As the popularity of Friend.tech seems to fade in a couple of days, crypto users jump to a new social network, Cyber Connect that allows developers to create applications focused on content and friendship. The data shows traders were willing to pay more than 2000% to buy the tokens on margin.
Backed by significant funds, including Animoca Brands, Delphi Digital, and IOSG ventures, among others, the protocol has attracted wider attention in just a few weeks. In today’s TD Daily, let’s learn about Cyber Connect and its value for the Web3 Community and analyze its on-chain metrics.
About Cyber Connect
Cyber Connect is a social media network that allows developers to create applications focused on content, friendship, and digital identity. It aims to address issues related to centralized control, lost creator value, data siloing, and stifled innovation in Web 2.0 social media.
With the help of this protocol, users do not need to rebuild their networks on each new platform. It makes it easier for them to travel in various applications. It is a Web 3 social network that helps developers create social applications by providing digital identity, content, links, and interactions.
Components of Cyber Connect
The infrastructure brings an array of benefits for the users, particularly on user experience, and works on the following Components:
(I) Cyber Account: This is a suite of smart contracts that represents a user’s digital identity linked to their content and social connections. It includes authentication, where special codes or cryptographic key pairs protect each user’s account, and they’ve added features like recovering the user’s account if they lose keys. Additionally, they are working on making it ERC-4337 Compatible and issuing a Cyber ID, like your username on Instagram or Twitter. CyberID is an ERC-721 token that represents a unique handle for your account.
(II) Cyber Graph: CyberGraph is a set of smart contracts linking user identities to their content and social connections. It enables recording social data onto multiple EVM-compatible blockchains, guaranteeing true user ownership and removing centralized control from any platform.
(III) Cyber Network: Even though representing social data on the blockchain is good for programmability and interoperability, high gas costs are an incredibly challenging bottleneck for scaling Web3 social networks to a billion users. The team plans to bring upgrades to make all social interactions/transactions much cheaper.
(IV) Cyber Token: The CYBER token is a governance token. Owners have voting rights, giving them authority to decide on protocol improvements and transferring their voting rights to others. CYBER is also used as a price meter for all transactions within the CyberAccount in EVM-compatible chains and as a paying tool for gas fees.
On Chain Analysis
~ Market Cap: $59 Million
~ Volume (24 Hrs): $67 Million
~ Active Users: 4,000
(As of September 8th, 2023)
In the first week of September, the protocol suddenly witnessed a surge in activity, with the token price reaching as high as $15 and the trading volume crossing $700Mn, as per the data reflected on CoinMarketCap. Similar to the trend observed in Friend. tech, popularity seems to fade for CyberConnect sooner as the overall activity has reduced and the volume has fallen to as low as $67 Million with the token price at $5.
Closing Thoughts
In the fast-paced world of Web3 social networks, Cyber Connect has emerged as a promising player, offering a solution to the challenges of centralized control, lost creator value, and data siloing that have plagued Web 2.0 platforms. With substantial backing from notable investors, this protocol has rapidly gained attention.
By empowering developers to create social applications centered around digital identity and content, Cyber Connect is reshaping the landscape. Its key components, such as Cyber Account, Cyber Graph, Cyber Network, and CYBER token, showcase its commitment to user ownership and governance. While its meteoric rise and subsequent dip in activity may raise questions, Cyber Connect’s potential remains a topic of great interest within the Web3 community, emphasizing its importance in the evolving crypto ecosystem.
