#Blockchain Based Social Networks – (Chris Coney) WCSS:033

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December 28, 2023


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Start your formal crypto education for free and earn tokens at https://cryptoversity.com/ —- At the highest level of abstraction we have web2 and web3, that’s the interactive web and the decentralised web.
Within each of those you have a network
In Web2 you have just one main network, the Internet
In Web3 you have many different networks vying for dominance, which adds an extra layer of complexity when investing before we are not 100% sure which network (or group of networks will dominate)
Then within the networks you have a number of apps
Facebook, Twitter and YouTube in Web2
And for Web3 is depends on which network we are talking about, because each has multiple apps on it
This is where the investing thesis is similar to what I laid out in the episode on Metaverse investing
There is picking the winning network, and then there is picking the winning apps on those networks
For the benefits of this episode I’m going to use the Web3 network that I am personally most bullish on and that is the HIVE, which is a blockchain that has been specifically designed to serve developers who want to build decentralised social networking apps
The equivalent of Facebook or Instagram on the HIVE network is an app called Ecency or PeakD.
The Twitter equivalent is called DBuzz.
And the YouTube equivalent is called 3Speak.
The HIVE blockchain also hosts Splinterlands which is one of the most used blockchain games in the world with a quarter of a million users logging on each day.
What is the investment case? Why are users going to trend towards using decentralised social networks? There are a few reasons I think this will happen.
Privacy. If you’ve watched documentaries like The Social Dilemma, you’ll be aware of how the use of algorhymns to increase user engagement and boost ad revenue has gone too far. Blockchain based social networks like HIVE have an element of transparency built in (a) because the content is hosted on a blockchain and (b) because the code tends to be open source so everyone knows what it’s doing under the hood.
Ownership over content and audience.
If you build a business using a Facebook page, your business is at the mercy of a large corporation that may choose to change their policy on a whim. It’s not so easy to move a Facebook based business elsewhere. You could move an online store easily enough to another host, but not a social media based business because Facebook owns your list of followers. With HIVE you own your own account at the network level, just like a Bitcoin or Ethereum wallet. All your HIVE tokens, account data, and your followers are then stored in that account and are shared with any app you choose to log into. That means you truly own your account, your content and your followers. If one social media app is no longer to your liking, you just log out, log into a different one and all your hard work is right where you left off.
The HIVE blockchain creates a certain number of new tokens each day, which makes the system inflationary. Those new tokens are distributed 7 days in areas based on which users created the most valuable content (as voted by the community). So when the rules are transparent, and you get paid for your posts, there’s a strong incentive to spend your time socialising on HIVE than on Facebook.
What is the investment strategy then?
Well I’ve spent this episode talking about HIVE because it’s the one that showed the most promise to me after my initial round of research and tests.
I then did a deep dive into HIVE and have now made it the place where I post a mirror of all my public content
One copy on YouTube, one copy on 3Speak
My investment strategy in HIVE is a little different to most investors because I happen to be a creator. That means I have invested my time and energy in creating content that has earned me a number of HIVE tokens.
To be clear my HIVE account dates all the way back to May 2016 so it has taken HIVE a long time to start getting traction.
But that’s what I’d expect considering it’s such a radically new concept.
So if you look at how HIVE has performed in 2021 you’ll see it’s performance has been pretty spectacular, going from around 11 cents to an all time high of $2.98, a 27x increase.
While I can’t give specific investment advice, the best way for investors to safely allocate to any asset is to accumulate it over time, when it is undervalued
And that can be calculated by looking at the assets overall trading range from highest to lowest.
Don’t get stuck on HIVE though just because I mentioned it, the opportunity to become the dominant social media blockchain is so huge, there are many vying for that crown.
So the safest strategy of all would be to get a small allocation in a few different social media blockchains so you have an even higher chance of having a position in the one that wins out. The Cryptoverse features reading the news from various sources. Each episode lasts approximately 15 minutes and includes my moral, ethical and philosophical interpretation of current events. If you’d like to be kept up to date on Bitcoin, cryptocurrencies and blockchains by someone who believes in the free market, equality of opportunity and the value of education then subscribe to The Cryptoverse today. Video Source https://www.youtube.com/watch?v=ydeypMJx3QA

Crypto Currency Resources & Recommended Products

The following lists are tools and resources that I put together to help anyone that is interested in crypto get a head start. It can be quite daunting when you first get into cryptocurrencies. There is some much information out there and some much uncertainty.

