Blockchain technology is not bound to digital currencies alone, it also cuts across various industries and social media is not an exception. Content and social media go hand in glove; what engages the social media audience are the contents consumed. SocialFi is social media and Finance designed to run innovatively on the terms of decentralized systems.
SocialFi platforms are decentralized platforms that have frameworks for content, content creators, and content consumers. These platforms are deployed on Blockchain protocols that aid their operation and services. One of the socialFi supported Blockchain protocols is Hive.
What is Hive?
Hive is a blockchain network created for developers to deploy innovative ideas and projects and aid platforms to run in a decentralized system. Hive uses the Delegated Proof of Stake consensus mechanism and combines lightning-fast processing times and fee-less transactions to bring users into web3.
As the name suggests, ‘SocialFi’, users are an essential grade point for a SocialFi platform. There are many socialFi platforms on the Hive network; Dapprader, shows PeakD, Ecency and Hive Blog are the top SocialFi platforms on Hive based on users.
PeakD is a socialFi platform for content creators that offers an immersive blockchain experience and a decentralized content interaction. On PeakD, user security is provided by a blockchain “key,” which is a password for accessing a user account. The user can only access the keys which are managed solely by them. These keys are Master keys, Active keys, and Posting keys. Passwords or keys, especially the Masters keys cannot be retrieved when lost, however, if the master key is intact, users can reset the Posting and Active keys on the Hive Keychain in the case of misplacement. Hive Keychain and Hivesigner are the two transaction authorities on PeakD.
Plagiarism is greatly frowned upon and penalized on PeakD. And users are only permitted to post such content when they have obtained permission from the original creators and added the source reference to the posts. When a post is made, both the authors and the platform users would have to interact, comment, and upvote on the content; these activities, however, drive traffic to the content.
PeakD’s reward system generates rewards for votes on posts. Users are rewarded in either of the platform’s tokens: HIVE and HBD (Hive Backed Dollar). These rewards can be stored in the user’s wallet and exchanged for cash or other cryptocurrencies on secondary crypto markets. The two most common ways of earning Hive and HBD are posting content and purchasing the tokens from secondary marketplaces.
Ecency is a social open-source blockchain-based networking platform that provides a user-controlled environment for content creators. The contents are immutable, uncensored, and reward users for their engagement and content. To get started on Ecency, users must first create an account; and access it via usernames, passwords, or active private keys. Users can also sign in using the Hivesigner authentication tool on the platform’s mobile app, website, or desktop. The accounts created are guarded by security measures that help keep the keys encrypted and safe from internet fraud.
Content creators get HIVE, Hive Dollar, Hive Power, and points when they engage on the platform by creating content, commenting, upvoting, etc. These rewards earned can be spent on in-platform transactions or sold for other cryptocurrencies or cash.
Receiving these rewards and purchasing from an exchange are the two primary ways of acquiring the token. The rewards earned are accessed after seven days; they are first accumulated as pending rewards, and then the user claims them afterwards by clicking on the “claim rewards” button.
All earned rewards are available on the users’ wallet page. The wallet page keeps track of curation and rewards from interacting on the platform. To exchange tokens on Ecency, users can trade on the platform’s peer-to-peer exchange.
Role of NFTs in SocialFi
SocialFi: Walk, Jog, Earn with exclusive NFT Sneakers on Amazy
Hive.blog: A SocialFi for Contents and Content Creators; Post, Engage, And Earn
Ecency: Decentralized SocialFi Platform For Content Creators
PeakD: A SocialFi Platform on Hive for Contents and Content Creators
Hive Blog is powered by the Hive Blockchain and its cryptocurrency HIVE. This social economy offers a platform for rewarding content creation and content engagement. Newly minted Hive tokens are collected in a community pool to reward users’ participation and contribution based on votes. Users holding a higher quantity of these tokens as Hive power will be given priority in the reward pool distribution.
Points are used on Hive Blog to reward users; these points are redeemed as tokens and can be exchanged for other forms of value. Creating content and engaging with content created by other users are the primary activities that could earn users rewards on the SocialFi platform. Interaction on the platform involves creating high-quality content, gaining followers, networking, and, if consistent, could fetch the user rewards.
Account security on Hive Blog is critical. When a user loses their passwords, there will be no retrieval. Passwords are also not to be shared with third parties to enhance account security. Each account has multiple keys that allow different actions on them. These keys have other functions and are used for varying account operations; they are a memo key, an activation key, a posting key, and an owner key.
SocialFi is fast becoming the new buzz. It is a platform where content creators are rewarded and allowed ownership and control of their content in a decentralized system. A project with a growing user base will likely have more engagement and interaction; Hive, PeakD, Ecency, and Hive Blog are the top SocialFi platforms based on users on Dapprader. Decentralized networks such as Hive offer a structure for deploying these platforms. Users are implored to understand each platform’s terms and navigation processes before engaging.
What do you think of this article? Share your comments below.