Why HPUD Is So Important

in LeoFinance16 days ago

Today is the monthly HPUD day. This occurs on the first of each month. It is an initiative that is vitally important to the long-term success of Hive.

What is HPUD?

It stands for Hive Power Up Day. This is a project that seeks to get as many people as possible to power up Hive.

In this article, we will detail why this is so important.


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The vitalness of HPUD is not so much the results it gets. In reviewing it, there is very little in terms of total Hive powered up, as compared to the overall. However, this is not the main point in my view.

What HPUD does is it brings awareness to all members of the Hive community, especially newer as well as smaller accounts.

Powering up is an important aspect to the overall effectiveness of Hive. The results carry long-term impacts far beyond what most people understand.

Hive is a DPoS platform. This stands for Delegated Proof of Stake. It differs from many other PoS systems in that the reward pool is based upon stake, both owned and delegated. What this impacts is the distribution of the newly generated tokens.

Hive Power enters the equation in two areas. Here we see the fact that many focus upon the second layer tokens as adversarial to the overall distribution of Hive Power.

While this is logical, it is also why HPUD is so crucial to bring awareness to this situation.

Reward Pool

The rule of thumb the more HP one has, the great the value of the voting power. This is essential since the reward pool that is tied to Proof-of-Brain activities (posting and curating) is based upon the totality of the votes accumulated along with the associated voting power of each account.

Thus, if one adds more to his or her Hive Power, the value of the vote will increase (as long as the total amount of HP did not radically increase). We see how one can have a greater impact with every single upvote.

Governance

Here we have something that is extremely overlooked yet is an essential conversation piece.

All governance on chain is determined by, you guessed it, Hive Power. Again, we with PoB voting, the more one has, the greater the impact. Basically, one's influence on chain is in direct proportion to the amount of Hive Power held.

Governance comes into play with Witness and Proposal voting. The first tells us who is part of the consensus witness pool At the same time, the later encompasses how the monies from the DHF are doled out.

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A great deal is made about the power of the whales and how a few accounts can greatly influence things. This is where the power of PoS systems come into play.

From this standpoint, the only thing that matters is stake. The more stake one has, the more influence one wields.

This is also true for a collective standpoint.

Therefore, HPUD is bringing awareness to this fact. If smaller accounts will power up, their value on the network grows.

Of course, the tendency is to overlook one's input if an account is small. After all, what is the difference if one goes from 50 to 100 HP. Overall, that means very little.

On its own, taken at face value, I would agree. However, we need to step back to get a better picture of what is taking place.

First, when one goes from 50 to 100 HP, the influence on the chain doubled (presuming again the total amount of HP locked didn't skyrocket). This is something smaller accounts can do. Larger accounts will encounter a great deal of difficulty going from say 500K to 1M HP. It can be done but it takes a lot of money.

This takes on even greater meaning when viewed from a collective point of view.

The second point in this is that a large amount of smaller accounts have the ability to use this same premise to grow their total influence. If 1,000 accounts do this, we will see an increase of 50K HP in those accounts.

With a price of about 60 cents, this is like $60 per account. Are there 1,000 people on Hive who can afford $60 (or even $100) to power up?

It will be interesting to see what the numbers amount to for the HPUD. This is something that is crucial to the long-term health of Hive. Of course, powering up should not be a once a month affair. Each of us should keep growing our influence as much as we can.

Ultimately, it is all a numbers game. If there were 1 million people who were approaching this chain in this manner, things would change within a couple month. At this point, we know things are nowhere near that level.

However, in the meantime, HPUD is providing an essential service for Hive. While it is helping to alter the numbers slightly, the biggest benefit is it it bringing attention to this vital concept. It is at the core of Hive so all should be aware of this.

As much as second layer tokens are attractive, exciting, and, perhaps, explosive, they provide zero towards governance on Hive.

Here, each person has a vote. However, not all votes are weighed equally. The way to increase our individual, as well as collective power, is to stake Hive on a regular basis. This will keep expanding our impact.

