A Bit About WORKERBEE and BEE tokens .:. Why You Should Think About Investing in Them

in LeoFinance2 months ago

I will maybe regret the words that I will say in this post, but I will say them either way... I like Hive and it is my home for over two years, and I saw some great things here, and some others not that great... Like in all things in life, if it's not on TV it didn't happen... Everyone has experienced something like that, and especially in the last couple of months when people are being silenced and censored all around the globe...

Well, the Hive isn't spared from that... Yes, we are in our (small) bubble enjoying our lives here, but still, inside the bubble are other bubbles... So, we have some awesome developments here on Hive that can bring a lot to the community and to the coin itself, but they are ignored by the "powers" of the Hive... I don't know the real reasons for those things, but it hurts to see some of the best dApps, frontends here on Hive, struggling to get deserved attention... And not just that, but having a bit of fresh air to breathe...


WORKERBEE and BEE tokens.jpg
Created in Canva.com, background image source @aggroed

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If you scratch a bit the surface you will see that one of the most popular tribes on Hive can't get in top witness, because... just because... If you look a bit further, you see all these awesome tribes on Hive that have been created separately, as SMT's has never arrived... If they weren't created, Hive would be much, much deeper in a gut... Yes, there is a lack of communication between developers and end-users, but still, in the past year, we got some awesome stuff developed ON the HIVE ecosystem... 3Speak will launch very soon their tokens which will add additional value to the Hive as a whole...

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One of the apps that probably 80% of Hivers is using every single day is Hive-Engine exchange... These days, the exchange has made the first step toward decentralization by creating a witness system for transaction validation... I have to admit that I wasn't informed well about that before, but when it was announced, on the very first day, I have jumped in and created the Hive-Engine node to support it... Some other developments are happening in these moments, but there isn't a lot of information about it... It looks that that also is being pulled under the rug...

When I have created my introduction post about the H-E witness, I got a lot of questions about the WORKERBEE and BEE tokens, as people wanted to participate and help the system "rolling"... So, I have decided to dive deeper into it, and I will share some of the information that I got, and like I have understood them... If I made some mistakes, please feel free to correct me in the comment section...

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So, what are WORKERBEE and BEE tokens?

I have always hated to learn the exact definitions for things, and I like to interpret them in my way... And sometimes, that's the way that people understand things better... So, the WORKERBEE token is, in nutshell, a miner token... That means that it creates (mints) some other token, in our case, it creates BEE tokens... There is no way to create new WORKERBEE tokens except by buying them on the market...

To make them work, you have to stake tokens and then you wait to receive the first BEE tokens in your wallet... As the mining process is like a lottery, more staked WORKERBEE tokens will increase your probability of mining some BEE tokens... If I'm not wrong, every hour only 10 BEE tokens are created in a mining process (all staked miners together)... Because of scarcity, I have created a WORKERBEE pool where you can delegate your tokens and receive weekly payments even if the rewards are under 1 BEE token...

Also, staked WORKERBEE tokens give you power in voting for Hive-Engine witnesses...

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OK, let us talk about the product of mining, the BEE token... The BEE tokens can be mined with staked WORKERBEE tokens, or by purchasing them directly from the market... For what can you use them? Currently, all products that you can buy on Hive-Engine have to be paid with BEE tokens... So, I would say that they are kind of the official currency of Hive-Engine... You can spend them to create your token, to create your tribe, to buy some tools that can help you in the maintenance of your community, or to help you with trading your favorite tokens on the Hive-Engine...

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Why would you invest in WORKERBEE or BEE tokens?

Let us roll back to the beginning of this post... These tokens didn't receive their deserved attention... yet... They have been created at the beginning of Hive-Engine and have been used only for some basic stuff, and they have maintained their value all the way... If you look only at that, knowing how cryptocurrencies are volatile, that means a LOT! But, let us try to look a bit in the future, and not that far away...

Diesel Pools are coming!

