CyberConnect (CYBER) Token: A Web3 Social Network for Developers and Users

by Nov 2, 2023Blockchain Technology0 comments

The internet has revolutionized the way we communicate, share, and interact with each other. However, the current web2 model is dominated by centralized platforms that control our data, identity, and content. These platforms often exploit our attention, privacy, and creativity for their own profit, while exposing us to censorship, manipulation, and security risks. What if there was a better way to create and use social applications on the web? A way that empowers developers to build innovative and decentralized social experiences, and users to own their digital identity, content, connections, and interactions. A way that leverages the power of blockchain, smart contracts, and account abstraction to enable web3 social networking. That is the vision of CyberConnect, a web3 social network that aims to redefine the future of social media. In this article, we will explore what CyberConnect is, how it works, what are its features and benefits, and how you can get involved in its ecosystem by acquiring its native token: CYBER.

What is CyberConnect?

CyberConnect is web3’s earliest and biggest social network that enables developers to create social applications utilizing ERC-4337/Account Abstraction/, empowering users to own their digital identity, content, connections, and interactions.

CyberConnect (CYBER) Token is built on Ethereum, the world’s leading programmable blockchain that supports smart contracts and decentralized applications (DApps). CyberConnect leverages the ERC-4337 standard, which allows users to interact with DApps without having to manage private keys or pay gas fees. This makes web3 social networking more accessible, user-friendly, and secure.

CyberConnect

CyberConnect consists of three main components:

  1. CyberConnect Protocol: A set of smart contracts that define the rules and logic of the network. The protocol enables developers to create and deploy social DApps on CyberConnect, and users to interact with them using their CyberConnect Identity (CCI).
  1. CyberConnect Identity (CCI): A unique and universal digital identity for each user on CyberConnect. CCI is a non-fungible token (NFT) representing the user’s profile, preferences, reputation, and social graph. CCI allows users to seamlessly switch between different social DApps on CyberConnect without losing their identity or data.
  1. CyberConnect Token (CYBER): The native utility token of CyberConnect that fuels the network and incentivizes the participants. CYBER is used for governance, staking, rewards, fees, and access to premium features and services on CyberConnect.

How Does CyberConnect Work?

CyberConnect (CYBER) Token

CyberConnect works as a layer-2 solution on top of Ethereum that enables fast, cheap, and scalable social networking. CyberConnect uses state channels, a technique that allows users to exchange transactions off-chain without compromising security or decentralization. State channels reduce the load on the Ethereum network and lower the gas costs for users.

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To use CyberConnect (CYBER) Token, users need to create or import their CCI using a web3 wallet such as MetaMask or WalletConnect. CCI is an NFT that can be customized with various attributes such as name, avatar, bio, interests, skills, etc. CCI also stores the user’s social graph, which is a representation of their connections and interactions with other users on CyberConnect.

Users can then browse and join different social DApps on CyberConnect that cater to their needs and preferences. For example, users can join a DApp for gaming, dating, learning, shopping, or any other social activity. Users can also create their own social DApps using the CyberConnect SDK, a toolkit that simplifies the development process and provides templates and modules for common features.

When users interact with a social DApp on CyberConnect, they sign transactions using their CCI. These transactions are then sent to a state channel hub, which is a node that facilitates off-chain communication between users and DApps. The state channel hub verifies the transactions and updates the state of the channel accordingly. The state channel hub also acts as a bridge between CyberConnect and Ethereum, periodically submitting the final state of the channel to the CyberConnect Protocol smart contracts on Ethereum.

The state channel hub is operated by a service provider called a relayer, which acts as an intermediary between users and DApps. The relayer charges a small fee for its service, which is paid by the DApp developer or sponsor in CYBER tokens. The relayer also stakes CYBER tokens as collateral to ensure its honesty and availability. If the relayer misbehaves or goes offline, it can be challenged and penalized by other relayers or users.

The relayer also distributes rewards to users and DApp developers based on their activity and contribution to the network. The rewards are denominated in CYBER tokens and are calculated by a formula that takes into account various factors such as engagement, retention, quality, reputation, etc. The rewards are funded by a portion of the fees collected by the relayer and by inflation of the CYBER token supply.

What Are the Features and Benefits of CyberConnect?

CyberConnect offers several features and benefits for both developers and users of social DApps. Some of them are:

CyberConnect (CYBER) Token

1. User-centric 

CyberConnect puts users in control of their digital identity, content, and data. Users can create and manage their CCI, which is an NFT that belongs to them and can be transferred or traded on any NFT marketplace. Users can also choose which DApps to join and which data to share with them. Users can also monetize their content and data by selling or renting them to other users or DApps.

