How Ecency uses Blockchain to Revolutionize Social Media

Blockchain to Revolutionize Social Media

Social media is constantly evolving, and the platforms are always looking for ways to be better than their competitors and to entice individuals. According to the latest stats, the internet has over 4 billion users with roughly 3.5 billion of those users being active social media users. 

A social network platform which allows uncensored content and free speech is currently growing to become one of the leading platforms in its field. The platform, which is blockchain-based, has grown at a rapid pace, having 500,000 users after just a year. Feruz Muradov, the CEO and Founder of Ecency, says “I am proud to be part of a vibrant and ever-evolving community. Our success is due to our strong community. We have strived to create a future for uncensored, independent, open-source, rewarding and decentralized networks.”

What is Ecency?

Ecency, is a blockchain-based social network powered by Hive, aiming to bring a secure and rewarding blockchain experience to all people. In 2016, Ecency’s founder launched a mobile application that aimed to revolutionize the way people interact and create, build, engage online. Today, Ecency continues its mission to bring a secure and rewarding blockchain experience to all people with its full suite of website, desktop and mobile apps. The platform has no limits and no censorship, where only the users control their own account and their communities. The uncensored, user controlled, immutable, rewarding and opensource platform is secured by blockchain and powered by people. This allows bringing free speech into the hands of millions. 

Today, Ecency has 94 million posts, 500,000 users, and 30 million points and over millions of dollars worth of tokens distributed. After one year in business, Ecency has reached the top 28k ranking on Alexa globally and is growing, and onboarding, more and more people into the blockchain space with social media. Ecency is also ranked inside the top 5 most used social Dapps in the world by “Dapp Radar” and “State of the Dapps”.

What is Hive Blockchain?

Users have to note that Hive and Ecency are two different entities. Hive is the blockchain that Ecency runs on and HIVE is native coin of the Hive blockchain. It was designed to be a fast, feeless, decentralized, uncensored platform for Web3.0 applications. A blockchain can be seen as a form of database, which stores data. The difference is that blockchains store data in a decentralised manner between peers. This data is then distributed and seen by peers on the blockchain. Due to this, blockchains data is extremely secure, uncensored as each transaction has to be verified, multiple times, by different peers and users. Ecency is a social media platform which runs on and accesses the data on the Hive blockchain.

This tool, which is similar to Bitcoin blockchain, has built-in features where stakeholders are able to earn rewards by staking, curating, posting, playing games, and trading. Users can earn coins and tokens, as well as points. Coins and tokens are different but also go hand in hand. Coins are cryptocurrencies which are built onto their own blockchain. Tokens do not have to have their own blockchain, but are built onto blockchains. These tokens can be purchased and sold in major cryptocurrency exchanges. Therefore, HIVE is the coin which runs on the Hive blockchain, while Hive Power and Hive Dollar tokens are powered and backed by HIVE. 

These forms of HIVE are able to be transferred, but it has to be noted that Hive Power cannot be transferred, requiring unstaking to HIVE. Because of this, Hive Power is valued as an influence on the platform and can be liquid after  a long waiting period. Hive Dollars is able to be traded or sold, seeing that it is to have a currency that is pegged $1 worth of HIVE. This makes it much more liquid. Users need to note that the price will fluctuate, blockchain has internal mechanisms to keep it stable but it might not  always be tied to $1. HIVE is the most liquid seeing that many exchanges acknowledge and support it. It is also able to be used on other decentralised apps on the blockchain. The points that are earned are able to be used within the platform and traded for goods and/or services within Ecency

How to join Ecency

Click here to create an account. Once individuals have signed up, they will receive an email detailing further instructions. The password chosen will be the master password to the account and has to be stored safely. If the password is lost or forgotten, individuals will lose access to their account and their funds. It also has to be noted that accounts are not able to be deactivated or deleted, and names are not able to be changed, seeing that it is blockchain-based. 

Ecency users need to note that they are able to earn points by referring Ecency to friends. This system is simple, users can click on this link by adding their username before sharing it to friends. After their friends have joined Ecency and have earned their first 250 points, the referrer will earn 100 points for every new user who used their referral link. Points can be used for promoting and boosting content on the platform that helps to grow communities.

The takeaway

This blockchain-based social network platform offers a space for true free speech and uncensored content. The use of Hive has made the platform so much more attractive due to the incentives it offers as well. Due to all these factors and benefits, this vibrant and ever-evolving community will continue to grow from strength to strength. 

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