HPUD is helping to foster this notion. It is a great reminder how important governance really is.


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Thanks for shouting out and boosting the signal for #HivePUD / #HPUD, @taskmaster4450! While there isn't a Hive Power Up Day committee, there are a few different initiatives that happen on the first of each month.

There's #HivePUD that I manage (started by @streetstyle exactly two years ago this month on that other blockchain); the Spanish #HPUD that's been going for almost a year, managed by the always amazing @victoriabsb; and of course the amazeballs Power Up Day badges (and as of a few months ago, delegations prizes as well) done by @hivebuzz since the August 2020 Power Up Day.

Here are the links to the announcement posts for this month, if anyone who wants more information...

 

ANNOUNCEMENT POST - Hive Power Up Day, May 1st 2021 by me

Hive Power UP Day: Recordatorio para el 1ero de Mayo 2021 [ENG/ESP] || #HPUD by @victoriabsb

Hive Power Up Day - May 1st 2021 - Hive Power Delegation by @hivebuzz

 

Please shout out if you have any questions. Oh, and I agree - I think making people aware of the benefits of powering up is much more important than how much is staked each month, which is why I've been so psyched to be a part of this. 😊

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Nice post. I missed this one by a few hours. I bought some Hive to stake, but spent the entire day out with the fam, and when I got home, it slipped my mind until a little bit ago.

But it's all good. :)

I still staked the hive to my @robwillmann account so that I would gain in Hive Power, even if I am disqualified from the HivePUD rewards this month. No worries. I still powered up, because it will help the rewards from my curation.

I would be curious as to what the numbers look like the last few months or so (or from the start).

Is there a spreadsheet somewhere with those on them?

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I've been toying with the idea of putting together some sort of overview for the past year (since I've been running #HivePUD) to post for June 1st, but not sure how I'd go about it. @abh12345 sends me the data every month via a few text files, and then I manually go through and check everything, so it might be a bit cumbersome to do.

However, since August 2020 @hivebuzz has been doing charts/data every month for the overall power ups (not just those who qualify for #HivePUD / #HPUD) on the first of every month. Here are the links to each post -

August 1st - https://leofinance.io/@hivebuzz/pudresponse

September 1st - https://leofinance.io/@hivebuzz/feedback-from-the-september-1st-hive-power-up-day

October 1st - https://leofinance.io/@hivebuzz/feedback-from-the-october-1st-hive-power-up-day

November 1st - https://leofinance.io/@hivebuzz/pud-202011-feedback

December 1st - https://leofinance.io/@hivebuzz/pud-202012-feedback

January 1st - https://leofinance.io/@hivebuzz/pud-202101-feedback

February 1st - https://leofinance.io/@hivebuzz/pud-202102-feedback

March 1st - https://leofinance.io/@hivebuzz/pud-202103-feedback

April 1st - https://leofinance.io/@hivebuzz/pud-202104-feedback

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This is some really fascinating stuff. I will be able to sift through these numbers and get a post out of it. I will try to bring some more attention to the initiative.

It seems like we can really drill this point home with people, especially smaller accounts.

There needs to me more than 400 participating though. Oh well, one thing at a time.

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I know this posts only go into the rewards and governance but one thing I find lacking is resource credits. With the way HIVE is going, we are probably going to see more things that require resource credits and if the blockchain becomes more busy, they will definitely be more important. Otherwise you will be left waiting for them to recover.

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You are right. I probably should have included them in here.

Fortunately, likely before the end of the year (or shortly after the first of next year) we will have RC pools. I believe that is going to be in HF26 which will change things are great deal.

But for now, you are correct, there is a need for HP to engage upon the Blockchain.

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What if you power up it all?.

And.im.back to doing exactly that. Except for comments. Throwing alot of the liquid change there into hive engine and staking up community coins that I see lots of promise in.

We are on the verge of changing ourselves and others and the world. Huge amounts of ability here. Wow.

I do power up what I get.

In fact this week, I took some 50/50 payouts. Converted the HBD to HIVE to do the HPUD. It wasnt much since it was a few payouts but it was something.

