Are you a HIVE holder and looking for ways to get more value out of your tokens?
Peerplays SONs offer additional value and allow you more options than ever before.
Peerplays Sidechains for HIVE are one of the most important aspects of the Peerplays blockchain. SONs link Peerplays blockchain to HIVE as a sidechain. This opens up the possibilities of benefiting and using the features of Peerplays like fast transaction speed, low transaction, fees, DEX, and so much more.
If you’re a HIVE token holder, you’ll definitely want to read this article. We’ll go over how Peerplays’ SONs can help you make the most out of your tokens! Keep reading to find out more.
A Sidechain for HIVE
A Sidechain is a decentralized way to connect blockchains. Peerplays Sidechain Node Operators (SONs) are what make Sidechains work. They are decentralized, require no authority, and can be elected through votes — all while remaining secure!
SONs are always listening for changes on the Hive network, and when they detect transfer of interest (transfer to SON controlled account), they will process it, and go through multiple steps of validating the transfer. If the majority of SONs agree that the transfer is legitimate, the SON network will issue the same amount of pHIVE/pHBD (Hive-based Dollar) on the Peerplays network.
Do more with your HIVE
With Peerplays Sidechain for HIVE, you can do more with your tokens. You can use your funds to trade in the Peerplays DEX, where you have access to plenty of tokens in the 3speak network and new ones minted on Peerplays blockchain. They will all be available to trade on the Peerplays DEX.
In short, you can use the HIVE you’ve deposited on the Peerplays Sidechain for trading, staking, and much more.
Access Peerplays tools
The opportunities in the NFT space are abundant. You can shop for unique pieces of art that cater to your taste, whereas sellers set up galleries and deliver an individualized premium feel for you!
Additionally, you can use Peerplays Random Number Generator (RNG), which was initially created for Peerplays onchain 5050 lottery game. The RNG allows you to generate fair and secure numbers that are always verified via the Blockchain Explorer! Moreover, it has been certified by Gaming Laboratories International as well
Plus, you can use advanced features like permissioned resources and PeerID OAuth 2.0 protocol. PeerID is one of Peerplays’ flagship tools. It helps dApps seamlessly onboard new users. It’s open-source and easy to integrate. In brief, it allows easy registration with Facebook, Google, or Discord.
HIVE to pHIVE
When you deposit HIVE into Peerplays Sidechain, it converts to pHIVE.
pHIVE is a Peerplays Blockchain asset. It represents your HIVE balance on Peerplays Sidechain. 1 pHIVE Is equivalent to 1 HIVE, and vice versa. pHIVE can never be issued without a HIVE deposit.
When a transfer of HIVE to pHIVE takes place, SONs will pick up the information needed for handling deposits, process the transaction, and create an amount on Peerplays’ network that corresponds to the predefined HIVE.
Depositing HIVE or HBD into Peerplays Sidechain
There are 2 steps for depositing HIVE into Peerplays Sidechain and receiving pHIVE.
First, you must create a Peerplays blockchain account if you don’t already have one.
Second, you’ll need to send your tokens to the Peerplays SONs HIVE account. You’ll have to include your Peerplays account in the transaction memo. And that’s it!
Peerplays SONs will then pick up the transaction, validate the data, and release the equivalent amount of pHIVE to your Peerplays account. Your pHIVE will always be backed by your original HIVE deposit.
HBD follows the same process.
Withdrawing HIVE or HBD from Peerplays Sidechain
Similar to depositing, there are 2 steps for withdrawing pHIVE from Peerplays Sidechain and receiving HIVE.
First, you’ll have to withdraw by visiting the Peerplays DEX.
Second, you’ll have to include a memo of the HIVE account name to receive funds in the transfer memo field.
Your pHIVE is always managed by Peerplays SONs. So, Peerplays SONs will then handle the work by sending the pHIVE on Peerplays Sidechain to the address you wish.
HBD follows the same process.
Peerplays SONS make HIVE & HBD more versatile
We’re committed to making your HIVE experience even better. It starts with offering a new way to get involved and do more with your tokens! Peerplays Sidechain opens doors for a wider range of options and we’re excited about what it means for you in terms of flexibility and options.
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