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What Is CyberConnect and How Does It Work?

What Is CyberConnect and How Does It Work?

Beginner
2023-09-05 | 5m

Main takeaways

- CyberConnect is a decentralized social graph protocol based on blockchain technology.

- By building a unified social graph, CyberConnect allows users to migrate their identity information and social relationships to different networks and platforms, ensuring users' complete ownership of their personal data, creating substantial user value.

- CYBER, the governance token of the CyberConnect protocol, has diverse applications, including governance voting and gas fee payments.

- CyberConnect could potentially become a pivotal gateway for Web3 in the future.




With the introduction of the CyberConnect protocol's token economics and airdrop, it has become a focal point in the Web3 community. What sets this social-oriented CyberConnect apart? What groundbreaking innovations will it bring to the conventional social landscape? Can it set benchmarks for Web3 social networking? This article offers an in-depth introduction to the CyberConnect protocol.

What is CyberConnect?

CyberConnect is a decentralized social graph protocol founded on blockchain technology. Its goal is to disrupt the conventional Web2 social model, addressing issues such as user data monopolization and lack of data and identity interoperability between different platforms.

Simply put, CyberConnect enables users to consolidate their social connections on a single platform by constructing a decentralized social graph. For example, during the Web2 era, you possessed separate social graphs on different social platforms. When transitioning to a new platform, you had to start over with your identity and rebuild social connections. CyberConnect obliterates barriers between diverse platforms and public chains, enabling users to aggregate social connections from various platforms and fields into a single social network. This empowers users to effortlessly switch between social platforms without worrying about the inability to transfer social relationships, content, friends, and other social data.

How does CyberConnect work?

The CyberConnect protocol comprises three core elements:

Cyber profile: This decentralized identity standard stores users' Web3 activity data. All on-chain credentials and assets can be mapped to users' Cyber profiles for unified identities.

CyberConnect social graph: Connecting users' identities, personal data, content, and social relationships to form a unified social network. This ensures seamless interoperability and transferability of users' social relationships across platforms.

CyberWallet: As a smart contract wallet for protocols, CyberWallet securely stores users' assets, providing a trusted method to manage digital assets.

These features grant users a more open and unrestricted social networking experience.

Governance token CYBER

CYBER, the governance token of the CyberConnect protocol, has the following application scenarios:

  • On-chain governance: CYBER holders can vote on proposed enhancements to the CyberConnect protocol.

  • Creation fees for Cyber profiles: Cyber profiles are the entry point into the CyberConnect ecosystem, and users can use CYBER tokens to pay for premium usernames to create their own digital identities. CYBER tokens will be used as a Gas fee when creating a Cyber profile.

  • Gas fees for CyberWallet: CYBER can be used as a payment method for gas fees for all transactions across EVM-compatible chains within the CyberWallet, and will be available on the Ethereum, Optimism, Arbitrum, BNB Chain, Base and Polygon networks.

It can be seen that CYBER tokens play an important role in the CyberConnect protocol, from protocol governance to payment of processing fees, and these use cases are well positioned to support CYBER's continued capture of value from the CyberConnect ecosystem.

Trade CYBER now on Bitget

CYBER Token Allocation

CYBER has a total supply of 100,000,000 tokens, which will be allocated and unlocked as follows:

Allocation

Percentage (%)

Unlocking method

Team and advisers

15%

Locked for 15 months after launch, and will be unlocked linearly on a quarterly basis within three years

Private sale

25.12%

Locked for 12 months after launch, and will be unlocked linearly on a quarterly basis within three years

Community treasury

10.88%

10% is unlocked upon launch, while the remaining 90% will be unlocked linearly on a monthly basis within five years

Community rewards

12%

20% has been airdropped to early users upon launch, while 80% is reserved for future community rewards

CoinList public sale

3%

25% is unlocked upon launch, while the remaining 75% will be unlocked linearly on a monthly basis within six months

Ecological partners

9%

20% is unlocked upon launch, while the remaining 80% will be unlocked linearly within four years.

Developer community

10%

5% is unlocked upon launch, while the remaining 95% will be unlocked linearly within four years.

Early integration partner

5%

10% is unlocked upon launch, while the remaining 90% will be unlocked linearly within three years.

Marketing

10%

10% is unlocked upon launch, while the remaining 90% will be unlocked linearly within three years.

Opportunities and Challenges for CyberConnect

The social sector has been one of the key directions for blockchain technology. Traditional Web2 social platforms have faced numerous drawbacks, such as the lack of interoperability of user identity information and the monopolization of user data by platforms, which has led to high expectations for new social models based on Web3 technology. CyberConnect aims to create a unified social graph where users can easily migrate their identity information and social relationships to different networks and platforms by simply linking their wallets. Importantly, all personal data belongs solely to the users themselves, creating significant value for them.

Of course, CyberConnect also faces some challenges. First of all, the Web3 social space is highly competitive, with several noteworthy social protocols such as Lens Protocol, Nostr, Bluesky, among others. Second, the identification verification of CyberConnect is based on wallet address, making user's on-chain assets completely open and transparent. When the user's personal information is displayed on the profile, it will inevitably cause privacy concerns. In addition, in order to further expand its ecosystem, CyberConnect shares data with other Web3 projects, which also increases the risk of uncertainty.

Closing thoughts

CyberConnect, which focuses on social networking, has not only raised tens of millions of dollars, but has also gained a million users with sustained growth. With the fierce competition in the Web3 social space, CyberConnect faces many challenges in its future development. But the rapid development of CyberConnect reflects its core value: allowing users to bring their existing social relationships into different platforms, and enabling users to truly own their own social graph, which may be one of the most important portals for the future of Web3. Therefore, it deserves the attention of crypto investors.




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Disclaimer Risk Warning: The contents of this article are provided on an “as is” basis and are for general information and educational purposes only and do not constitute any representation or warranty. It should not be construed as investment advice, nor is it intended to recommend specific products or services. Digital asset prices can be volatile. The value of your investment can go up or down and you may not recover your investment amount. You are solely responsible for your investment decisions and Bitget Academy is not liable for any losses you may suffer.