Blockchain technology is modifying how information is stored, accessed, and managed. Hive is a blockchain network that hosts a number of decentralized applications. On Hive, Ecency is building a decentralized social network, onboarding content creators and providing a platform for limitless contents, as well as a creative reward system.
Ecency was founded in August 2016 by @good-karma and a group of other team members. As an open-source Blockchain-based social networking platform, the contents are immutable, uncensored, and completely controlled by users. In Ecency content creators are rewarded for their engagement and content, and in the long run, can become investors and innovators.
Content creators are rewarded with the Hive Blockchain tokens: HIVE, Hive Dollar, and Hive Power, as well as points. The rewards earned can be used on the platform or exchanged for other cryptocurrencies or cash. However, these tokens can be purchased or sold on major cryptocurrency exchanges.
Ecency: How to Signup and Get Started
Content creators who want to build a community on Ecency must first sign up and create an account. The platform response tool sends a confirmatory email to the newly signed-in user along with additional instructions and a master password. Accounts can only be accessed using passwords, so losing a password means losing access to the account and funds.
An account cannot be deactivated or changed once it is created; users who want to delete an existing account must create a new one. The platform’s Hive Blockchain features allow for the permanent storage of accounts and their activities. After successfully creating an account, users enter their usernames, passwords, or active private keys to sign in. The Hivesigner authentication tool can also be used to sign in.
The Ecency platform’s features assist users in creating inspirational content for their community. Intending users can access the platform via a mobile app, website, or desktop app. Accounts are protected by cutting-edge security measures that keep their keys encrypted and safe from internet hackers.
Contributions from Ecency users are welcome, whether as a translator, ideas, design, development, or social media outreach skills.
Key Features of Ecency SocialFi Platform
Referral System: The process of inviting a friend to gain experience on a platform is known as “referral”. Ecency allows already signed-in users to invite their friends by using a referral link created on the platform. Sharing the links with friends does not result in a referral reward for the user unless the friends join using the link. Users who are invited receive 250 points, while the friend who referred them receives 100 points. There is no limit to the number of friends a user can refer. However, they must complete the signup process before referral rewards are released.
Resource Credits: Transactions on a blockchain are subject to fees known as “gas fees”. Transactions in Ecency on the Hive Blockchain are facilitated by resource credits rather than gas fees. Users use resource credits as transaction fees to compensate for the transactions they perform on the platform. Users’ resource credits are limited; they are made available weekly, and the more transactions are done, the more the resource credit is depleted. It can be replenished through an automated recharge or by accumulating more hive power.
Content Promotion: Points are used to promote a piece of content for a period of 1 to 14 days in order to increase exposure. To ensure that promoted content is seen by the platform audience, promoted content is automatically shuffled in the content feeds. The content is restricted to mobile app users, but it is also pushed out to desktop and website users; users can promote any content of their choice, and it is pushed out for more exposure and engagement. It should be noted that promotional content that violates internet etiquette may be removed.
The platform generates points to reward users for social activities they engage in on the mobile app, website, or desktop app, and they can also be purchased. Users’ earned or purchased points can be used to boost, promote, and gift other users.
Content Boosting: Boosting is a mechanism for increasing content engagement and platform growth. Before a piece of content is approved to be boosted by the platform, it is reviewed by the platform moderators to verify the quality of the content within a 24-hour period. Boosting does not guarantee content or curation votes. Content curation occurs within 24 hours, and points earned on uncurated content are refunded.
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Ecency Reward Mechanism and User Transactions
When content is posted, it attracts pending rewards, which are given to the author after 7 days. The user then claims rewards by clicking the “claim rewards” button.
Earned rewards are saved in the wallet; to transfer these funds, users go to the wallet page and initiate a transfer to another user on the platform or to another cryptocurrency exchange. Users must ensure that they transfer to the correct corresponding wallet address and the correct receiver. All rewards are available on the wallet page, and it keeps track of curation and rewards.
To exchange or trade tokens on Ecency, users can use the platform’s peer-to-peer decentralized exchange. Peer-to-peer (P2P) is a type of cryptocurrency trading in which users exchange tokens with other users on the platform. This is followed by the creation of a buy or sell order, which is filled by other interested users.
On the publishing settings page, users can configure three different types of reward options. Half Hive and half HIVE Dollar rewards are possible; the ratio depends on network conditions at the time of payout. This is a 50/50 reward structure. The option of being rewarded with 100% Hive Power or declining the payout is available. In the case of a declined payout, the post does not receive rewards but is ranked higher in trending content. Comments made on the post are eligible for rewards.
Conclusion
Content creators are rewarded for their content and engagement on SocialFi platforms. To keep these platforms sane for users and the rewards worthwhile, plagiarism or copied content is frowned upon, and leaving the same comment on multiple posts or using irrelevant tags is not acceptable.
Furthermore, threatening or bullying other users is not tolerated on Ecency. Citations give proper credit to the original owner of a piece of content and guarantee permission to use it. Therefore, it is ethical for content creators to be original. Users should evaluate offers attached to posts before engaging to avoid being victims of fraudulent activities.
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