You are right. It is something that more need to focus upon since we are embarking upon some really cool stuff.

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Yep it's really nice having all of these comments getting some little rewards that I can put into Hive engine and then power up everything else.

Here in a little while after I get things really rocking on hive engine then I can start diverting a little bit of funds back into growing on hive

That is a great approach. It is a smart way to do things.

Leverage the HE tokens for what you can and then take some of the profits and increase your Hive stake.

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Yep!!! Grow the community and me too! Puppy dog approves.

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Thank you for sharing about this! I'm fairly new to Hive and I appreciate you information you have provided in this article.

You are welcome. Hive can be a bit overwhelming so anything we can do to help clarify things is a step in the right direction.

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are there any rewards for powering up on this day or is it more like a pat on the back and everybody says "good job" ? :)

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There are rewards in the form of delegations, SBI shares and maybe even some HIVE. It incentivizes people to power up but you won't be able to reach the top rewards unless your HP is low since it is in porportion to your HP before the 1st.

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Or unless you power up a crap load.

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interesting, thanks for the explanation :)

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Rewards do go out but you have to be lower than 70 and above 34 I believe for reputation.

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I did not know that. Thanks for the explanation.

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good thing I'm not that reputable :P

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I am not sure if the HPUB committee (or whomever is behind it) provides incentives.

From my perspective, the spotlight on this topic is the most valuable part of the entire process.

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You have covered some cool reasons to power up Hive @taskmaster4450. I really like the example of going from 50 HP to 100 HP & 500K to 100K HP.

HPUD produces the snowball effect. When so many accounts power up even small amounts of Hive, collectively it becomes huge. And it inspires other people to do to it.

I powered up 100 HP today to celebrate the PUD and it feels great, wrote a post with the tag #HivePUD because there are exciting prizes to be won too, another reason for everyone to participate. I have promised myself to join PUD every month. It's great.

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I agree with you. It is grand to be a part of the building process.

100 HP is an amount that adds to the collective pool. Great job.

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Thanks, T. Doing my best! I am using my author rewards to buy more LEO & other HE Tokens!

But every now & then I power up just to increase my HP. Slowly building it over time.

Initiatives like HPUD are a blessing in this regard.

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That is the quandary.

We need more people to focus upon powering up Hive, especially smaller accounts. If they are adding 100 HP, that can make a big difference with larger numbers doing it.

However, there are also a lot of other options out there, some that might provide a better return.

So it is tough to get them to see the need for governance.

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I always forget about it but I can't earn a bonus from it anyways. However for those new starting out it's a great opportunity to earn more plus understand the importance of powering up. Heck I power up every day if not on the hourly which most likely is a bit excessive.

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Heck I power up every day if not on the hourly which most likely is a bit excessive.

Lol we are all obsessive in our own ways.

Yes I do the powering up of my rewards. I am about to those a couple hundred into my HP to help the numbers a bit.

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I stake everything I win, you need power to post, comment or play. And if the account has little power, you do not gain anything with the curation either.

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That is all true. In the early stages, it is best to power up all that one can. It is vital to simply operations on chain.

I guess I should have mentioned that in the article.

Thanks for adding it.

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Hola @taskmaster4450, hoy será mi primera vez, y estoy emocionada por contribuir a esta gran familia Hive, invertir en la plataforma y en nosotros mismos siempre será algo bueno y positivo para todos y todas. Espero solo a que el temporizador indique el 00:00....

Gracias por estas orientaciones.

Saludos


Hi @taskmaster4450, today will be my first time, and I am excited to contribute to this great Hive family, investing in the platform and in ourselves will always be a good and positive thing for everyone. I wait only for the timer to indicate 00:00....

Thanks for this guidance.

Regards

Good deal. Glad to see you are participating.

It is a grand adventure, Hive that is. Welcome to the family and continued success on Hive.

Stay active and good things happen to you.

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Gracias @taskmaster4450le , lista "mi primera vez"....