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2. Developer-friendly

CyberConnect provides developers with a platform and a toolkit to create and deploy social DApps on web3. Developers can use the CyberConnect SDK to access templates and modules for common features such as authentication, messaging, notifications, etc. Developers can also leverage the existing user base and social graph of CyberConnect to bootstrap their DApps and grow their audience. Developers can also earn rewards for their DApps based on their performance and popularity.

3. Innovative

CyberConnect enables developers to create new and novel social experiences that are not possible or feasible on web2. Developers can experiment with different genres, formats, and mechanics of social DApps, such as gamified, immersive, interactive, or collaborative. Developers can also integrate other web3 technologies such as DeFi, NFTs, DAOs, etc. to enhance their DApps and offer more value to users. Also read Can CyberConnect and CYBER Revolutionize the Future of Social Media?

4. Scalable

CyberConnect uses state channels to enable fast, cheap, and scalable social networking on web3. State channels allow users to exchange transactions off-chain without compromising security or decentralization. State channels reduce the load on the Ethereum network and lower the gas costs for users. State channels also allow for high-frequency and low-latency interactions that are essential for social DApps.

5. Secure 

CyberConnect uses Ethereum as its base layer, which provides a high level of security and trustlessness for the network. Ethereum is the world’s leading programmable blockchain that supports smart contracts and decentralized applications (DApps). Ethereum is secured by a large and diverse network of validators that use a proof-of-work (PoW) consensus mechanism to validate transactions and prevent attacks. Ethereum also has a robust developer community and ecosystem that supports innovation and interoperability.

6. Governed

CyberConnect is governed by its token holders, who can participate in the decision-making process of the network. CYBER token holders can propose and vote on various proposals that affect the network, such as protocol upgrades, fee structures, reward distributions, etc. CYBER token holders can also delegate their voting power to other users or entities that they trust or support.

What Are the Multiple Use Cases of CYBER Tokens?

CYBER tokens are the native utility CyberConnect (CYBER) Tokens that fuel the network and incentivize the participants. 

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CyberConnect (CYBER) Token

CYBER tokens have multiple use cases on CyberConnect, such as:

  • Governance: CYBER token holders can participate in the governance of the network by proposing and voting on various proposals that affect the network.
  • Staking: CYBER token holders can stake their tokens to secure the network and earn rewards. Staking is required for relayers who operate state channel hubs and provide off-chain services to users and DApps. Staking is also optional for users who want to access premium features and services on CyberConnect.
  • Rewards: CYBER token holders can earn rewards for their activity and contribution to the network. Rewards are distributed to users and DApp developers based on their engagement, retention, quality, reputation, etc. Rewards are funded by a portion of the fees collected by relayers and by inflation of the CYBER token supply.
  • Fees: CYBER token holders can pay fees for using the network and accessing its features and services. Fees are charged by relayers who provide off-chain services to users and DApps. Fees are also charged by DApp developers or sponsors who want to subsidize the gas costs for their users.

How to Get CYBER Tokens?

There are several ways to get CYBER tokens:

  1. Buy: CYBER tokens can be bought on various cryptocurrency exchanges that support trading in CYBER tokens. The most popular exchange to buy and trade CYBER tokens is Binance, where the most active trading pair CYBER/USDT has a trading volume of $125,569,863 in the last 24 hours. Other popular options include OrangeX and MEXC.
  1. Earn: CYBER tokens can be earned by participating in the network and contributing to its growth and development. Users can earn CYBER tokens by joining and interacting with different social DApps on CyberConnect. DApp developers can earn CYBER tokens by creating and deploying social DApps on CyberConnect. Relayers can earn CYBER tokens by operating state channel hubs and providing off-chain services to users and DApps.
  1. Mint: CYBER tokens can be minted by burning other tokens that are compatible with CyberConnect. For example, users can burn their CCI NFTs to mint CYBER tokens. This allows users to convert their social capital into financial capital, and vice versa. Users can also burn other NFTs or ERC-20 tokens that are supported by CyberConnect to mint CyberConnect (CYBER) tokens.

Conclusion

CyberConnect is an ambitious and promising project that has the potential to disrupt the social media landscape and create a more open, fair, and democratic web. If you are interested in joining or supporting CyberConnect (CYBER), you can get involved in its ecosystem by acquiring its token CYBER. 

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