Introducing Hivebits

Hivebits (HBIT) is a token on Hive-Engine, a sidechain to the Hive blockchain. HBIT is about slowly getting little bits of Hive.

Hivebits basics

@Hivebits is like Bitcoin in that you get it by mining and there are 21 million max, split down to 8 decimals.

Bitcoin is mined by effort, by "proof-of-work". Similarly, HBIT is mined by effort, call it "proof-of-comment". HBIT can be "mined" simply by commenting anywhere on the Hive blockchain by typing !HBIT

You can mine once per day. Your mined HBIT will show up in your Hive-Engine wallet.

To mine HBIT, only two things are required:

1. A Hive account
2. You must comment on the Hive blockchain using one of these commands: !HBIT or !hbit or !hivebits

If you don't have a Hive account already, you can use my referral link at https://ecency.com/signup?referral=crrdlx and I will support you as you start out. Or, go to the main Hive signup site at https://signup.hive.io and choose an option.

Hivebits details

Max supply: 21 million

Decimal precision: 8

Background
I started the @LUVshares project as a comment-based tip/engagement/appreciation token with the intent of sharing love with others on the Hive chain. It seems to have been well-received. In time, it became clear that some users were issuing LUV to themselves using alternate accounts. They were self-tipping. Although the engagement is appreciated, LUV's goal is to give to others.

Enter HBIT. Here, a Hive user can mine for one's self. This is actually the exact intent of Hivebits: Your effort, your reward.

It's worth noting: within a 24 hour period, the intent for HBIT mining is per-person, not per-username. If users are suspected of abusing this, they'll be contacted and possibly blocked.

How it works
HBIT is a comment-based token similar to others on Hive, like LUV. However, HBIT works differently...

• Tip/engagement tokens such as LUV award a token to the person being replied to in the comment. LUV is a comment-tip token because the repliee gets the token.
• HBIT awards a token to the person typing the command !HBIT, not to the person being replied to. HBIT is a comment-mine token because the replier gets the token.

The !HBIT command should work anywhere on Hive Feel free to comment on this post to test and see how it works [EDIT]..."anywhere" was incorrect. You can comment/reply on Hive anywhere EXCEPT to the Hive account@hivebits account. If you wish to test or mine HBIT, I set up this post where you can reply to me (Hive account@crrdlx) and it should work: https://peakd.com/@crrdlx/hbit-mine]...[end EDIT] (allow some time). However, you may eventually wish to make your own post/page dedicated specifically for this purpose. For instance, you might make something like a post called, "My HBIT mine". There, you could comment and earn HBIT whenever.

HBIT is all about slow-and-steady persistence. It's about getting on chain, exerting a little effort, then gaining little bits of Hive. Like your morning coffee...daily Hivebits, daily HBIT.

Value and use
"What's it worth?", you ask. I don't know. The value of HBIT will be determined by the open-and-free market. That's how value works.

The market is at https://tribaldex.com/trade/HBIT I also made some value checker tools to help answer questions like this and may add HBIT.

Hivebits will start with a "fair launch". By this, I mean that everyone will start out with zero HBIT and everyone will have the same opportunity to earn HBIT via mining. A few test transactions were made, but those tokens have been returned to the source/reserve @Hivebits account to launch. See the numbers:

_{100 HBIT minted so far, 21 M max.}

_{All of the "first 100" HBIT are starting in the @Hivebits account on day one, 01/01/2022. They will be distributed as they are mined by Hive users.}

For transparency, you can monitor the token and transactions in places like:

• https://hive-engine.rocks/transactions?symbol=hbit
• https://he.dtools.dev/@hivebits
• The Discord server shows activity in the hbit-log channel.

There are only three ways HBIT can be obtained: (a) mine it, or (b) receive it as a gift after someone else has mined it, or (c) buy it on the open market after someone else has mined it. The @Hivebits account will not sell or give HBIT. The account exists solely to distribute the token. Thus, behind every HBIT, or small bit of HBIT, there has been someone's conscious effort and activity on the Hive blockchain. If nothing else, HBIT is backed by this fact.

Once in users' wallets, HBIT can be held, given, or sold. "Price discovery" on the market will reveal the HBIT value.

Possible use-cases for HBIT are:

• Activity. HBIT encourages users to go beyond reading/scrolling and to engage.
• Attract. The sheer simplicity of mining HBIT may be attractive to new users because it is a very easy way to gain a token. Why not reach out on other social media, or even better, personally invite a friend right now to join Hive?
• Fun. Doing something and getting a quick reward is fun. Also, some sort of randomization in mining may come in the future. Imagine opening an oyster, sometimes there's nothing inside, but sometimes there's a pearl! Either way, checking the oyster is always fun.
• Learn. This is an easy way to learn about trading...how to read order books, depth charts, and how to trade.
• Spend. Perhaps in the future users could pay-with-HBIT using tools like HivePay.
• Earn. You'll earn HBIT when you mine. The name "Hivebits" suggests little "bits of Hive". The name can also suggest Hive-to-Bitcoin, actual HIVE-to-BTC by leap-frogging along. It's a process, but it could work as follows:

You mine HBIT. On the Hive-Engine market, you sell HBIT to gain SWAP.HIVE You withdraw the SWAP.HIVE to get HIVE. On a market with a HIVE/BTC pairing, you sell HIVE to gain BTC. It would be very small, but boom!...HBIT-to-BTC. Hive-to-Bitcoin.

Issuance/minting and emission: This requires a little explanation.

HBIT tokens will be issued/minted to the @Hivebits account as needed to keep the "hbitbot" supplied. Issuance/emission does not mean the tokens are in users' wallets. Instead, they are simply being held in reserve by the @Hivebits account which sends out the tokens. HBIT will only be released into the wild to users when they are mined by users who comment with the !hivebits command.

Emission refers to how fast tokens are released. This is a bit hard to predict. The initial intent is to generally follow the curve of Bitcoin's emission: fast at first, then medium-fast, medium, then slow. I say generally because (a) this is not hard-coded anywhere, but serves as a guideline, and (b) there are a couple of factors at play:

1. Interest/engagement/mining of HBIT is hard to predict.
2. Resource Credits (RC) matter on Hive because RC fuels activity. Like a rocket to the moon, running a bot like this burns lots of fuel. To start off, @Hivebits has 13 HP delegated to it. That's kind of small. In order to be active and continually distribute HBIT, @Hivebits will need to gain much more Hive Power (HP). There is a very real chance that RC issues may, at times, prevent the hbitbot from sending out tokens.
3. There are some technical issues at play with a new bot as well. Metaphorically, a baby bot goes to sleep a lot. Be patient.

Summed, #1 above suggests the key point...this is all hard to predict. Which leads to...

A disclaimer: there are no guarantees with HBIT in any way. Consider this entertainment. Regarding the bot, I'll try to keep it running, however I'm sure there will be down times. Also, my primary focus will be to maintain LUV.

Follow this account and/or join the Discord at https://discord.gg/K5GvNhcPqR to keep up.

Summary

HBIT is a token on the Hive-Engine sidechain to Hive. Users on the Hive blockchain can mine HBIT daily simply by commenting with the command: !hivebits

written by Hive account@crrdlx

:)

Hivebits (LUVshares) Discord: https://discord.gg/K5GvNhcPqR
Hivebits creator: Hive account@crrdlx