but only those who have certain requirements can win prizes.
You can read all the details and requirements to win prizes by reading the post at the link below:
Link post: https://peakd.com/hive-167922/@traciyork/welcome-to-hivepud-hive-power-up-day-september-1st-2021
The rules in summary of the HPUD initiative are as follows:
- you must write and publish a post by the first day of the month showing your Power UP and you must use the tag #HivePUD
- You must have a Hive Power higher than 100 HP and lower than 8000 HP
- you must have a reputation higher than 39 and lower than 70
- you must make a Power Up of minimum 10 HP during the first day of every month.
Will be rewarded the Hive users who make the biggest Power UP in percentage and not in absolute value.
For example someone who has 100 HP and does a Power UP of 20 HP (+20%) will receive a bigger reward than someone who has 6000 HP and does a Power UP of 600 HP (+10%).
I have a reputation above 73 and I have an amount of HP above 17000 so I can not compete for prizes but I still like this initiative because it favors small and new users of Hive as it should be.
Today I did the Power Up of all the liquid HIVE tokens I had in my wallet: 28,160 HP
To make a bigger power up I sold some HBDs I had in my wallet in exchange for HIVE and then ran the power up according to the following path: HBD -> HIVE -> HP.
HBD -> HIVE -> HP (Power Up)
Step by Step Guide
To sell the HBD tokens, I used the Market of Hive (https://wallet.hive.blog/market).
The operation of selling HBD tokens from https://wallet.hive.blog/market is an easy operation to perform and I want to show all the steps so as to help new users who have never done this operation.
How to Sell HBD tokens in exchange for HIVE (HBD -> HIVE)
Step 1: you need to login at https://wallet.hive.blog/market.
I use Hive Keychain (https://hive-keychain.com/) which is my preferred method of accessing Hive.
Step 2: In the "BUY HIVE" section, within the third line (Total), you must enter the amount of HBD you wish to sell in exchange for HIVE as indicated by arrow number 1 in the following image and then you must click on the button that says "BUY HIVE" as indicated by arrow number 2 in the following image.
Note: you can also enter a value less than 0.487282 (lower selling price) in the first line (Price) to get a higher number of HIVEs but in that case you will have to wait for your purchase order to be matched.
In this post I wanted to show the easiest and most straightforward process but I always try to get a better exchange ;)
I decided to sell 11 HBD in exchange for HIVE tokens and as you can see from the information in the image below, my order was accepted and I received 22.575 HIVE.
The 22.575 HIVE was in addition to the amount of liquid HIVE tokens I had in my wallet for a final total of 50.735 HIVE.
The last operation to do is the most beautiful and the easiest: the Power Up!
How to do Power Up
To do Power Up I use the wallet section of PeakD (https://peakd.com/) but every wallet available on Hive has a Power Up feature.
Here are the steps I performed to convert 50.73 HIVE to 50.73 Hive Power (HP).
Step 1: I logged into https://peakd.com/.
Step 2: I clicked in the upper right hand corner on the down arrow next to my Hive username and in the drop down menu clicked Wallet.
Step 3: Within the wallet section of Peakd I clicked on the downward-pointing little arrow below the indication of the amount of liquid HIVE tokens (HIVE) in my possession and then clicked on the Power Up option (as indicated by the arrows in the following image).
Step 4: On the next screen I entered the amount of HIVE to convert to Hive Power (in my case 50,735 HIVE) and then clicked CONTINUE.
The Power Up operation is really very simple and my Power Up was executed immediately.
Why Power Up?
Having HIVE liquids in your wallet has only one advantage: the ability to transfer HIVE tokens at any time, immediately and at 0 cost.
Converting HIVE tokens to Hive Power (HP) allows you to gain many advantages:
+ Hive Power = + Vote Weight
Having more Hive Power (HP) allows you to have a higher Vote Weight.
When you vote for a post or comment by another Hive user you receive 50% of the value of your vote (after the seventh day of publishing the post or comment you voted for).
Note: New users often mistakenly think that voting for another author's content is equivalent to decreasing the value of their wallet. When you vote for a post or comment on Hive, you don't lose anything but on the contrary you gain an amount of HP and HBD.
The curation activity (voting activity on Hive) allows me to receive on average about 15% return per year (APR).
Those who don't vote and therefore don't utilize their voting power by holding it at 100% get a much lower APR: 3.19%
+ Hive Power = + Decision Making Power (Proposals and Voting Witnesses)
The more HP a Hive user has, the more weight their vote carries in deciding which witnesses and proposals to fund (DHF proposal).
+ Hive Power = + Resource Credits
Having more Resource Credits is equivalent to having more leeway on the Hive blockchain:
- perform more actions and interactions
- perform more transactions
Hivebuzz and Power Up Day
The @hivebuzz account supports Power Up Day and those who make a Power Up on the first day of each month receive a badge at https://hivebuzz.me/ .
The badge on the hivebuzz site has no economic value but has a symbolic value.
As you can see from the following image with the power up I made today I will receive my ninth "Power Up Day" badge (the seventh consecutive).
Starting today, September 1, 2021, it will be possible to obtain another prestigious badge: "Power Up Month".
This new badge will be the reward for those who:
- publish one post per day for the entire month of September and set their post payment to 100% HIVE POWER
- does not self-vote
- is not in a state of Power Down
- who, even if they don't publish content, makes a power up per day of at least 1 HIVE.
You can read all the requirements and all the details about the "Power Up Month" badge at the following link:
https://peakd.com/hivebuzz/@hivebuzz/pum
If you haven't yet made a Power Up today and you want to receive this badge too, there's still time and you have just over two hours to do it!
If you are a new user of Hive and you have never made a Power Up until now I hope that this post of mine with the indication of the steps to follow can be useful to you.
For me doing a Power Up on Hive is absolutely the best way to start the month!
If you don't have a Hive account you can easily create one in just a few steps.
I wrote a short tutorial where I show how to do it:
HIVE: Registration and First Login with PeakD]
The images in this post are screenshots taken from the sites:
https://wallet.hive.blog/market
The font I used in my images or in the images edited by me is Open Source