Disclaimer This new crypto movement is an economic revolution. While it may be an exciting time to get started with crypto currencies, this digital gold rush has a plethora of bad information out there. The recommended products below are based on my own experience with my own personal use of these products.

Disclaimer: I am not a finical advisory. I do earn a small commission if you choose to purchase any of the recommended products below. Please make sure that you do your research before you purchase any Cryptocurrencies related products or services.


Crypto Currency Wallet & Coin Exchange

Coinbase is one of the worlds leading cryptocurrency wallets. It also gives people the option to purchase and trade digital currencies like that of Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum and Litecoin.

Coinbase popularity stems from its ease of entry and exit from the cryptocurrency world. It's pretty quick to get set up and start investing in digital currencies. Get $10 FREE Bitcoin {BTC} when you spend $100 with our referral link.

Click Here To Watch A Tutorial Guide On How To Use Coinbase

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Cryptocurrency Exchange

Binance is one of the worlds fastest growing cryptocurrency exchanges. Because of its trading volume and the number of altcoins it trades it will be one of the worlds biggest crypto exchanges in the world.

While Coinbase is still the easiest way to get into cryptocurrencies, Binance trades a lot more Altcoins compared to that of Coinbase. If you want to purchase Altcoins like Cardano ADA, Ripple XRP, Steller Lumens, TRON, Dash and Monero then Binance is your first port of call. 

In order to trade here, you must hold some cryptocurrencies first. So it's best to purchase some Ether or Litecoin from Coinbase and transfer it too Binance.

Click Here Watch A Tutorial Guide On How To Use Binance.



Cryptocurrency Hardware Wallets

One of the most popular Hardware Cryptocurrency wallets is that of

Ledger Nano S. The Ledger hardware wallet provides a secure offline solution for cryptocurrency traders to store their digital data. 

Commonly knowns private keys the Ledger hardware wallet gives users a multi cryptocurrency offline storage solution. Because of essential, these hardware wallets are similar to that of a USB key, it provides security by hosting the private keys offline making them difficult for hackers to access your cryptocurrencies.

It hosts some of the more common crypto coins but also some fewer know Altcoins Bitcoin Gold, Ark, Bitcoin, Bitcoin Cash, Digibyte, Dash Dogecoin and Ether.

Watch A Video Guide On How To Use The Ledger Nano S 


Digital Crypto Currency Wallet 

The Exodus Wallet is desktop cryptocurrency storage solution. It can be used with Mac and PC which has compatibility with a popular cryptocurrency exchange called Shapeshit. Which gives the user the ability to trade cryptocurrency with in the Exodus Wallet.  This feature alone makes the Exodus wallet a very popular choice with beginner crypto traders.

The interface is very intuitive making it very easy to understand and use for anyone that's starting out with investing in cryptocurrencies. The Exodus Wallet is one of the most popular lite wallets, even with a number of crypto storage assets, it doesn't require your system to download the complete blockchain.

While the Exodus Wallet is free to download and a very secure piece of software, please note that it does take between 1-3% fee with the exchange of cryptocurrencies. Click Here To Watch Walk Through Video On The Exodus Wallet.


Cryptocurrency Browser

The Brave Browser is just like most web browsers, it allows you to surf the web, find videos, websites and allows you to download content from the web. But with a few difference with it's set up compared to that of Google Chrome. It was set up by the same creators as that of Mozilla, basing their software on open source code similar to that of Google Chrome.

Brave has in built ad blocking technology to stop intrusive ads. It also integrates with the cryptocurrency Basic Attention Token {BAT} to pay users for their attention for displaying less intrusive ads.

Brave keeps 15% of the less intrusive ads, giving content publishers 55% per cent which is good for bloggers and vloggers, last but not lease even users of the Brave browser will receive 15% off the revenue. It also gives users the option to donate BAT to content creators or sites they love.

One of the striking features of the Brave Browsers is that it removes a ton of tracking pixels which cause websites to load slower. This gives you a much faster experience when visiting websites online


Altcoins, Buy Altcoins, Crypto, Cryptocurrencies

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