If you know something about decentralized pools on Ethereum, and maybe you have heard about Uniswap, Sushi, and some others, then you are already excited that I have mentioned this, here on Hive... Diesel Pools will be created on the same base as the Uniswap pools, but with some Hive-specific tweaks... Like, instead of high GAS fees on ETH, ZERO fees on Hive... Some additional tweaks will be implemented directly in pools, like adding incentives for liquidity providers, automatic rewards distribution, etc...

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But, what have Diesel Pools with WORKERBEE or BEE tokens?

Well, specific pool creations and all other stuff needed for running them will be priced in BEE tokens... That means another huge sink for the token which was successfully keeping its value for a long time... So, what do you think is more likely to happen in the future? To see the BEE token at 0, or...

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You can find more info in reference posts by @aggroed:
https://peakd.com/hive-engine/@aggroed/diesel-pools-no-gas-required-gamified-liquidity-pools
https://peakd.com/tribes/@aggroed/time-to-consider-tribes-again
https://peakd.com/hive-engine/@aggroed/hive-engine-developers-meeting
https://peakd.com/hive-engine/@aggroed/hive-engine-weekly-developers-meetings-aggressive-target-live-diesel-pools-by-friday

Disclaimer: I'm not a financial advisor or anything like that... These are just my personal opinions and thoughts and you should do your own research before investing your hard-earned money... When you have YOUR OWN opinions, then you should consider investing or not...

If you want to support my witness, you can do it by voting for @ph1102.ctp here https://tribaldex.com/witnesses, or just scan the QR code down below...

Thank you for your valuable time,

~ph~

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Don't forget to follow, reblog, and browse my Hivepage to stay connected with all the great stuff!

You can also find me on LEO Finance .:. Twitter .:. LBRY

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An other token that you should have. The difference is this one is going to be important in if you believe really much in decentralisation and want to be able to affect it.

hehehe.... Yeah, there are way too many great tokens out there... and a limited amount of money for investing... :)

I agree with you 100%... These ones should be very important for decentralization, and I'm a big believer in it... I would say that we have no other way to be free than through decentralization... We were enslaved for decades, and it didn't work... We can see that through history repeating over and over with economic and financial crisis every couple of years...

!ENGAGE 10

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Yeah I want to invest in so much things ^^

The future looks really interesting with the crypto market booming and new innovations are coming up and defi is growing

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Yes, it does! I hope that we are at the right place, at the right time!

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It's my number one pet peeve about the blockchain...

If someone like LEO isn't a top 20 witness, what chance do the rest of us have...It's insanity that they aren't top 20.

That's why we dove into the witness stuff on Hive-Engine and I'm sure you did too. Hive-Engine seems to be much more in tune with what the every day user of Hive is actually doing...So for us, no brainer to set up shop!

We got a bunch of WORKERBEE now, would have loved to know more about it before it launched as a governance token, but we'll figure it out LOL

Yeah, I was thinking of LEO writing the post... And, yes, I have the same thoughts when I have decided to jump for H-E witness... I didn't know that there will be almost the same voting system with 30 (I think that it's like that) votes per account, which allows a lot of manipulation with voting... We need a max of 3-4 votes per account, and it will be a completely different situation...

All this stuff with decentralization looks great from the outside, but people hardly let go their power and try to make an illusion of equality... JS messed up things on STEEM with socket puppets, and the same can happen again... also, here on H-E witness too... You need only 3-4 people to get together... That's not decentralization...

Enough of whining... :) I will continue with stacking both of these tokens, as I think that they could repeat something similar to UNI... Maybe not that kind of mooning, but still, I smell a good opportunity and I hope that my nose doesn't lie :)

!ENGAGE 10

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Good that you invested in WORKERBEE and set up the witness node. I am there with you, with a much lower personal stake yet with a leased server and invested time. Hive-Engine transactions needed to be decentralized. Community governance should be one of the next steps. And yes, H-E based tokens make Hive ecosystem much more lively and exciting than just Hive itself.

All that made Hive-Engine more "exchange of the people", and Hivians like to participate and own their content and crypto! That's why decentralization is important!

