CyberConnect (CYBER) is a breakthrough in the crypto ecosystem, offering a Web3-based social networking platform that not only allows users to have complete control over their digital identity, content and connections. But it also paves the way for developers to create innovative social applications that place privacy and data ownership in the hands of users. This article will comprehensively discuss what CyberConnect (CYBER) is, how it works, and an overview of the tokenomics and uses of the token.
What is CyberConnect (CYBER)
CyberConnect is a social networking platform operating in the Web3 ecosystem , designed to revolutionize the way users and developers interact in the digital space. The essence of CyberConnect is empowering users by giving them complete control over their digital identity, content, connections, and interactions on the internet.
This platform uses blockchain technology to create a transparent and decentralized system, where each user can own and manage their personal data without needing to worry about third party intervention.
Founder or Developer of Cyber Connect
CyberConnect was built and developed by a team based in San Francisco, United States.
One of the main founders and key figures behind CyberConnect is Wilson Wei, who is well known for his involvement in various previous technology and blockchain projects. He has extensive experience in the industry and has contributed to the development of several important initiatives in the Web3 and blockchain space .
In general, CyberConnect's development team consists of professionals with expertise in blockchain, decentralized technologies, and social networking application building, all focused on creating an ecosystem that allows users to have more control over their data and digital interactions.
How it Works and Features
The core components of the CyberConnect product include CyberAccount, CyberGraph, and CyberNetwork. Here are the details of how the three work:
CyberAccount
Aimed at unifying the user experience of web2 into the web3 sphere, CyberAccount facilitates the creation of decentralized and unique digital identities through NFTs (Non-Fungible Tokens) , giving users complete control over their data and identity.
CyberGraph
It is a series of smart contracts that enable data recording across various EVM- enabled blockchains . CyberGraph enables developers to create new possibilities for community building and tokenization, directly connecting users' identities (CyberAccounts) with their social interactions and content.
CyberNetwork
As an information layer that strengthens on-chain data logging, CyberNetwork plays a vital role in improving data efficiency and reliability. This enriches the solutions for decentralized digital identity offered by CyberAccount and social logging through CyberGraph, providing a strong foundation for the ecosystem.
CyberWallet
The primary Web3 wallet used in CyberConnect, compatible with ERC-4337 or functioning as a smart contract wallet, CyberWallet offers access and control over digital assets with detailed information about ERC-4337 for users who want to dive deeper.
CyberConnect V3
Featuring key elements such as CyberAccount, CyberGraphf, and CyberNetwork, CyberConnect V3 makes it easier for users and developers to overcome network complexity, providing an experience comparable to web2 in a more secure and decentralized ecosystem.
CyberID
As part of the CyberConnect ecosystem, CyberID offers unique user identification represented as ERC-721 tokens , such as ryan.cyber and wilson.cyber, providing the opportunity for users to create their unique identities on the platform.
W3ST (TokenStatusWeb3)
W3ST, a special, non-transferable NFT that organizations give to their users, acts as an empowering tool for users to identify their community on web3. This is a practical application of the soulbound token concept that can be explored further.
Tokenomics and Use of Tokens
CYBER is a native token in the CyberConnect ecosystem. These tokens serve as a governance tool in the network that allows token holders to participate in decision-making regarding protocol changes.
CYBER also functions as a payment method for CyberID service registration and acts as a gas token for transaction operations within the CyberAccount network which is compatible with various EVM-based blockchains.
The total supply of CYBER is 100 million units, with 17 million of them in circulation. On February 2 2024, the value of the CYBER token reached IDR 110,754 per unit, with daily trading volume reaching IDR 324 billion.
CyberConnect's position in CoinMarketCap's ranking as of February 2, 2024 is 307th, with a market capitalization of close to 1.9 T.
Advantages and Weaknesses of CyberConnect
In the dynamic Web3 landscape, CyberConnect is emerging as a promising player with its unique approach to decentralized social networking. However, this platform is not without challenges. Fierce competition in the Web3 social ecosystem, where various entities seek to dominate, puts CyberConnect to the test of maintaining its relevance.
The main concerns that arise are around user privacy. Because CyberConnect leverages wallet addresses for identity verification, this has the potential to make user transactions and assets on the blockchain open and easily accessible to the public.
However, with a strategy focused on enabling the power of users and creators, CyberConnect stands at the forefront of ushering in a new era in social networking that is more equitable and justice-based.
Despite the obstacles, CyberConnect's vision of putting control of data and interactions back into the hands of users promises a significant transformation in the way we communicate in the digital space. Thus, CyberConnect has the potential to be a pioneer in a paradigmatic shift in the history of social media.
Conclusion
CyberConnect (CYBER) marks a step forward in the evolution of social media by embracing the principles of decentralization and user empowerment.
Despite challenges in the competitive Web3 ecosystem and privacy issues associated with the use of wallet addresses, its potential to reform online social interactions is significant.
By emphasizing personal data ownership and transparency in social networks, CyberConnect offers an innovative vision that could change the power dynamics in the world of social media, making it a platform that has the potential to change the way we interact and connect in the digital space.
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Also read:
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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