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Peace and Power family, I just wanted to make a quick recap video so everybody can have access to a recording, especially for those who missed the call earlier. My apologies - I did not realize anyone was having login issues because we did have a number of attendees. I just assumed everybody was able to get in, and I didn't check back in the Patreon to see messages. So I'm going to try to make a quick video and keep it to about 15 minutes to cover what we discussed. Hopefully, the next time we have a webinar, I'll have things more on point and we can just push forward with what we need to do.
Where we're at now is the link for the InLEO profile/wallet. This is the step I wanted everyone to do first, because it allows me to incentivize you all for participating and shows you some of the potential of Web3 and what we can do on this particular platform.
If you're not familiar with cryptocurrency, the quickest way to get this rolling is to just create an account by signing up with X or Google. This will create a light account for you where you can still participate and engage on the platform. However, you just can't extract any value or do any exchanges because you haven't generated your keys. That's what creating a Hive account does.
To not go too in-depth, InLEO is built on top of the Hive blockchain. The Hive blockchain is the layer one technology. For those familiar with crypto, layer ones are supposed to be the more secure, decentralized platforms and networks. Layer 2 projects are usually built on top of those layer one frameworks to take advantage of that security and blockchain history. So InLEO is built on top of the Hive blockchain as a layer 2. It's also considered a dapp, which is a decentralized application.
If you click "Create Hive Account", it will walk you through the process. You'll need to choose a username with no special characters. They have a verification method to prevent people from creating multiple spam accounts and trying to game the system. This is just to ensure they don't save any of your information.
For those more familiar with crypto, if you don't want to do this, you could go through Hive directly and create an account. But this method that InLEO uses stops people from spamming multiple accounts. You'll have to download your keys - if you're familiar with crypto, you already know how that works. Download your keys, secure them, and don't share them with anybody.
Now, being that these usernames are minted on-chain, you can't change them. You also can't continue with another username using the same verification method. Why can't you change your username? Because it's actually minted on-chain.
Signing up with X or Google is really straightforward. You just create the username - you don't have to secure the keys because you're not generating the actual crypto wallet until you do that second step of creating a Hive account. You can still earn on the platform, but you just can't withdraw until you secure your keys, which gives you control over your wallet.
Now, let me address something for those familiar with crypto who might say "Sign up with X or Google? That's not Web3!" I just thoroughly explained why they use this method. This is specifically for people who want to get from point A to point B fast and just experience the platform. They don't save this information, and they don't have access to your actual wallet because it's not even minted yet.
Why am I choosing InLEO as an onboarding tool to bring Patreon members into the crypto space? There's no barrier to entry, and it's currently free. Typically, these accounts can cost anywhere between $3 to $4 to make, but as part of the InLEO initiative, they're letting people mint these accounts through their ecosystem for free. Of course, that's temporary.
It also gives you direct access to trade Bitcoin and Ethereum. Why is that important? Bitcoin is the money of the blockchain space, and Ethereum is the leader when it comes to smart contracts. So you at least need to have access to these networks. I'm not here to convince you where to invest your money, but having direct access to trade Bitcoin and Ethereum in a decentralized fashion is a key feature.
The Leo DEX is a decentralized exchange that allows you to take advantage of what's called cross-chain swaps. For those familiar with DEXs like Uniswap or Pancakeswap, you might not be familiar with cross-chain DEXs unless you've been using Thorchain and Maya. What's huge about this is that normally, it would cost a ton in transaction fees and/or the use of a 3rd party to trade between the Ethereum network and the Bitcoin network, or between different blockchain networks.
Another advantage is that transactions are designated by your profile name, not the typical long alphanumeric generated wallet addresses you see in other platforms. This allows us to easily send and receive funds amongst each other. The platform is secure and tested, with no history of wallet hacks.
One of the most important things is that it allows us to collectively create our own Web3 community. After we get some wallets created - maybe around 10 or so profiles - we'll get to this step. Creating a Web3 community doesn't take much; we just all need to have wallets already.
Once you've created a wallet/profile, I want you to go to the post I've made about the Crypto Wallet Party and leave a comment saying you got your account created. I'll give you some upvotes to get a little crypto in that wallet.
I also want to highlight the LeoGlossary, which is a resource where you can look up any key terms. It's one of the best and most thorough glossaries of crypto terms available. It has grown into a huge index of information with everything from bank glossaries and company financials to an index of the 50 Richest People in the World.
Once you've got your wallet set up, the next step is to explore communities. Join a couple of communities so you can see how people are utilizing the platform and what different initiatives are going on. There are communities for various interests like cooking, art, eco-friendly activities, and more.
In the future, we'll create our own Web3 community. I want some more input from you all to be a part of developing that. Leo Finance itself started as just a community on this platform before growing into its own interface and application.
There's also a Web3 content challenge that I wanted to get into, but we didn't get enough wallets created yet. Once we do, I'll make another post touching on the content challenge. If we get a collective posting content, even if it's just 5 to 10 people, we can start making some noise on this platform.
Lastly, I want to mention the Leo Growth initiative. If you participate in their writing initiatives, you're pretty much guaranteed to earn some rewards. They have daily writing prompts for people who are trying to get used to creating content on a regular basis.
That's the essential stuff for now. Get these wallets set up so we can start building collectively and launch our own community. This is a gateway to the rest of the crypto ecosystem, and in my opinion, it's the best gateway because you're going to learn so much here before you go off and try to start doing other things.
Once again, my apologies for not checking back and seeing that you all were having login issues. I'll be more attentive to that next time. If you have any questions, please shoot them back at me in the Patreon. Thanks for your time and participation!