Let’s explore the terminology of “Tokenized Social Media” and these four areas;
What is Hive and what is Leofinance?
What is Content Monetization?
What is the Leofinance Community?
How do I join Hive and/or Leofinance?
What is Hive and Leofinance
Hive is a general content social media platform like Facebook and YouTube combined. Leofinance is a financial-topics only, social media platform. However, Facebook pays the average user nothing, while Hive and Leofinance are different. Both allow writers and bloggers to make money on their content through a system of followers and likes called upvoted, where your followers approving your content earns you Digital Tokens or Crypto money. These rewards are in a cryptocurrency token similar to Bitcoin. They are both called Tokenized Social Media platforms because you can earn Digital Money called Cryptocurrency, like Bitcoin, only in this case it’s called Hive token or Leo token. The additional beauty of such a platform is that your investment in the community cryptocurrency token gives both authors and readers free votes everyday. These votes are are certain amounts of the cryptocurrency, and so these votes are used by readers to reward writers and also by writers to reward readers. These votes are created by the token platform and the token rewards don’t come out of the wallets of the writers or the wallets of the readers. They come from a regenerating reward pool.
It sounds complicated but in its simplest terms— you buy tokens, lock them up in a smart contract, and that gives you free votes every day so you can like people’s posts with a special like called an upvote. This is the future of social media and involves sharing the wealth. Successful Writers and Bloggers should make money on their content and reward their followers. Plus as either a reader or a writer, you don’t have to think about anything except writing or reading. This is a platform where all the technical stuff is taken care of for you. For Financial and cryptocurrency bloggers that future exists today on Leofinance. I will next break this down again and explain the underlying concepts, so that you will be able to explain it to someone else after reading this post.
What is content monetization on social-media?
The answer lies in understanding a few terms and concepts. So let us review the terminology of content monetization of social media.
Content
The stuff you upload on Facebook, like pictures, poems, stories or anything else you upload is called #content.
Content-creators
People who take pictures, write poems or stories, make music or movies, are called #content-creators.
Publishing
When you upload stuff on Facebook, so that people can see it on your webpage it’s called #publishing.
Publishers
Some people who take pictures, write poems sell them through a #publisher. The #publishers help the content producers make money. The #publishers get a percentage of the money. Unfortunately most forms of Social Media like Facebook, Instagram, Tik-Tok or YouTube keep the money your content generates via Advertising revenue or data selling, with YouTube being the exception, in that once you generate a certain large number of subscribers and views you get paid.
Monetize
This means to turn something into money, but it’s not an actual transformation of something into money, it means use it to make money.
Content Publisher or Content Publishing Website
Hive or Leofinance is also called a #content #publishing #site.
Hive or Leofinance compared to Facebook:
The big difference between Facebook and Leofinance is that people provide #content to Facebook for free. But on Hive and on Leofinance people can get paid for the same content they upload on Facebook for free. The application Hive is free just like Facebook. It is a webpage application, so you don’t have to download it to your phone or computer. You just go to the webpage, open a new account, create a username and password, and in seconds see your new personal webpage in Hive just like Facebook.
Wallet
But because you get paid on Hive and Leofinance, you have a special page called a #wallet page where you see all the crypto money rewards you get for your content.
Rewards, #likes, #upvotes, #liking and #upvoting.
There are many things on Hive / Leofinance, that you won’t find on Facebook. One of the most important of these is called rewards.
The rewards are the payments you earn for #upvotes, which are the same thing as #likes on Facebook. The reward payments are in a cryptocurrency or crypto money token like Bitcoin, but this token name is Hive or Leo. You see on Hive and Leofinance we have #likes but they are called #”upvotes”. Instead of leaving a #like, you leave an #upvote. So instead of #liking content you #upvote it. The important thing about this is you receive a #payment or #reward for #upvotes. But you can use your #Metamask wallet to receive your rewards in #Ethereum.
Author and Curation rewards
The next thing different on Hive and Leofinance is that #content creators who upload content receive #rewards called #author rewards. They are considered the author of content they create. This includes written and video content. The rewards are a cryptocurrency token like Bitcoin, but it’s a different cryptocurrency token called #Hive and #Leo.
Hive token or Leo Token and Blockchain
Hive and Leo
You have probably heard of Bitcoin, it is a form of money called a #cryptocurrency token, Hive & Leo are cryptocurrency tokens like Bitcoin.
Blockchain
The book-keeping or accounting system which keeps track of Leofinance and Leo is called a “blockchain.” You probably have heard about this new thing called the #blockchain. It’s a new way to track money, supplies, events and store information. It is different from any other form of accounting system and it underlies Hive & Leofinance rewards system. But you don’t have to understand it completely to be a content creator, because on Hive we want you to focus on creating content, engaging your audience, reading content and engaging with authors or content producers.
Simplicity
The Hive and Leofinance social media or blogging community reward system utilizes a cryptocurrency and the blockchain, but the system hides all the complicated aspects and allows you to concentrate on making content, interacting with your followers and building your network. No special computer coding knowledge is needed, and other then creating content and interacting with your followers through commenting and upvoting comments, your focus can be on your passion, be it content creation, social interactions and networking or publishing. It is in all practical sense very much like Facebook, in that you post things like poems, pictures or stories, you read other people’s stuff and you like stuff or receive likes, but those likes are called upvotes and the upvoted are worth money. But like Facebook the main component of Hive is Community. In fact there are many smaller communities within Hive, and it allows you to be part of both the greater community and smaller communities focused on finance, photography, technology, literature and many more.
Leofinance Community
This is a group of writers, video creators, readers and video watchers, who all share an interest and some a passion for different things in the world of finance & cryptocurrency. They like to interact, and enjoy each other’s content.
How do you join Hive?
Hive is the name of the larger community, and it is a blogging platform like Facebook, built on the Hive Blockchain. Learn more about Hive at this link Here. The Hive blockchain is home to a number of blogging and social media front-ends, of which Leofinance is one community. So you must create a account on Hive and then post on both Hive and any smaller communities like Leofinance. You can create a free count through this link Here