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What Is CyberConnect and How to Buy Cyber Tokens?

2023-10-10 02:49:19
CyberConnect (CYBER)

Developed to mitigate centralization and data control issues of Web2 social networks, CyberConnect enables users to connect their online profiles and identities while retaining information sovereignty, unlike Meta's controversial data monetization practices.

This article is about what CyberConnect is, its features, use cases, and how to buy Cyber tokens.

What Is CyberConnect?

CyberConnect is a blockchain-based decentralized social graph protocol. It aims to modify the traditional Web2 social model by fixing problems like the monopolization of user data and the inability to share information and identities.

CyberConnect enables users to construct a unified social graph linking together their connections and relationships from disparate networks. In the Web2 era, users often maintain isolated social profiles on each platform, having to rebuild networks when switching platforms. 

CyberConnect eliminates these walled gardens by allowing individuals to consolidate their social identities, contacts, content, and credentials across different social media and communities into one integrated profile. This empowers seamless migration between platforms without losing connections or information.

What Is a Cyber Token?

Cyber is the governance token for CyberConnect, and it can be used for the following:

People who own CYBER tokens can vote and give their votes to others. Changes to protocols are chosen by how many votes they have.

Payment for CyberID: Used to pay for CyberID.

CyberAccount gas tokens are used as the price metre and way to pay for gas fees for all purchases within CyberAccount across EVM-compatible chains.

Current price of Cyber: $5.019

Market capitalization: $55.42 million

Total supply: 11.03 million

How Does CyberConnect Work?

CyberConnect is all about using CyberAccount to make a decentralized, portable digital identity. This is the identity layer, which gives each person a self-governing Web3 account. CyberAccount gives out unique names, such as username.cyber. 

In the future, CyberAccount will make the user experience work as it does on Web2 by letting people set up their Web3 identities by signing up with their social logins or email.

The first thing to do is to sign up for a CyberAccount. Then, users can create an NFT that looks like their CyberID handle. CyberID NFTs don't have permanent ownership; instead, users will have to buy a plan based on recurring fees.

Users can start talking to each other in the CyberConnect social graph once they have set up their identities. They can share content, creating a link between their account and where that content is stored. 

Tokenomics

CYBER Tokenomics

Features of CyberConnect

W3ST (Web3StatusToken)

W3ST is a non-transferable NFT that works as a digitally verifiable indicator of a user's identity in the community. It has an on-chain issuer reference. It is an effective tool for consumers to utilize in Web3 to locate their particular group. 

Organizations can develop a digitally verifiable, unchangeable, and contextually meaningful contribution-based value system in their communities by adopting W3ST. This allows the organizations to recognize their most engaged and devoted supporters.

EssenceNFT Smart Contracts

Using EssenceNFT smart contracts, creators can turn their work into NFTs that can be collected. This stores info about the engagement on the chain. SubscribeNFTs are used for social connections and mean that you are following other people and profiles. CyberAccounts can be set up to have paid or gated membership rules.

CyberGraph keeps track of all these actions by using smart contracts on the chain and storage off the chain. With middleware, coders can change things like how access is granted.

ERC-4337 Account Abstraction

With ERC-4337 account abstraction, CyberConnect can grow across different chains while giving users a single experience. Users pay for gas with a single token used across all chains.

When supporting various chains, this key innovation solves the problems of identity fragmentation and high network switching costs. This innovation also solves a big problem that Web3 developers were having: getting new users to try out decentralized apps who didn't want to before because crypto wallets were hard to use.

Because it's expensive to keep all social data on-chain, CyberNetwork offers a low-cost settlement layer that uses payment channels and sidechains. This keeps user control while increasing the speed of transactions.

The workflow ties together identity, content, connections, and activities into a single, portable social graph driven by both systems on and off the blockchain. CyberAccount is the main thing that makes this ecosystem managed by users work.

How to Buy Cyber Tokens?

CoinEx is a global cryptocurrency exchange. It is trusted by 5+ million users worldwide with 100% reserve. With its 700+ tokens supported, including Cyber, users can now trade quickly and seamlessly. 

To purchase Cyber tokens on CoinEx, follow the steps below.

  1. Create an Account: Start by signing up for a CoinEx account.
  2. Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
  3. Navigate to Cyber Trading Page: Once your account is funded, go to the dedicated Cyber trading page on CoinEx. Here, you can find various trading pairs involving Cyber tokens.
  4. Choose a Trading Pair: Select the desired trading pair that matches Cyber with another cryptocurrency. For instance, you may choose CYBER/USDT if you wish to trade Cyber against USDT (Tether).
  5. Specify the Purchase Amount: Determine the quantity of Cyber tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
  6. Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order. 

By following these comprehensive steps, you can easily trade Cyber tokens on CoinEx, taking advantage of the available trading pairs.

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