Photo by Andrew Neel on Unsplash
I created my first web pages using HTML back in 1998 and have been writing blogs since 2011. I have also built some "web2.0" applications that I am hosting in AWS cloud.
The early Web3.0 movement in W3C was focused on building "Semantic Web" around 2001. This latest Web3 movement is very much focused on decentralization using crypto tokens and blockchain as the underlying technology, where people across the world can perform transactions with trustless and permissionless fashion.
In the Web2.0 world the big corporations like Google, Facebook, etc. give users "free" capacity in exchange for the personal data they use for selling advertisements. If users create really engaging content (Blogger, YouTube, etc) , they might earn some money in returns of all the attention they are able to grab. However, if users are posting something that is against the terms and conditions of these companies, you might get banned and your account might get terminated. So your "freedom" is limited to what the terms and conditions and the business model of these large companies will allow.
After doing some research on HIVE blockchain and reading the whitepaper I signed-up on ecency.com to find out what this latest Web3 fuss is all about.
My first post was a short SciFi story and it posting it was relatively painless experience. However, when I tried to update the blog post with a cover picture I started getting error messages "Insufficient Resource Credits. Please wait to transact, or power up HIVE." I realized that I need to get more resource credits in order to create more posts. This kind of makes sense, since I am using compute resources by posting new content to HIVE blockchain.
However, I had difficulties finding out exactly how many "Resource Credits" I would need and what is the relationship between "Ecency Points" and these "Resource Credits". I found this explanation
so I guess at this point I have to conclude that I just need to wait for 5 days to be able to post again.
Can anybody here explain how exactly the "Resource Credits" works?