Seguiré tu consejo y me mantendré activa creando y publicando. Estaremos en contacto.

Bendiciones y saludos ...


Thanks @taskmaster4450le , ready "my first time"....

I will follow your advice and keep active creating and posting. We will be in touch.

Blessings and greetings ...

Engagement is where it is at. Do not let frustration enter the picture.

This is a social media site and some of us are doing our best to make sure people realize that.

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What about #lpud? :)

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I wouldn't mind having one of those. But I think there are plenty of people staking LEO without even asking lol.

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True. We do that all the time.

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Well the problem with that idea is that Leo doesnt have any governance. Hence, the benefits of LP are limited to voting.

While that is terrific, Leo is so short in supply and there are other areas of need. For example, many are not staking since they are helping to pool the LEO on BSC or ETH. That is a vital use of LEO also.

So I think there is a big difference between the two.

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All your points are valid, of course. I was thinking more of an unofficial powering up. Let's call it encouragement and not an initiative. Without any rules, lists, and rewards.

About governance. Are there any thoughts of putting LP to good use in any other way besides voting?

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I powered up, and I even got my wife (kinda) excited about Hive and she powered up.


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Damn I cant get my wife to do anything.

Oh wait, I dont have one.

Ah that is where I am going wrong. Or is it right?

Either way, great job on both ends, you powering up and exciting your wife.

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Lol, I don't know if there is an answer to that first question even after it has been researched by men for thousands of years...

Thank you, it is great to have her joining team Crypto.


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Thanks for going into detail about power up day. This will help a lot of new people new to Hive.

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I certainly hope so. The fact that Hive is not easy is often overlooked by those who are very active. We know what is going on so we take it for granted.

The idea is to help newer people to understand the importance of governance.

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Had not thought about the educational importance of HPUD - in fact I completely missed it. And seems like such traditions can really help inform many people about the workings of the network, such as governance and rewards distribution, and the role of HP in these.

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It can help inform or at least cast some light on the matter.

Most tend to overlook this which is sad because it is so important.

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Stake is of paramount importance as in the future many will realise what they could have had. at some point it will become harder to earn and only easier if you have stake behind you. Just keep doing it daily and it is amazing how quickly it adds up.

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Harder to earn and more expensive to buy.

Hence, if you want to have some type of influence in the future, now is the time to do it.

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Love the initiative! :)

Fredrikaa Hive PUB May.png

Happy #HPUD ! ;)


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Bang, I did it again... I just rehived your post!
Week 55 of my contest just started...you can now check the winners of the previous week!
!BEER
7


Hey @taskmaster4450, here is a little bit of BEER from @pixresteemer for you. Enjoy it!

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

Congratulations @taskmaster4450! You received a personal badge!

You powered-up at least 10 HIVE on Hive Power Up Day!
Wait until the end of Power Up Day to find out the size of your Power-Bee.
May the Hive Power be with you!

You can view your badges on your board and compare yourself to others in the Ranking

Check out the last post from @hivebuzz:

Hive Power Up Day - May 1st 2021 - Hive Power Delegation
Support the HiveBuzz project. Vote for our proposal!

Love hive

I have not yet doing any power up, as i don't earn much on the account. But I do make sure my Leo is stake and power up into my curation account whenever i get the payout from the post.
Its really nice to see you power grow.

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When Hive reaches 2000+ satoshis
It will be another vibration to the blockchain.
#hivepud will solidify the effect of continuous power up.
Sky is the limit.

I have been powering up since the beginning of this program and this has helped me grow my HP significantly. Now I have gone to the next level and reward 3 winners with a delegation reward from my HP. I started doing it for the last few months.
I hope more users to be part of and I can see the program growing which is a good thing for Hive.

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Hey @taskmaster4450le, I must be living under a rock, because I totally did not know that HPUD was even a thing. Well better late than never I say, I did a nice HIVE Power Up today. Done my bit for the month, off to get my calendar to mark in the 1st of June, so that I will be ready to do my Power Up then too.

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