Resource Credit Squeeze
Hi fellow Hiveians,
Today I wanted to speculate a little bit on resource credits!
Resource Credit Squeeze
One of the things that seems to happen a lot lately is squeezing. I wish for me it was more of the type of squeezing of the mammary organs of my wife but I digress.
A friend of mine @swayzilla had reached out to me a few weeks ago because he was getting back into posting and interacting on Hive. He dropped a post and maybe a comment or two but he suddenly hit something that he forgot about: Not enough resource credits!
I know this is a good problem to have in a blockchain that's maturing over time but it's a little tricky to try and explain to people who are trying to start out on the chain.
What I found remarkable the other day was that I have shy of over 15,000 Hive Power staked on the platform and that usually grants me some account claim tokens on the platform which is great. I've got a couple hundred account tickets that are waiting for me to donate them to onboard users or whatever else they are going to be worth in the future.
I was amazed that the quantity of account tokens I can claim when at 70% resource credits is 1 account, and even if I was at 100% resource credits all I could claim is 1 token! That's wild! 15,000 Hive Power and all I can claim is 1 account. I think that's fantastic for us long term. The Resource Credits are getting their work cut out for them that's for sure. Granted I know not everyone is creating accounts and using the blockchain in the same manner but the majority of those newly created accounts are from the Splinterlands team and game. If we can eventually work out resource credit pools, making it profitable for those of us with lots of credits to spare can delegate somehow and earn something for it is something I am eagerly looking forward to!
I know traffic varies depending on the time of day and the cost of resource credits fluctuates with that but I think it's great to think of, some folks needing to buy and power up a little hive in order to transact. I know in my Splinterlands guild, some of the newer players in there have started posting on Hive which is awesome. They came for the game and stayed for the community and interaction! Some are regular posters now, producing pretty great content but they were challenged with resource credit issues themselves! I think compounding effect of the need for credits and people asking how they can get more by either buying hive or posting more to then try and get rewarded is a pretty good recipe for long-term success of Hive. Granted there will always be naysayers and people selling but that's what happens regardless. Let's capitalize on what we can!
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Posted Using LeoFinance Beta
I had honestly forgotten about resource credits as well. That's crazy!
Yeah I don't worry about not having enough but I'm always checking mine. I claim account tokens as often as I can so I'm making sure I'm on top and not close to 100% recharged
Yep. It is going to be a huge factor going forward as to why the price of Hive really appreciates.
HP is needed to operate on chain. Each new account that wants to be active requires some to just transact. This is going to be an ongoing concern for the applications.
Grabbing an account each time you can will help to decentralize that a bit also. At some point we will be able to offer them out to applications that need it.
Posted Using LeoFinance Beta
Yeah I'm looking forward to being able to donate my account tokens to a group! I don't know how that will work but I'm sure it will be figured out in an update in the future.
The need for the small bit of hive staked to generate resource credits just to transact and interact will be important. It's a way for us to mitigate the lack of transaction fees which I think is good. At the same time, it does nudge companies that want to make a product on hive to actually buy and stake it so that they have enough to do what they need and support their users if they need any. Splinterlands is a perfect example of this but I can imagine others will be too.
Wave IO was one that had a similar thing, although it was restaurant reviews or something and didn’t get much positive attention (got flags instead) for what they were doing. I still think they had the right idea, maybe just poor execution. Those types of external services that want to bring outside users onto the platform a bit even as an introduction is a good move.
That’s why the growth of splinterlands and potentially project blank from leofinance is going to be a huge factor for locking up hive. These accounts need some hive power
Yeah for sure! I keep forgetting about project blank lol