HIVE Engine Speculation! Could the HIVE Token Be Overshadowed?
Found out yesterday that is possible to build tokens on top of HIVE, more than that, apparently you can stake some of them and program different functionalities as well.
I don't know anything about it yet, I'm now beginning to study the whole thing. However, I am concerned already...
What is my concern? That another token might actually shadow the HIVE token, I'm afraid that the HIVE engine and the tokens created there might divert attention from the HIVE token.
Sure, having many features is nice...but there are times in which features can actually compete with each other.
I know I'm missisng a bunch of stuff, I haven't taken the time to study this yet. Right now my concern is that the creation of micro economies might slow down the growth of the HIVE economy at a bigger scale.
!PIZZA
See? That's what I'm saying? What is this?
What is it and how much time am I going to spend investigating this token as opposed to figuring out how to add more value to or how else I can use HIVE tokens?
I love options though, don't get me wrong. But I would love to hear from other people who have thought about concern I currently have.
!PIZZA
!PIZZA
Hello @tommycordero. Welcome to the age of programmable currency.😁
There isn't much to worry about. All of the Hive Engine tokens (such as MEME which is rewarded mainly through https://www.hiveme.me) are second layer tokens of the Hive token. Most tokens are earned by curating and upvoting content which is on the Hive platform. If you want to encourage more of a certain type of content to be posted on the Hive platform creating a community and token for that content is a great incentive for content creators.
Second layer H-E tokens help to maximize Hive rewards. On the tribaldex.com, hive-engine.com, and leodex.io exchanges the H-E tokens are generally valued in reference to SWAP.HIVE which is just the same liquid Hive token that would be in your account wallet if it wasn't on an exchange.
Of course, as the creator of MEME I am a little bias.😁
Meme Source: @bhattg
I see...so a good use for this would be in the scenario that you wish to reward a type of content but you don't have the HP to incentivize creatos by way of voting just yet. Instead, you try to create some sort of loyalty program around a newly created token to reward the creators of the content you wish to support. I now understand how these tokens can add value to the network, incentivizing creation within, thank you @memehive
You've given me a lot of think about, now I'm wondering what advantages buying these tokens have from an investor point of view 😋
I guess, depending on what type of content the H-E token is meant to support, quick assessments can be made by looking at the DEX books, in relation to what the community might think is lacking on HIVE at the time.
Question, can H-E tokens be traded elsewhere already or is this a possibility for the future at all?
A few tokens that were originally on steem-engine before migrating after the Hive platform forked from Steemit have EOS counterparts that can be exchanged elsewhere. I am not privy to what Hive-Engine's plans are but their focus now is Web 3 and smart contracts so I would be surprised if in a few years atomic swaps weren't commonly available for H-E tokens to get BTC, ETH, et al. on decentralized exchanges.
As an investor if you want information on a H-E token use the link https://leodex.io/tokens and click on the i in a circle on the right hand side of a token's listing.
As an example here is the information page for MEME (https://leodex.io/token/MEME)
For the more technical metadata of a token's smart contract use the link:
https://scot-api.hive-engine.com/config?token=XXXX
and replace "XXXX" with the token's symbol.
For example again using MEME (https://scot-api.hive-engine.com/config?token=MEME)
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