CYBER currency is the native token of the CyberConnect protocol, a project in the field of decentralized social networks (DeSoc) within the Web3 ecosystem.
Simply put, CyberConnect aims to address the issues present in traditional social media platforms (such as Facebook, Twitter, YouTube) that are controlled by large corporations, by giving users complete control over their digital identity, connections, content, and interactions on the blockchain.
Key points about CyberConnect (CYBER):
* Primary objective:
* User ownership of data: Unlike Web2 where platforms own user data, CyberConnect allows users to own and control their social data (such as connections, content, and followers), instead of being controlled by a central entity.
* Resistance to censorship: Aims to prevent censorship and control by central authorities, allowing users and creators greater freedom.
* Building decentralized social applications (dApps): CyberConnect provides the infrastructure for developers to create new and innovative social applications that enable users to interact with each other and own their data.
* Main components of the protocol:
* CyberAccount: A digital identity system for users, ensuring a secure and authentic user experience. This identity (CyberID) can serve as a unique username and NFT.
* CyberGraph: A decentralized protocol that allows for content creation and social networking, linking users' identities with their data, content, and connections.
* CyberNetwork: A component to enhance the platform, making interactions seamless and cost-effective, addressing challenges such as storage and transaction costs.
* Uses of CYBER currency (token):
* Governance: CYBER token holders can vote on proposals to improve the CyberConnect protocol, giving them a role in the development and future of the project.
* Paying gas fees in CyberWallet: CYBER can be used to pay gas fees (transaction fees) for all transactions across EVM-compatible blockchains within CyberWallet, including Ethereum, Optimism, Arbitrum, BNB Chain, Base, Polygon, Scroll, and Mantle.
* Minting CyberID: Users can use CYBER tokens to purchase unique usernames and mint their unique digital identities (CyberIDs) within the ecosystem.
* Incentivizing users and developers: Users can earn CYBER tokens as rewards for participating and contributing to the network (such as creating content and sharing data).
* Importance:
* CyberConnect is an important part of the Web3 vision for the future, aiming to empower users to own and benefit from their digital data.
* Works to solve the fragmentation issues of online social identity by allowing users to easily transfer their social identity and relationships across different networks and platforms.
In summary, CYBER currency is the economic backbone of the CyberConnect protocol, which aims to build a decentralized future for social media where users have ownership and control over their identities and digital interactions.