On the afternoon of August 15th, the Binance Chinese Community invited Kevin, the community leader of CyberConnect, to share the project with everyone.
Background
Kevin is mainly responsible for community and growth at CyberConnect (CC for short). He has a background in traditional finance and graduated from the University of California, Berkeley. He has been in the team for more than a year. CC is a decentralized social network for Web3. The main team members come from a serial entrepreneurial team in Silicon Valley and were founded in 2021. It currently has more than 1.25 million on-chain users and more than 400,000 monthly active wallets for interaction. It enables developers to create social applications and enables users to have their own on-chain digital identity, content, connections and interactions. Currently, more than 50 projects are using CC's underlying technology for various applications. More than 2,500 project parties and communities have verified CC's social network. Within two years of its establishment, it conducted two rounds of private placement and one round of coinlist public offering, and also received more than 30 million US dollars in financing from top institutions including Multicoin, Animoca Brands, and Binance Lab.
The following is a summary of the AMA content:
Q1. CC has been developed for more than two years and has been upgraded to version V3. It has many new products and combines many new concepts. Can you briefly introduce the V3 version of CC to everyone from a technical perspective?
Kevin: CC V3 is a multi-chain social network. One of the biggest technical updates is the adoption of the ERC-4337 abstract account concept to create an innovative Web3 account system, which is the recently promoted CyberAccount. ERC-4337 is an Ethereum standard that eliminates the complexity of crypto wallets, such as network exchange, cryptographic signatures, and private key management, and achieves a true multi-chain user experience comparable to Web2. It is the key to attracting the next billion mass users to use Web3. ERC-4337 is one of the proposals in Ethereum that Vitalik publicly supports. CC has just released the first version of CyberAccount, becoming the largest ERC-4337 account provider in three days. If you want to experience CC's ERC-4337 account abstraction, you can participate in the recent CyberTrek event link3.to/cybertrek.
Q2.CYBER tokens will be listed on Binance at 8:00 tonight (August 15). What does CYBER mean to CC after it comes out? Will it empower the tokens?
Kevin: CC's native token CYBER will be listed on exchanges such as Binance at 8 pm (UTC+8) on August 15, 2023. Ways to obtain CYBER include:
CC Season 1 Community Rewards (a total of 2.4 million CYBER to be claimed) are scheduled to be distributed on August 15th and everyone can access
CYBER has been launched on Binance Launchpool (ends on August 31st). Users can now stake BNB, TUSD, and FDUSD to mine 3 million CYBER. Please refer to the Binance official announcement for more information.
Native utilities and CYBER of CC protocol can be used for the following functions:
Governance: CYBER holders have voting rights and can delegate their voting rights to others. Protocol improvements are decided based on voting rights.
CyberID Payment: Used for payment when purchasing CyberID.
CyberAccount Gas Token: Used as price meter and gas fee payment for all transactions within CyberAccount across EVM-compatible chains.
CyberDAO will introduce more CYBER use cases.
The total supply of CYBER is 100 million, and the circulating supply after listing is 11,038,000 (about 11.04% of the total supply). A total of 9% of CYBER will be given to community rewards, and 34% of CYBER will be allocated to ecosystem development. CC's public sale on Coinlist sold out in 30 minutes at a price of $1.80 and raised $5.4 million. To learn more about CYBER, see this Binance research report: https://research.binance.com/en/projects/cyberconnect
Q3. Does CC have any plans for large-scale events in the near future? The community is also looking forward to the second season of Community Rewards. Can you give us a brief introduction?
Kevin: Friends who know CC should know that we have a lot of community activities. To celebrate the CC V3 (ERC-4337 account abstraction) upgrade, we launched the CyberTrek event, a two-month large-scale event with six top public chain partners, including Polygon, Linea, Base, Optimism, Arbitrum, and opBNB. We hope that users will experience CyberAccount (a smart contract account system compatible with ERC-4337) through CyberTrek. In the next few weeks, we will continue to launch on other mainstream public chains. If you missed the Season 1 rewards, you can join the CC Season 2 community rewards. Up to 140,000 CyberPoints rewards can be obtained, which can be exchanged for CYBER in Season 2. The rewards for the second phase will still be very large. We hope that there will always be a long-term reward mechanism for users, and it will also be designed to be more interesting and better.
Q4. CC recently launched its own wallet. Why did you choose to make a wallet? What does CyberWallet mean for social networking?
Kevin: CyberAccount is a new type of abstract wallet and also a smart contract wallet. We have removed many cumbersome processes for users to use Web3 applications and introduced the gas delegation function. For example, there are many transfer transactions on multiple networks, such as OP, Base, Polygon, BNB chain, Ethereum, etc., various complex operations and transactions on multiple networks, and various cumbersome and different tokens. We have simplified these gas fees and made them complete in one step, so it is another great improvement in user experience. At the same time, we believe that users' social data and information are also a kind of asset. Why do we call it an account system instead of a simple wallet? Because it also stores your identity and social graph information in it. Social graph information and identity-related information are very important. This part is Cybergraph. For example, your friend data, or you have 1 million followers on Twitter, these are all very important data assets for you. At present, whether it is Tencent, WeChat, or companies like Twitter, they actually regard these assets as their own platform assets. For example, when using WeChat to log in to other WeChat applications, such as Honor of Kings, you will find that you can bring in your friends and avatars. This is because this is an internal matter of Tencent, but with CyberAccount and CyberGraph, users actually have their own identity system and storage, which is still decentralized, and only your private key can obtain and write this data. With these, you can use the acquired identity, fans, or some relationships that can be monetized from one platform to another. For example, the monetization relationships of your own paid members can be migrated. These are all things that belong to the user category, not the platform. At the core, we want to build an underlying foundation to drive a better user social experience for the entire web3.
