Newbies Task 5 - BeeSwap, Keychain And Second Layer Tokens

_{Image designed by me with Canva}

Wow, I cannot believe the newbies initiative task has gone on for 5 weeks now. I would like to thank @ksam for taking my colleagues and I through hive tipping tokens. mining tokens, the use of beeswap and the use of hive keychain. I would like to thank my team leader @moremomey28 for his continuous guidance and @starstrings01 for the weekly updates. My thanks goes to all the other teachers who have been brought in to tutor us so far.

After going through the lesson, this is my entry to the task at hand.

Swap.Hive And Hive

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Hive is the cryptocurrency coin that the hive blockchain uses. It is the native asset of the blockchain used to perform some functions. We use hive to vote or curate, make transactions and also gift. Hive allows for voting by staking for hive power.

Swap.hive is different from hive in the sense that, it is used for the secondary layer tokens on hive. You use swap.hive to purchase these tokens and you sell or swap the bought tokens for swap.hive when selling. So basically, swap.hive is used to trade secondary layer tokens like leo, neoaxag, lgn, woo, dbln, dreem, among others on hive engine. Hive engine is where all the hive tokens can be found and traded.

You need to convert hive to swap.hive when you want to buy a second layer token and you need to convert that second layer token to swap.hive and then to hive when selling it.

Tipping Tokens And How They Are Abused

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Tipping tokens is the act of gifting or sharing the tokens on hive to other users. Tipping tokens can be a way of showing support to other users for doing a good job on the blockchain or as a way of showing love to other users. Doing a good job on the blockchain can be in the form of publishing a post admired or liked by the tipper. You can also be tipped because you made a comment the tipper likes or for any other reason. Basically, the right or reason to tip is reserved to the tipper.

• Alive Token is one example of tipping token I see a lot. I guess it is one of those tokens a lot of people use. This token was developed by @flaxz for the Alive tribe. Members of the alive tribe are rewarded with the Alive token tipping exclusivity as a reward for locking or staking their Alive tokens. So, when you have alive tokens that are staked, you are able to use this feature and tip 0.1 alive token. However, you cannot stake any amount and expect to have this added advantage. You need to stake a minimum quantity of 1000 tokens to be able to access this feature.

The tipping of alive is limited usage though because you can tip 10 times a day if you have staked 1000 tokens and tip 40 times if you have staked 100000. To tip alive, you use the command "!Alive".

• LUV Shares is another example of tipping token that is activated by the command "!luv". Using !love, !Luv or !LUV also activates the LUV tipping. This was brought about by @luvshares. The aim is to spread positivity and love. That is why sometime in December last year, Hive learners hosted an event where you mention or tag your loved one so they can be tipped some luv shares. You need to hold at least 10 luv to have this added feature. Unlike alive, you can only use this once per day if you have 10 of the alive in your wallets and 10 times per day if you have 750 alive in your wallet.

The interesting thing is that when you tip someone, it is not subtracted from your wallet.

These tipping tokens can be abused because they are not subtracted from our wallets. It is not right to abuse because when you are caught, you could be stopped from ever using the service of the tipping bot. 2 ways they can be abused are;

• When a user through an alt account or a second account tips himself.

• Another way of abusing the tipping bot is through frequent usage. One user shouldn't be tipping every minute and every time. Such an act is called "ping-pong giving" as defined by @luvshares.

Converting Hive To Swap.Hive And Back To Hive

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For this practical aspect of task 5, we are required to show how 1.1 hive can be converted to swap.hive and from swap.hive back to hive. I used beeswap as we were taught. Below are the steps in the conversion. I could simply deposited hive into keychain which automatically makes it swap.hive but I’m already conversant with that and so I decided to go with what I haven’t used before.

• Launch hive keychain on mobile.

_{launching hive keychain from my apps**}

• Then I clicked on the 3 dots at the top right when the keychain loaded and clicked on browser.

_{browser is the second option to select}

• In the search box on top, I entered beeswap.dcity.io

_{entering the beeswap link}

• Beeswap was launched.

• I clicked on the 3 dashes as shown and clicked on login after beeswap launched.

_{selecting login}

• A dialog box popped up, I entered my hive usernane and clicked on login with keychain>

_{logging in to beeswap with keychain}

• I then clicked on confirm from the pop up message. I was successfully logged in and I click on convert. The resulting page was as shown.

• Since we are converting 1.1 hive to swap.hive, I clicked to change the arrows so that is hive in the top box and swap hive in the bottom box. You could do that manually by typing the names in each box.

_{making sure hive is first and swap.hive is second}

• I then keyed in 1.1 in the hive section. I checked to see if there was liquidity for the 1.09725 swap.hive I would receive. Then I clicked on convert.

• I clicked on confirm from the pop up and the conversion started and confirmed. It took a while for the transaction to confirm. Mine took about 3-4 hours to confirm. I thought I had made a mistake and even converted another 1.1 hive to swap.hive.

_{Receiving notification from ecency.}

In converting swap.hive for hive, these steps were used.

• I clicked on swap and this opened.

• You see here that it’s already from swap.hive to hive. The next to do is to key in the amount of swap.hive to swap.
  Since 1.1 hive gave me 1.09725 swap.hive, I entered 1.09725 swap.hive in the top box. I clicked on convert.

_{Keying in the amount of swap.hive to swap and confirming for liquidity.}

• Then, I clicked on confirm from the pop up.

• The transaction went through and I was notified.This one didn’t take long to convert. The swapping happened immediately.

So, these are the steps I took in converting 1.1 hive to swap.hive and back to hive.

In conclusion, I learnt about tipping tokens which include alive, luv, pizza,loh, lolz, among others and that they are tokens that are gifted to other users. For most of them, using the command ”!name of token” activates the tipping bot but then you’d have to either have the token in your wallet or have it staked as some require.

It’s an abuse to do “ping pong giving” and to also intentionally tip oneself through multiple accounts.

We convert hive to swap.hive when we want to trade secondary layer tokens like Leo, neoxag, lgn with keychain or beeswap.

Thank you.