A social network platform which allows uncensored content and free speech is currently onboarding more and more people into blockchain space. 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.”
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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 aims to bring a secure and rewarding blockchain experience to all people. The platform has no limits and 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 millions of dollars worth of coins 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 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.
By using Hive, Ecency has become a tool for financial freedom where users have full control over their account and finances. The social network platform has taken this concept and taken it even further by adding social elements and gamification aspects.
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Earning on Ecency
This tool, which is similar to the 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 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 are tokens backed by HIVE. By earning users become investors of the platform and influence the future of social network and blockchain.
Liquid HIVE are able to be transferred instantly, feeless, but it has to be noted that Hive Power cannot be transferred, to transfer one has to unstake to Hive. Hive Power is staked HIVE, the more one stakes the more influence they will have on the platform. Hive Dollars is able to be traded or sold, seeing that it is to have a currency that is pegged $1 worth of HIVE. Users need to note that the price will fluctuate, but there are market mechanisms to keep it around $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 Ecency offers.
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