Q5. CC’s biggest competitor is Lens, which has also been upgraded to V2. What are the advantages of CC compared to Lens?
Kevin: First of all, I think their version 2.0 may be a bit like our version 2.5. We use the newer ERC-4337 smart contract as the basis. There are several specific differences: for example, the team, the Lens team is from DeFi, and our team has been doing social networking since 2017, and the background is different. We may not only do things at the protocol layer, but also work on the application layer, including the launch of our own Link3 application, which has exceeded one million daily active users this month. There are more than 2,600 different institutions and some VCs on the Link3 homepage. Many large projects or institutions have already used Link3 as their official link on Twitter. Then there are the development paths and routes. From a technical point of view, there are some differences in the underlying technology. We are more concerned about the native user needs of Web3 users. For example, we often see that when large-scale applications are used, there will be some problems with user login. Our route will think about how to solve these problems as a whole. I think this may be a relatively large difference in the overall situation. We focus on making a product that is useful to all Web3 users, while Lens may pay more attention to the creator economy.
Q6. Does $CYBER have any mechanism to ensure that the price will not fall due to limited-time token unlocking?
Kevin: For details about unlocking and token distribution, please refer to the Binance research report and our official announcement. In fact, you can see that CYBER's unlocking plan provides good protection for CYBER investors in the secondary market. The team and VC will not unlock their tokens within one year. Secondly, CYBER will also be listed on major exchanges including Binance to ensure liquidity, and there will also be market makers to provide support.
Q7. CC implements “Your Web3 Smart Account”, can you tell us what it is and what function it has in your ecosystem?
Kevin: Our main focus is on application scenarios and what products can be applied on a large scale. For example, in the development of Link3, through observation of users and the latest technology directions, the most difficult problem is that the account system itself is not easy to use and the user experience is too poor. You can't ask a novice to open a Metamask account, write down the mnemonic, and then go to the exchange to buy the corresponding tokens for gas if he wants to enter Web3. This is very unrealistic and will stop many people from entering Web3. It is better to start from specific application scenarios and consider the future. For example, in one, two, or three years, we want to see large-scale native applications come out, and we can make products with tens of millions of monthly active users or even tens of millions of monthly active users like before. This is what we are concerned about. These are what we are trying to achieve through CyberAccount.
Q8. What functions and conveniences does CYBER provide for creating social network applications? What qualifications do community developers need to apply for CYBER if they want to develop in CYBER? Are there any restrictions on the categories of the community? Are financial, gaming, and Web2 fields also welcome?
Kevin: Community developers are very important to us. After CYBER goes online, we will launch a Grant Program to motivate community developers, and we will also open applications for developers. In terms of categories, we are actually very open. There are many types of projects in the ecosystem, including games, social networking, offline experiences, etc. Especially after the update of CyberConnect V3, various types of projects will actually make better use of access to log in through CyberAccount to obtain user resources and data on the CC protocol. At the core, we hope to help projects in the ecosystem provide users with a better user experience.
Q9. CC has many ecosystem projects, including Mocaverse, XMTP, Livepeer, etc. How are these partnerships formed, and how do they drive the growth of the CC ecosystem?
Kevin: The growth of CC ecology is definitely inseparable from numerous partners. Many of these partners include XMTP, Livepeer, and Biconomy as partners for the underlying infrastructure. Especially in the fields of social and ERC-4337, the development and application of the underlying technology is still in a very early stage. We hope to work with other outstanding developers and project parties to promote the development of the industry. For other ecological projects such as Movaverse, Galxe, and Phaver, we hope to help them provide a better user experience and meet the needs of more users. We also hope that these excellent ecological projects can help the large-scale adoption of Web3 and allow more users to enter Web3. Even if a person is not interested in trading or speculating in cryptocurrencies, he or she can still enter the field of Web3 by playing interesting social game products.
Q10. What role do you think CC will play in the future of Web3?
Kevin: Our goal has always been better user experience and large-scale adoption of Web3. These visions are relatively long-term. In the short term, I think the form of Web3 should be that everyone has an account system, a bit like Gmail mailbox. Now in Web2, Gmail is used to log in to the account, and in the future, CyberAccount can be used to log in directly. After logging in, there will be two more functions. One is your personal database. Your data can always be bound to your account. You don’t have to worry about whether Google or Tencent gives you this permission. Anyway, the data is yours. The second biggest difference is that after logging in, your wallet is also bound to your account, which means that you have the ability to pay, and you will take your assets and identity to another APP. This experience is a social form of Web3 Native that we will see in the future. It is more like a login system. And in theory, the user experience of logging in through a wallet can far exceed the current traditional login method.
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