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I have no idea what diesel pools are, so I am in the dark about this whole situation. All I know is that you need WORKERBEE to vote for H-E witnesses and they are minors for BEE tokens (which you need to be able to create your own community or token). Other than that, I'm in the dark.

Diesel pools should be (still not ready) similar to popular decentralized pools like Uniswap, Sushi, etc... So, there are people who provide liquidity for both assets (for example CTP and ETH.SWAP), and you as a third party can convert directly from one asset to another, without going through HIVE...

Also, if liquidity is bigger, the price "swing" is less, so you can buy a lot more tokens, and not create a big price dump, or pump... Liquidity providers earn fees from transactions, and also, the pool creator can add some incentives for them...

I know that you will still be in a dark, but maybe this will give you a bit of light... :)

!ENGAGE 10

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Thanks for explaining this. I feel I understand better now. !BEER

Thanks for the beer! I hope that we have invested wisely in these ones... ;)

!ENGAGE 10

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Congrats ,you were upvoted from this account because you were in Top 25 engagers yesterday on CTPTalk .
You made a total of 3 comments and talked to 3 different authors .
For more details about this project please read here - link to announcement post
You can also delegate and get weekly payouts.

I have seen WORKERBEE and BEE tokens in hive-engine but never bought since I was not aware of the use case. Thanks for sharing the information about both.

The BEE tokens can be mined with staked WORKERBEE tokens

Can you share any mining calculation like how many BEE can be mined in days with 1000 WORKERBEE?

also You got my vote on HE-witness..

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Check out my previous post where I have posted stats for mining for 1 WEEK... You have all details about the amount mined, how many staked, and APY...

Check here:
https://leofinance.io/@ph1102/first-week-s-payout-and-bonus-rewards-workerbee-ph-pool

Thanks for the vote!!!
!ENGAGE 10

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sent you what I had.

I have seen your delegation and noted it in my spreadsheet for next week's rewards...

Thanks and welcome to the PH-Pool!

!ENGAGE 10

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It's late evening and I am back with questions:

  • you get BEEs just for staking WORKERBEEs?
  • is the operation called mining_lottery and you receive exactly 1 BEE?
  • what about witness rewards? how are they distributed and what's the operation?

Thank you very much!

you get BEEs just for staking WORKERBEEs?

Exactly... It works like that... Staked WORKERBEE tokens mine BEE tokens

is the operation called mining_lottery and you receive exactly 1 BEE?

This is also right... You receive exactly 1 BEE, but if you have just a few staked WORKERBEEs, it can take a while to mine 1...

what about witness rewards? how are they distributed and what's the operation?

I didn't find the operation for witness rewards, as they aren't visible in transaction history... Maybe some future H-E explorer will show them... As I know, they are distributed by the number of validated blocks... more blocks, more rewards...

I hope that these answers helped something... I'm not an expert, tbh... :)

!ENGAGE 10

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Thanks a lot for your replies. They confirm my assumptions.

OK, the question that remains open is the witness rewards. Tomorrow, in DIscord :)

Thanks again and good night.

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I always wonder that when ever I click on Hive.swap market option it shows the BEE market on Hive engine... now is clear why it happened this way....lol...
The BEE staking is a good way to support your 2nd layer token by voting their witness node....
Thanks for the information

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Just to correct you, you are staking WORKERBEE tokens, not BEE tokens if you want to vote for witnesses, and mine BEE tokens... ;)

!ENGAGE 10

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Oh tha ka for clarification...

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1 Workerbee delegated today.. 99 more going to be follow soon.

Welcome to the club! I hope that you will enjoy rewards and surprise bonuses... :)

!ENGAGE 10

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Thank you for your engagement on this post, you have recieved ENGAGE tokens.

Congrats ,you were upvoted from this account because you were in Top 25 engagers yesterday on CTPTalk .
You made a total of 5 comments and talked to 4 different authors .
For more details about this project please read here - link to announcement post
You can also delegate and get weekly payouts.

Upvoted and reblogged! I'll read it and comment on it later in the evening.

