WEB3

What is CyberConnect? Everything You Need to Know

by BSC News

September 8, 2023

chain

CyberConnect is a framework for creating social networks that are fairer, more direct, and decentralized.

Summary: 

  • CyberConnect is a decentralized Web3 social network framework that allows users to control their digital identity, content, and connections.
  • The ecosystem comprises various components like CyberAccount for easy multi-chain onboarding, CyberGraph for censorship-resistant social data, and CyberNetwork to reduce transaction costs.
  • The $CYBER token serves multiple roles in governance, digital identity purchasing, and covering transaction gas fees.
  • CyberConnect aims to redefine social networking by emphasizing user control, data ownership, and new economic models for community engagement.

Introducing CyberConnect

CyberConnect is a Web3 social ecosystem that goes beyond likes and shares. Aimed at developers, it allows them to create social applications where users have complete control over their digital identity, content, and connections. 

It is a framework for creating social networks that are fairer, more direct, and not controlled by a single corporate entity, bringing decentralization to the social media landscape.

Through its robust architecture, CyberConnect establishes permanent, on-chain connections, enabling user control and data ownership unparalleled in traditional social media platforms.

Exploring the CyberConnect Ecosystem

The latest version, CyberConnect V3, brings some groundbreaking features designed to take Web3 social experiences to the next level. 

It comprises three main components: CyberAccount, CyberGraph, and CyberNetwork, along with special features like CyberID and W3ST.

CyberAccount

CyberAccount helps users easily onboard to multi-chain web3 social platforms, thanks to its integration with ERC-4337 Account Abstraction. This feature allows users to pay gas fees with the $CYBER token on any compatible network, making transactions smoother and more efficient.

CyberGraph

In a world increasingly concerned with censorship and data ownership, CyberGraph offers a refreshing solution. This set of smart contracts serves as a censorship-resistant way to record users' social data and connections. 

Its design allows users to monetize content through tokenization, creating new economic models within social networking spaces.

CyberNetwork

While blockchain technology is secure and transparent, it can come with high costs, known as gas fees. According to CyberConnect’s documentation, over the last 11 months, users spent more than $2 million in gas fees on CyberConnect V2 alone. 

CyberNetwork aims to solve this problem by introducing upgrades to make social transactions much cheaper without sacrificing data ownership or security.

W3ST (Web3StatusToken)

Finding your community or "tribe" online can be difficult. W3ST makes this process easier by serving as an on-chain, non-transferable NFT indicating a user's community status. 

Organizations can use W3ST to recognize and reward their most engaged members, creating a more cohesive and incentivized online community.

CyberID

CyberID is your unique username within the CyberConnect ecosystem, represented as an ERC-721 token. 

What is the CYBER Token

$CYBER token is the native token of the CyberConnect ecosystem. Deployed on multiple blockchain platforms like Ethereum, BNB Chain, and Optimism, it serves multiple purposes:

Governance: Token holders can vote on various protocol improvements and even delegate their voting power to others.

Payment for CyberID: You can use CYBER tokens to purchase your unique digital identity.

CyberAccount Gas Token: CYBER also functions as a means of payment for all transaction gas fees within CyberAccount across different chains.

$CYBER is currently trading at $5.41 and is down by 47.70% in the last seven days. The token is also up by over 200% from its all time low in August, according to CoinmarketCap data. 

$CYBER one Month graph | Source: CoinMarketCap

Conclusion

In a nutshell, CyberConnect is shaping the future of social networking by leveraging the best aspects of blockchain technology. It offers unparalleled user control, data ownership, and community-building tools. 

With its innovative features and a vision for a decentralized social landscape, CyberConnect sets new standards for what social networks can and should be.

Where to find CyberConnect: 

Website | Twitter | Telegram | Whitepaper

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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