During the Hive community Town Hall earlier today, @Jongolson, one of the co-hosts of the show made a striking end note "Be the Hive user you want to see/meet". That's a statement that sums up what a social media platform is meant to be like - built around the user because the users convey value.
During the show, @khaleelkazi on presenting the vision of INLEO for the next five years harped his inclination to the categorization of users on the Blockchain as investor/business owners, creator users, and developers. I would add Institution/honorary users. All these categorization defines the value that each set of user brings to the platform.
Users are of paramount importance to the overall development and growth of the social media platforms they use. They are the lifeblood of social media platforms. Their presence, engagement, and contributions are essential for the development, sustainability, and continued growth of these platforms.
Within the web3 sphere, the role of users in the growth of the system becomes more robust and deepened. Since blockchain is built to the satisfaction and priority of the user, web3 users play a fundamental role in the functioning, growth, and success of blockchain ecosystems. Their active involvement helps maintain the security, decentralization, and utility of these networks.
Let's look at these value sets as follows:
1. Engagement Metrics and Network effect
Users generate a wide range of content, covering text, images, videos, and more, which keeps the platform dynamic and interesting. They also connect and interact with friends fostering webs of communication and engagement. As the user base grows, the platform becomes more valuable, creating a network effect that encourages growth. These social activities of the users generate data and engagement metrics, which social media companies use for advertising and platform improvement. Besides, the data generated by Users' activities and transactions can be valuable for analysis and research.
2. Trend creation
Beyond generating data and engagement metrics, the activities of users often drive trends and viral content, shaping cultural conversations. This in turn can become a massive tool of marketing to bring attention and more users to the platform. This in turn continues to boost the engagement metrics which would rank the platform high for potential advertising.
3. Feedback and insights
The diverse viewpoints of different users are useful for enriching discussions and promoting inclusivity. The experience as in today's Town Hall show is a perfect example. Drawing speakers from different communities and Dapps have diversity in the discussions and makes the knowledge shared to be robust. Going deeper, users can offer feedback based on their unique perspective, helping the platform to enhance their features and user experiences.
4. Decentralization and Consensus
This is peculiar to the Web3 platforms where users can contribute to the decentralization of the blockchain network by running nodes, validating transactions, and ensuring the network's security and stability. For example on hive Blockchain, users help maintain the consensus mechanism by participating in proof-of-work or proof-of-stake protocols, ensuring the blockchain's integrity.
5. Innovations, Use cases and adoption
The participation of users drives innovation. This is more applicable within the web3 setting. Some users create solutions with their programming skills. They build dApps and more use cases for the platform. Others use the created dApps and support the development of new dApps, smart contracts, and blockchain solutions, expanding the ecosystem. The users' use of blockchain technology for real-world applications, helps to broaden the adoption and success of blockchain networks.
6. Investment and Revenue Generation
Within the Blockchain setting, users provide utility to blockchain tokens by using them for various purposes, such as payments, governance, staking, or access to decentralized applications (dApps) as the case may be. This would require purchasing the tokens from the market thereby giving it value. Some users may never be in the social class but would commit their monies to give value to the token of the platform, thereby boosting the platform's economy.
Put together, the value of the Social platform depends on the value that the users bring in. What value are you bringing to Hive as a user?
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INLEO is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH, and Polygon blockchains. Our flagship application: Inleo.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
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