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What Is Hive Engine? What Is Tribaldex? - Introduction To Smart Layer 2 Side Chain To Hive Blockchain

 

By Nerly Shammah Sep 17, 2022

 

 

To understand better why hive engine exists and its underlying technology, see this comprehensive coverage of what the Hive Blockchain is.

 

Hive engine is a sidechain to the hive blockchain, it brings smart contracts to the network without sacrificing security. 

 

Typically, mainnets or chains are not often easy to tweak or adjust codes, this makes it difficult to scale to some degree, an example would be the Bitcoin network where smart contracts are not possible on the chain.

 

Similarly, so as not to sacrifice the security of the network, smart contracts are not currently integrated directly on the mainnet of the hive blockchain, with hive engine, smart contracts are brought to life, enabling people to not only do more with their hive tokens but also do other things like creating their own token, building an economy on top of the hive blockchain, creating their own outposts to boost their project building environment, a community where like minds can come together and grow, this is what hive engine does.

 

 

Understanding Hive Engine and Tribaldex

 

For smart contracts to have a home on the Hive blockchain, hive engine was created. Although custom contracts are currently not integrated, it's in the development process to allow individuals to flexibly integrate their own custom codes to supercharge their projects.

 

That said, currently, users can do a couple of amazing things on hive engine which include creating and issuing custom tokens, setting up liquidity pools with rewards integrated, creating tokenized communities called outposts with integrated token rewards mechanisms, creating NFTs, setting up DAOs called Decentralized Token Fund(DTF), create airdrops, claim drops and even token mining mechanisms and lots more.

 

Wanna know the fun part? NO CODING SKILLS ARE REQUIRED!

 

What is Tribaldex?

 

Tribaldex is typically hive engine, most of the features mentioned above cannot be accessed via the hive engine site, however, all features can be accessed via Tribaldex. 

 

Basically, the same team of developers, building on a different front-end with more integrated features.

 

Tokenized Communities - Outposts Explained.

 

What are tokenized communities? What are outposts? Basically the same thing as with hive.

 

Simply, outposts are tokenized communities whereas a full token-reward base frontend is developed and integrated with smart contracts. Project owners typically create outposts to bring their community of investors together.

 

Outposts are integrated with rewards tokens which may function similarly to hive when it comes to rewards pools enabling the distribution of assets to community participants via curation.

 

These outposts can be individually designed and managed if one has the coding skills, an example of an outpost that is privately managed is Leofinance, that said, Hive engine or Tribaldex makes it easy to build and integrate.

 

Hive Engine Market and Decentralized Exchange

 

Asides from offering services around smart contracts, hive engine has a fully integrated marketplace for hive engine tokens as well as external blockchain tokens and coins.

 

Typically, token owners may decide to set their tokens to be tradable in the marketplace or not. Tradable tokens are also based on the factor of demand and supply, if there aren't any available orders, tokens may not be tradable.

 

Hive engine Automated Market Maker(AMM) Decentralized Exchange(DEX)

 

The marketplace explained differs from an AMM decentralized exchange, there are no instant trades, and the execution of orders depends on the supply and demand of the said token.

 

That said, hive engine AMM DEX is available via the Tribaldex website whereas provided a select token has a liquidity pool, assets can be traded in an instant.

 

Hive Engine Governance

 

Being a sidechain, hive engine has its own native currency called BEE and WORKER BEE. Just as there are witnesses on hive blockchain voted in by coin holders to verify transactions, coin holders also have to vote on witnesses to verify transactions on the side chain.

 

The required asset for this is the BEE and WORKER BEE, typically, every service on hive engine with a fee is covered in BEE. 

 

In order to use Hive engine or Tribaldex, you'll need a hive account. See this comprehensive tutorial on how to get one.

 

To learn more about hive engine, visit hive-engine.com and tribaldex.com.