Greetings from fellow H-E witness :)

!invest_vote

Thanks for the support, Ervin! I have supported your witness, too... ;)

!ENGAGE 10

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That's very kind of you, thank you very much!

And now I realized I didn't vote for you - yet! I feel ashamed.

Corrected!

No worries, man... It's just beginning... I will raise my stake, so it will add up for sure...

Have a great day!

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thank you for the very informative post.
You explained things very well.
And then added diesel....what the heck, something else to learn.

I do appreciate you listed the resources and I can follow up reading them.

Off to find some my own workerbees

I'm glad if you have learned something new... New stuff is coming daily, and it's really hard to follow all the great news in crypto, and also here on Hive...

I think that Diesel Pools can be a huge addition to the ecosystem and bring a lot of value to the users...

!ENGAGE 10

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Thank you for your engagement on this post, you have recieved ENGAGE tokens.

Congrats ,you were upvoted from this account because you were in Top 25 engagers yesterday on CTPTalk .
You made a total of 1 comments and talked to 1 different authors .
For more details about this project please read here - link to announcement post
You can also delegate and get weekly payouts.

This is a great explanation of how the WORKERBEE tokens work. I admit, until I became familiar with the Hive-Engine Witness platform, I never used them or understood what they were all about... so this is a double positive here...

Diesel pools are going to be all the rage in the very near future (already are, actually) & it will be nice to see a win-win-win all around for everyone...

Thanks for the awesome payouts & giving back to your community as much as you are. :) Keep on crushing it!🧚🏼‍♀️🧡

Pssst...btw, snazzy QR code there ... ;)

!WINE

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Thanks, Jenn! For your kind words, and for that awesome QR code that you have created! :) And for the wine! :)

I'm very excited about the news around Diesel Pools and they can make a great positive impact on the whole HIVE ecosystem! Helping tribe owners, token owners, and Hivians in a smoother exchange between tokens...

!ENGAGE 10

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Congratulations, @pixiepost You Successfully Shared 0.100 WINE With @ph1102.
You Earned 0.100 WINE As Curation Reward.
You Utilized 1/1 Successful Calls.

wine-greeting


WINE Current Market Price : 1.300 HIVE

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All these diesel pools, smart contracts, dswap things will create a huge amount of sinks for the BEE token. Also people who run the nitro front-end need to stake 1 BEE for every active user. This means that there will be demand for BEE ;-)

Oh, yes... Totally agree with you... Maybe I shouldn't create posts like this? People will rush in and FOMO... Fewer coins for me? :) Just kidding, I don't have enough money to invest in all... :)

!ENGAGE 10

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It means that bee is unlimited and workerbee is fixed supply?

Sort of... But, you should consult Hive-Engine about that...

WorkerBee.png

Bee.png

!ENGAGE 10

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I just picked up my first workerbee tokens this morning so I could do some voting for Hive-Engine witnesses. I wish I had seen this post before I did. It just would have given me a better idea of what I was doing.

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Congrats on the purchase... What have you done, if I may ask?

!ENGAGE 10

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How many or who did I vote for?

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Both :)

Just in case, for others who are reading this and wish to cast their WORKERBEE based vote.

You can do this here: https://primersion.com/he-witnesses
or here: https://tribaldex.com/witnesses
or even here, directly for a witness that you know of:

You see, great tools a re already emerging. H-E is a vidid platform indeed.

I was able to purchase five of the workerbee tokens. Not much, but it is a start. I voted for CTP and Sports Talk Social for starters.

It's a start :)

Thanks in their name.

I voted for @clicktrackprofit now and was already voting for @sportswitness.

Have a great day.

!invest_vote

Thanks, you too!

@ervin-lemark denkt du hast ein Vote durch @investinthefutur verdient!
@ervin-lemark thinks you have earned a vote of @investinthefutur !

Thank you for your engagement on this post, you have recieved ENGAGE tokens.

@ervin-lemark denkt du hast ein Vote durch @investinthefutur verdient!
@ervin-lemark thinks you have earned a vote of @investinthefutur !


Hey @ph1102, here is a little bit of BEER from @fiberfrau for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.