Its native governance and utility token CYBER has a total supply of 100 million.
What Is CyberConnect
CyberConnect is a web3 social network that enables developers to create social applications empowering users to own their digital identity, content, connections, and monetization channels. Its latest V3 upgrade introduces a set of powerful improvements to the CyberConnect social network to usher web3 social into a new, multi-chain future. V3 is designed to power the next stage of hyper scalability for web3 dApps and give users a social networking experience that feels familiar to web2. It has three core components: CyberAccount, an ERC-4337-compatible smart account system; CyberGraph, a censorship-resistant database to record users’ content and social connections; and CyberNetwork, a gas-efficient and scalable network to bring web3 social to the world.
Founded by Silicon Valley-based serial entrepreneurial team in 2021, there are already over 50 projects that are using CyberConnect to build social features for real-world use cases, such as community-owned social networks, marketplaces, content curation, discovery tools, and more.
As of January 2024, the CyberConnect protocol has 90k+ monthly active users. Over 3,000 verified organizations, including DyDx, Animoca Brands, and Arbitrum, use their CyberAccounts to share verified links and resources with their customers and community members. CyberConnect’s first native social app, Link3, has 940k monthly active users. The team has also developed the industry-leading smart contract wallet, CyberWallet, that boasts 700k+ total accounts and over $1.5M in gas fees spent by users.
CyberConnect is backed by Multicoin and Animoca Brands, among other top investors, and has raised over $25M since its inception.
Technical Principles Behind CyberConnect
The CyberConnect protocol is primarily composed of three parts, namely CyberNetwork, CyberAccount (account system), and CyberGraph.
CyberNetwork: Operating as an Optimism-based Layer 2 network, it significantly lowers gas fees and enhances the performance and scalability of web3 social applications.
CyberAccount: CyberAccount consists of a set of smart contracts designed to closely emulate the habits of web2 users, thereby reducing the threshold for user migration. Key features include: (1) Identity verification and authorization, with provisions for account recovery through email, phone, etc., in cases of identity or private key loss. Moreover, the team also plans to enhance privacy in the coming months. (2) Compatibility with the ERC-4337 standard enables account abstraction, effectively allowing protocols such as CyberConnect, underlying networks, or any specified web3 decentralized application (dApp) to pay transaction fees on behalf of users. This enables seamless switching between wallets in different ecosystems. The product layer is termed CyberWallet. In CyberAccount, CyberID functions similarly to a username on Instagram or Twitter. CyberID is an ERC-721 token representing a user’s account handle in the CyberConnect social network. W3ST, a non-transferable NFT, carries an on-chain issuer reference and symbolizes a user’s status within their community. Community managers have the authority to issue W3ST to active and loyal supporters, recognizing their community-building contributions.
CyberGraph: CyberGraph is a set of smart contracts that connect user identities (CyberAccounts) with their content and social relationships, allowing the recording of extensive social data on decentralized storage solutions like Arweave or IPFS. CyberConnect protocol is deployed on multiple EVM-compatible blockchains, including Arbitrum, Optimism, Base, etc. It incorporates built-in monetization tools, including NFT issuance, community tokens, and incentive rewards. CyberGraph’s distinctive middleware design not only stores high-value social data in blockchain databases but also paves the way for innovative social networking and community engagement strategies.
Advantages of CyberConnect
CyberConnect offers developers an open, flexible, and permissionlessly accessible web3 social protocol, enabling them to rapidly create diverse social applications and monetize them. Supporting multiple EVM-compatible chains and cross-chain messaging through L2 networks ensures users can seamlessly engage in various web3 social experiences without chain isolation concerns. Moreover, it ensures that user data and content are securely stored in decentralized storage solutions, immune to control or interference by any centralized entities or individuals. CyberConnect empowers users to independently manage their digital identities, content, and connections, allowing them to express their opinions and ideas freely without the fear of censorship or shadow banning.
CyberConnect does not charge developers any fees or commissions but instead incentivizes them to participate and contribute to a thriving decentralized, interoperable social ecosystem using CYBER tokens. From a commercial perspective, potential revenue sources for CyberConnect include (1) Users using CYBER tokens to pay gas fees on any compatible network. (2) Users capitalizing on CyberGraph’s built-in features, including NFT issuance, community tokens, and tipping, for monetizing content and social connections, with generated transaction fees. (3) Users engaging in high-speed, low-cost web3 social interactions on CyberNetwork’s L2 network, resulting in a certain amount of network fees.
Tokenomics of CyberConnect
CYBER is the native token of CyberConnect, with a total supply of 100 million tokens. Regarding the allocation of CYBER tokens, 34% is designated for ecosystem development incentives, 10.88% for the community treasury, 9% for community rewards, 15% for the team and advisors, 25.12% for a private sale, and 3% each for CoinList public sale and Binance Launchpool.
CYBER token’s primary uses are as follows:
1. Payment of Gas in CyberWallet: CYBER can be used as a payment method for gas fees for all transactions across EVM-compatible chains within the CyberWallet, and it is applicable on the Ethereum, Optimism, Arbitrum, BNB Chain, Base, Polygon, Scroll and Mantle networks.
2. On-chain governance: CYBER holders can vote on proposed enhancements to the CyberConnect protocol.
3. Minting CyberID: CyberAccounts are the entry point into the CyberConnect ecosystem. While creating a CyberAccount is free, users can utilize CYBER tokens to purchase premium usernames and mint their CyberIDs.
Conclusion
CyberConnect, unlike web2 social media, breaks down the barriers between different platforms and public chains, forming a comprehensive social graph that enables users that empowers them to travel from one platform to the other without losing their identity, content, connections, and monetization channels. This paves the way for a new era in web3 social media. From the standpoint of token economics, CYBER tokens assume a vital role in the CyberConnect protocol, encompassing functions ranging from protocol governance to the payment of transaction fees. These diverse use cases establish CYBER as an effective tool for capturing the ecological value of CyberConnect.
The post first appeared on HTX Square.
