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As a Nigerian, one major web3 blockchain application that I am most familiar with is the hive blockchain, which is also regarded as a socialfi. As the name implies "social" is used to refer to the combination of both social Media platform such as Facebook, Twitter, tiktok, WhatsApp, Instagram and so on and for the former "FI" refers to "finance" which in turn means the decentralized finance system on web3. The Hive blockchain is a unique platform where members can grow and develop themselves as content creators on the platform and at the same time earn a living in cryptocurrency. Unlike the web2 platforms where you go through rigorous verifications to be able to monetize your content but for hive it is a combination of the socials and the financial aspect that converges on the blockchain.
On the hive Blockchain for instance, there are various decentralized financial systems that are employed to enable members or users to carry out transactions on the blockchain. This DEFI system is made possible by hive and also the inLeo community. There are several platforms that we can use to swap, trade, perform peer to peer transactions, convert, borrow and even farm. The reason why I am so drawn to this platform is the fact that it offers opportunities to all and sundry without any discrimination or segregation from any where in the world.
It offers a concept I would term as financial inclusion which is accessible to everyone globally. For Nigerians who empowers themselves by being creators on the Hive blockchain they can testify to how these social media cum web3 blockchain has affected their financial life positively. It has helped them to grow in their writing skills or being a content creator. In other words, creators can earn money from doing what they like and when they choose to and help to reduce economic frustration brought upon them by their government. The Blockchain also gives members autonomy over their accounts and transactions.
I used to careless of financial transactions on the web3 blockchain until I did my research and started following up on activities on the inleo platform. So far, I have carried out transaction through leodex, tribaldex, hive engine, hive keychain swap, Ecency swap and so on. This platforms have made it very easy for members to work so hard on their blog publishing skills and in turn whatever they earn can be traded or swapped easily with a small fee or without a fee attached to it. This is easy for people in underdeveloped countries to operate and carry out transaction without having to necessarily go to their traditional Banks. For instance, we know that the hive backed dollar is pegged to a dollar but this can sometimes be volatile but it stability makes earning possible.
One of my favorite aspect of exploring socialfi on the hive blockchain is the active engagement on threads a feature on the inLeo platform. Ever since the introduction of this feature in the social media aspect of inLeo, it has afforded individuals to communicate their ideas and content in short form also known as microblogging. The interesting thing about this feature is the fact that while you are enjoying social media you are also financially earning in $HIVE token, $LEO token and at the same time $HBD. Simply put it can be described as earn as you blog consistently.
Again, this system of adopting a social media in collaboration with a decentralized finance system brings about strength and promotes engagement activities amongst members. As I have experienced with the inleo community, I can boldly say that they do all they can to ensure that members are benefitting positively by give their time and efforts to build good user friendly experience.
The April inleo prompt has commenced for the new month, it's an opportunity to take on topics of your choice and write on them. Check the link above to participate.
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