Hive Engine is the second layer for Hive Blockchain that comes with the capability to create our own tokens and NFTs for our projects. There have been several articles describing Hive Engine and its utility. I'm not going to go into the details of it again. Instead, I would like to take up just two tokens and talk about them in this article which are WORKERBEE and BEE tokens.
These two tokens are part of Hive Engine. To be more precise, these are the primary token of Hive Engine. Hive Engine team sells WORKERBEE to the users and uses those funds for further development and maintenance of the Hive Engine side chain. Similarly, BEE is the utility token that can be used to have our own space on Hive Engine. I would like to go a little bit more detailed on these two tokens. There is also another thing called Diesel pools which is something similar to swaps that BSC and ETH have. I'm not going to go into that topic in this article.
Today when I wrote an article announcing the Hive Engine witness node for the Indiaunited community, there were a few questions asked about what WORKERBEE and BEE are all about. That's another reason why I wanted to write this quick article.
To start with, let's talk about WORKERBEE first. When Hive Engine was created, the team needed a token that will be pegged to Hive token and when people create their coin or their NFT, they will have to spend those tokens to get their own stuff on Hive Engine. That token is called the BEE token. So what is WORKERBEE then? Yeah, WORKERBEE is the mining token that produces BEE. If we have a good amount of WORKERBEE stake we will get a chance to win BEE every 1 hour. This is called mining inside the Hive engine.
The next utility of WORKERBEE is to act as the governance token for Hive Engine. Now that we have a facility where any individual can run a Hive Engine witness node, there is a facility where people can be top 20 witnesses signing blocks. WORKERBEE acts as the governance token and decides who can be on the top 20. There are also BEE rewards distributed to the Witnesses hosting a Hive Engine node. Based on their witness position, the rewards will differ.
People can purchase WORKERBEE tokens on Hive Engine, stake them and start earning BEE rewards. The price per BEE token is also pretty decent and is staying close to 1$. As for self-promotion, I would also like to mention that I'm running a Hive Engine witness called @kanibot. If you wish to cast a witness vote, you can do so using this link. You can also manually visit the following link and review the other witnesses as well and cast your votes.
BEE is the main utility token of Hive Engine. In other words, if the Hive engine team comes up with a product or feature on Hive Engine, this token will only be used to purchase or use the feature. WORKERBEE produces BEE tokens. But that is just one part. We have other opportunities to earn BEE tokens on Hive. There are also opportunities available to use the BEE tokens to build something on Hive Engine or using Hive Engine. There is a good balance between the number of ways in which BEE tokens can be earned and the number of ways in which BEE tokens can be used. This is one of the things that keeps BEE at a stable price. Below are the options to earn BEE tokens.
- Running a Hive Engine witness node
- Blogging on tribaldex.blog
- Staking WORKERBEE tokens
In addition to the above, there are also other opportunities and projects on Hive Engine from where we can earn BEE tokens. For example, if we hold a decent amount of BRO tokens or UTOPIS tokens, we will be able to earn BEE tokens as passive rewards. In addition to that, there are also mining pools like @neoxianminer available for WORKERBEE to which we can delegate WORKERBEE and earn BEE every day. The advantage of the mining as a pool is that we get a better chance to mine and also in addition to that @neoxianminer shares the witness rewards as well with the delegators. That's an additional income for the delegators.
Posted Using LeoFinance Beta