What Is CyberConnect (CYBER)?
What Is CyberConnect (CYBER)
CyberConnect is a decentralised social network protocol that allows users to own their digital identity, connections, content, and interactions on blockchains.
Web2 social media platforms have brought about significant changes in how people communicate, share information, and connect. The advent of these Web2 platforms has given a few companies significant control over how people interact online which brings about issues such as centralisation, privacy, and censorship.
The key aim of CyberConnect is to prevent censorship and moderation by centralised authorities and allow individuals to harness the potential of their digital identities
by providing an infrastructure for end-user social media platforms to build upon. This removes the need for any single company to control access to data and allows value to flow directly to creators and audiences rather than being extracted by third parties.
Who Is The Founder Of CyberConnect
CyberConnect was founded in 2021 by Wilson Wei, Ryan Li, Shiyu Zhang, and Zhimao Liu. Wilson has previous experience in other Web3 projects such as Lino Network and DLive. Ryan and Shiyu were Co-Founders of Lino Network and DLive which BitTorrent later acquired. Zhimao worked as a software engineer at Google and Meta.
Some notable early investors in CyberConnect include Animoca Brands, Multicoin Capital, Sky9 Capital, Draper Dragon, and Lattice Capital.
How Does CyberConnect Work
CyberConnect is built on the Ethereum blockchain but is also compatible with other blockchains such as Binance Smart Chain and Polygon. These are some of CyberConnect’s key features:
CyberAccount (Identity Layer)
To start, users have to register for a CyberAccount. This is the identity layer that is responsible for creating and managing user identities. Each individual has a unique decentralised identifier (DID), an ERC-721 token, to represent their identity on the blockchain and a DID document that stores their public information, such as their username, bio, and avatar.
When a user creates content on the platform, the content will be linked to his or her profile. This ensures on-chain proof of the content, allowing for proper attribution and monetisation to the creator.
CyberGraph (Social Graph Layer)
After setting up their identity, users can interact with one another with the CyberGraph. The social graph layer stores social data such as connections between users, their interests, and content.
Users can use the social graph layer to find and connect with other users who share similar interests, track their relationships with other users and see the activities of their connections. The activities will be recorded using on-chain smart contracts and stored off-chain.
CyberNetwork (Application Layer)
CyberNetwork is a layer-2 scaling solution that allows developers to build social applications on top of CyberConnect. Being EVM-compatible, applications built on CyberConnect can be used across multiple chains while still providing a unified experience.
CyberNetwork uses a sharding mechanism to divide the network into smaller subnetworks, which allows the network to process transactions more efficiently and reduce transaction costs.
CYBER Tokenomics
CYBER is the native token of CyberConnect and it plays the following roles:
- Rewards
Users can earn CYBER tokens as rewards for participating and contributing to the network. This includes creating content, sharing data, and participating in governance. In addition, users can earn additional CYBER tokens from staking.
- Fees
CYBER is used to pay for fees on the CyberConnect network such as paying gas fees for transactions across EVM-compatible chains and for purchasing a CyberID.
- Governance
CYBER token holders can take part in and vote on CyberConnect Improvement Proposals such as changes to the service fee take rate to the network. This allows token holders to have a say in how the project is managed and ensure that the project is aligned with the interests of the community.
CYBER has a total supply of 100,000,000 tokens of which 11,038,000 tokens are in circulation as of September 2023.
The planned allocation of CYBER tokens is as follows:
– Other – 39%
– Private Sale – 25.1%
– Team & Advisors – 15%
– Community Treasury – 10.9%
– Developer Community – 10%
Why Trade CyberConnect
With over 875,000 users and 1900 projects, CyberConnect is Web3’s biggest decentralised network and represents the future of social networking where users own and can monetise their digital data. The network is used by notable organisations such as Messari, Lido, 1inch, CoinMarketCap, Mocaverse, and more.
CyberConnect empowers creators with the flexibility to monetize their content and build their communities on their terms, eliminating the need to rely on the flawed incentives of traditional social media platforms. Furthermore, the open standards used by CyberConnect allow users to bring along their profiles anywhere without being restricted by the lock-in effects that are typical of Web2 social networks.
Traders may find value in CYBER should they believe that CyberConnect can position itself as the preferred social media platform in the Web3 space by addressing the issues inherent to Web2 social media platforms while retaining the foundations that make these platforms popular among individuals.
How To Trade CYBER On The Flipster App
To trade CYBER on Flipster:
- Download the Flipster app and set-up your account
- Go to [Trade]
- Click on [Search] at the top of the page and type in CYBER
- Click on CYBER
- In the [Amount] field, type in the amount of CYBER you wish to buy or sell. Alternatively, you can select the percentages below to choose how much to use from your available funds.
- Click [Preview order] to check your order
- Once you have confirmed the details, click on [Buy CYBER – Long] button or [Sell CYBER – Short] respectively.
Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service.
Trading digital assets and digital asset derivatives comes with significant risk of loss due to its high price volatility, and is not suitable for all investors.