Hive blog is a web 3 social platform that brings light to blockchain contenting, monetization, ownership, and control. Being built on an open and decentralized network, the hive blockchain, hive blog is censorship resistant, thus a free speech platform where individuals have rights to whatever they create.
As a blockchain-powered project, hive blog is seamlessly integrated into the blockchain, building a more social thus friendly atmosphere for not only builders and developers, but also content creators and consumers.
● Hive blog is a social platform powered by underlying technologies that bring content immutability to life.
● Hive blog is built on the hive blockchain and thus acts as the front-end for the realization of all backend developments.
● Hive blog creates room for content monetization, users can create and earn hive currencies such as Hive coins, and Hive-Backed Dollar(HBD) for publishing on the network.
● Hive blog is a fair business environment with more organic perks than web3 social platforms.
● Hive blog is censorship-free, users can post whatever and own it. No post published on hive can be deleted, though can be edited on the front-end but only by those who published it.
Understanding Hive Blog
In the wake of the fork of the hive blockchain, which gave the network a new life and space to operate, hive blog was born as a social interface with direct integration to the blockchain. Actually, most of the underlying structures of the hive blockchain are accessed via hive blog, this includes accounts, proposals, and the Decentralized Hive Fund, and so it is typically the front-end of the blockchain.
So, what is hive blog really?
Hive blog is simply a content monetization platform on the hive blockchain. Instead of centralized social platforms where monetization and content ownership are opposed to diverse risks of termination, hive blog creates an environment where creators have more control over their work.
Users on hive blog can earn through content created as blog posts or comments, and video blogs via layer 2 solutions or even the based layer, all depending on user preference, this is made possible via communities dealing with different niches.
Typically users can choose from a wide range of communities to create targeted and valuable content, following the value they grow, users can earn a non-determinable amount of cryptocurrencies for the content they create. Additionally, users can earn hive coins via the comments they make, this boils down to how much value they pass through it.
Content Monetization - How Users Earn On Hive
Typically, on the blog side of things, there are two types of people on hive, curators and creators. Creators create content, curators serve as a channel to get paid.
Although some may have the misconception that curators pay creators, the hive blockchain has a system of asset allocation which goes to curators and creators.
Typically, curators also are being paid, so that breaks the idea of seeing any one of them as superior, in fact, both rely on the other to actually earn on hive. Users simply create content and curators vote on the content, passing an amount of value to it based on different factors.
Curators, Hive Power, and Hive Rewards Explained
It is important to note that a user can be a curator and a creator, just depends on them.
A curator is simply one that goes around the chain seeking out valuable content to reward, the rewards vary based on a grading system whereas the curator assigns the desired percentage value of his “vote-weight” to the content.
Why would anyone want to go around reading and voting on content? This is because there’s a reward for it. The hive blockchain allocations 65% of its inflation to the users: witnesses, creators, and curators, users earn millions of hive coins provided they participate.
In more detail, one doesn’t just become a curator, there are certain things required and that is mainly holding a stake!
A stake or powered-up hive coins are simply locked-up hive coins. When a user locks up his hive coins, he gets the right to vote on content and earn rewards. The weight of his vote and rewards depend on how much hive stake he holds.
For example, if a user holds 100,000 hive coins at stake(powered up, that is Hive Power) and another user holds 1,000,000 hive coins, obviously the latter will earn more just as he will have more influence on the governance of the network.
Understanding this, curators typically earn 50% of their vote value each time they upvote a post, the other 50% goes to the creators and the number of votes one can get isn’t limited, however, considering that all of this is done on a blockchain, emission follows specific rules, thus, contents monetization are time-based(7 days to the exact), after the defined timeframe, those posts cannot get rewards via votes, notwithstanding, there can still receive tips from the community.
There’s more, understanding rewards
Having learned that contents cannot receive more votes after 7 days, this is mainly because at that time and that time alone, all rewards accumulated in the last 7 days will be paid out to both curators and creators, following the defined 50/50 cut.
Why 7 days?
Typically, just as there’s an upvote, there’s a downvote, as many may have guessed, a downvote does the opposite of what an upvote does. Typically, a downvote will reduce the value a post earns, it is also based on the stake of who is downvoting, so some downvotes may not remove a significant amount of value if the downvoter has a low staked amount of hive coins.
This is set by default as a mechanism to control what is called “rewards farming”. Typically, you don’t have to worry about downvotes as there only go to people gaming the system and earning undeserved rewards, maybe by publishing stolen content or spamming the system with multiple trash posts.
So, downvotes are in place, and the post is typically set to only pay out after seven days so that underserved content may be spotted and dealt with(typically downvoting to remove rewards). Note that this doesn’t delete the post, only the user can make changes to his contents, thus, freedom is not crossed in the process.
Also, to control how much hive coins are distributed, each time a curator upvotes a post, the value he can give to the next post reduces. For example, if a curator votes post A 100% and his vote value is 20 hive, the next post he will vote on will receive less than 20. This is in place so that too much is not printed into circulation and value is not wasted on spam or typically just milked out.
However, vote value recharges, just as resource credit does, meaning that after some time, mostly hours after curation, the curator may be able to give 20 hive coins on the first vote. There are things to however consider, if a curator drains his voting value to 1% or 0%, it may take days to fully recharge.
What Cryptocurrency Do Hive Users Earn?
Hive pays its users in Hive coins and Hive-Backed Dollars(HBD). Curators earn 50% of their vote value in hive coins. While on the other side, creators earn their post rewards in hive coins and HBD. Basically, the creator's 50% cut on post-generated value gets split in two.
Half of it gets paid to them as Hive Power(HP)(locked up hive) and the other comes as HBD. HBD is a stablecoin that is spendable immediately, while HP is subject to a 13-week cool-down period. HP gives the users more resource credits and vote value, thus, serving as an important piece of the ecosystem.
HP can be unlocked or powered down by choice of the users earning them, however, there are several third-party services that allow creators to earn all their rewards in liquid hive form.