Verity Hive is our prototype platform that allows you to earn rewards by completing fun and fast tasks.
Verity Hive is the second public iteration of Verity and the first to be deployed on Main Ethereum Network. With significant improvements over Alpha, it allows companies to add tasks and offer compensation to users who in turn provide the data.
Functionalities of Verity Hive include: task staking, instant reward claiming after task ends, decentralization through community validation nodes and significantly faster loading and submission times.
How to start earning: sign up and join the task
- Install Metamask
- Find an available task on Hive and join it
- Cast your vote!
Step 1: How to Get MetaMask
At this point you may be wondering what Metamask actually is. It is a browser extension or add on that allows users to interact with the Ethereum blockchain and simplifies the interface with various decentralized applications (dApps) built on top of the protocol.
So what does Metamask essentially do? It acts as a personalized Ethereum wallet, which can store Ether (ETH) cryptocurrency as well as any ERC20 tokens which are based on Ethereum, like Verity Token (VTY). Through this wallet, you can interact with any smart contract by making transactions to its address, send money to your friends or simply store your funds.
In our case, you will need Metamask to register for each Verity Hive task before you can participate in them.
Setting up Metamask
Install Metamask browser extension, open it and create a new account.
You will be prompted to enter a password upon creating your account. Make sure to enter a password that only you will know so no one else will be able to access your Metamask. Next up, you will be provided a seed phrase that you should write down and securely store it somewhere safe.
A seed phrase is a list of 12 words in a specific order which store all the information to recover and access your Metamask wallet(s). In the event you cannot access your computer, this seed phrase will allow you to access your wallet anywhere, anytime. Make sure to write it down in that specific order and keep it safe as anyone with access to your seed phrase will be able to access all of your wallets.
Next, deposit a small amount of real ETH of your preference (0.05+ ETH) – you will need it to register your participation in the smart contracts. This costs nominal amounts of gas fees only.
Step 2: Find an upcoming task and join it
Now that you have Metamask – you can visit hive.verity.network to browse all the available tasks. You will need to join a task at least 10 minutes before it’s due to start. Some require you to stake a number of VTY tokens beforehand – this is to ensure that your vote is truthful.
There are four types of tasks: Free, Normal, Premium and MDP tasks.
Free tasks are tasks that do not require you to stake any VTY tokens, so you only need to send one transaction to join it. These are created so new users can learn the ropes and get familiar with Verity in a more simple environment.
Normal tasks are similar to free tasks with the exception of slightly higher rewards and the requirement to stake VTY tokens. Normal task creators value reporting accuracy, which is guaranteed with a stake of each data provider.
Premium tasks are identical to normal tasks but offer higher rewards, while MDP tasks are limited to Master Data Providers.
Before you can vote, you are required to make two transactions – the first is to stake VTY in the smart contract before you can join the task. The second registers your participation.
Choose one and click on ‘Accept the Task’ on the task page – a new window will appear to send the transaction to the smart contract, which will register your participation in this task. Make sure to use high enough gas settings so that your transaction is accepted in time.
So what are optimal gas settings? Each transaction on Metamask consumes gas limit and gas price. A proper analogy would be to think of the gas limit the amount of gas you tank in your car while the gas price (gwei) is the money you pay per litre / gallon. Gas price is the most important of the two as it determines how fast your transaction is processed on the Ethereum network. If a high price is used, it can be confirmed in less than a minute while low gas price can cause a transaction to be pending for a few hours.
We recommend the following gas limits:
First transaction: 100,000 gas limit
Second transaction: 250,000 gas limit
Optimal gas price varies on Ethereum network each hour, so we recommend you to take a look at ETHGasStation for optimal gas price. But at normal times, 5 gwei should be enough for each transaction.
Remember: you pay real ETH gas fees instead of Ropsten ETH! Wait until transaction is confirmed on the network, once that happens the button should color green with text ‘Task Successfully Taken’.
Step 3: Participate in the Hive task
Once you have joined a task it will take some time for the task to become available to you. This is done in order for any pending transactions to be confirmed on the network in time and that available validation nodes can participate in validating a task. When the countdown reaches zero, the window will automatically reload as the task becomes available.
Carefully read and follow the instructions on the task. The task will feature a dropdown menu or a text/number based submission field. Once you are confident that your vote is correct, click on submit. 🥚 new window will appear which will require you to verify your signature – this is so that there are no accidental misclicks made and to provide an additional layer of security.
By clicking on the Sign button, you have successfully submitted your vote. Validation nodes will wait a certain amount of time to receive the votes, after which they will evaluate the outcome based on those votes and form a consensus.
If you are part of the consensus, congratulations! You have earned reputation points and can now successfully claim your reward (and any staked tokens). You will need to send a separate transaction to claim both the reward and the stake.
If you are not in a consensus, it means that the majority of participants did not reach the same conclusion as you. In this case you will lose your stake and your reputation points. If you are absolutely sure that the task reached the wrong consensus, you have the option to open a dispute for a certain period of time after the task ends.
A dispute is a function to all task participants in which they have the option to restart the task – to do this they will need to stake a significant portion of VTY tokens to prevent any potential abuse. Before a dispute is confirmed, a user must send another transaction by staking the tokens and opening a dispute. All previous task participants are automatically joined with new users also invited to join to make sure that the disputed tasks reach the correct consensus.
If the original consensus is overturned it means that the dispute was successful. The person who opened the dispute receives his staked tokens back and all participants who voted correctly in the dispute receive the staked tokens back, earn task reward and reputation points. Participants not in consensus lose their staked tokens and VTY tokens.
Remember – disputes can be opened indefinitely as long as they are opened within a certain time period after the task ends. The number of tokens required to stake increase with each opened dispute – this setting is set by the task creator himself and usually increases by a factor of 2.
Things to remember:
1. You must use real ETH to pay for gas fees to participate in tasks
2. You must hold enough VTY for tasks that require you to stake tokens
3. Make sure to read the instructions on what happens to your staked VTY in the task page
4. Tasks can have either an exponential reward distribution – this means that first participants to vote gets a bigger share of the reward than the last person or a linear reward distribution, where every participant in consensus receives an equal amount of the reward
Start earning now: join Verity Hive here.
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