What Happens if We Capture 0.1% of Tweets Posted Per Day on Hive?
LeoFinance Threads - the first true microblogging on the Hive blockchain - are live in open Alpha on the production UI. We've fully rebuilt the UI which is currently in Closed Alpha (see screenshot at the top of this post). That new UI mimics Twitter. It's the OG Project Blank UI but we've decided over the past year to merge Project Blank with LeoFinance itself to build The Everything App on the Hive blockchain.
@taskmaster4450 posted an outlook for 2023 for the Hive ecosystem and in it, he describes a few key pieces of his vision for what will make Hive more attractive as we move into a new year.
One of the sections in his article focuses on Microblogging. He believes microblogging can bring millions of transactions per day to the Hive blockchain.
This is 100% true. He goes into depth on how Twitter does 500 Million Tweets per day.
- This does NOT include likes and other actions outside of an actual Tweet!
LeoFinance Bringing 500 Million Transactions Per Day to Hive
So what if LeoFinance can capture numbers like this with our new Microblogging App that's about to release to Open Alpha (currently in closed alpha) and available right now on https://leofinance.io/threads?
If LeoFinance even brings 0.1% of 500M tweets per day, that's 500k Threads per day.
Right now, we're doing ~500 Threads per day. That's a 1000x from current numbers.
500k transactions on-chain. 500k pieces of content per day. 500k potential pieces of engagement per day...
You see how the pinwheel effect starts to take place?
Keep in mind: none of this includes upvoting. If we assume that each Thread gets upvoted (on average) by at least 1 user - and typically, many Threads get 5+ upvotes and some get 0, so it averages out - that's another 500k transactions per day on top of the 500k transactions from Threads posts themselves.
1M Transactions per day added to the Hive Blockchain.
Why Would Anyone Buy Hive?
I saw a cool Tweet and then wrote a post earlier this week about "Why Would Anyone Buy Hive?".
My answer: nobody will buy Hive. Applications will buy Hive. Applications who are posting large-scale amounts of transactions per day will need Resource Credits for their users. We'll need to develop deep RC pools so that all of our onboarded users can transact on the chain. That means, we'll need loads of Hive.
LeoFinance is already stock-piling HIVE in various places in anticipation of onboarding more users and achieving "1 Million Transactions Per Day".
How Do We Get to 500k Threads Per Day?
The architecture of building Threads has been a massive undertaking. It's required months upon months of hard work to think about, design and develop a backend system that could scale to handle so many transactions posted on the Hive blockchain on a daily basis.
After many iterations, you can now see Threads live on https://leofinance.io/threads. This early alpha stage of the product allows all of us to Microblog on the Hive blockchain for the first time ever.
Next up is the new UI. A few of us have access to the closed alpha and are testing the new UI as it rolls out in stages. The UI is a key piece in the how do we get there phase of 500k threads per day.
Easy to Understand, Easy to Onboard
If a product is easy to understand, then it is easy to use.
If it is easy to use and useful to the potential user, then they get onboarded.
As simple as that though the Hive ecosystem has never been able to solve this equation.
We tried to solve it with the first LeoFinance UI (the one you currently see live on https://leofinance.io) but we still held long-form content as the showcase. This meant that the learning curve was too steep for the average person.
The new UI takes the best of what Hive already has - wallets, long-form content, communities, etc. - and merges it with the best of what Twitter already has - an easy to understand and intuitive User Interface.
The new LeoFinance UI is an identical experience to Twitter but supercharged with the features of the Hive blockchain.
We believe that this is the key missing piece in onboarding thousands of users. We're aiming to get this UI out and then roll out a massive marketing campaign to onboard 5000+ users in 2023.
This is a drop in the bucket in Web2 social media but in Web3 and Hive, this is MASSIVE.
How Can You Help?
When the new UI goes to Open Alpha - or if you get invited to closed alpha in the coming days/weeks - do rapid beta testing and give us as much feedback as you can.
In the meantime use LeoThreads! To get to 500k Threads Per Day, we all need to by hyper active. We can't do it with the current size of our userbase, but we can do a hell of a lot more than 500 threads per day.
Our MAUs are roughly 500 which means that's 1 thread per day per Monthly Active User.
We can totally beat that. So start posting Threads and help us ramp this up.
Pinwheel Effect - How the LEO Token Benefits
A great question and one that I've seen in multiple places. In January, the Monthly LeoAd Report Will Return.
This report will show how Threads have already doubled the daily ad revenue that LeoFinance generates.
With the new UI, this will grow even more. Ad revenue doubled simply by getting 500 threads posted per day. What happens if we get 5,000 threads per day? How about 500k Threads posted per day?
Ad revenue will 10x. 100x. 1000x. It's really insane how much $$ can be generated from ad revenue when you have a highly engaged audience on a social media platform.
Taking the LEO token to the next level is as simple as all of us posting and engaging more on https://leofinance.io/threads (and soon™️) on the Threads standalone UI.
About LeoFinance
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage & share micro and long-form content on the blockchain while earning cryptocurrency rewards.
Our mission is to democratize financial knowledge and access with Web3.
Twitter: https://twitter.com/FinanceLeo
Discord: https://discord.gg/E4jePHe
Whitepaper: https://whitepaper.leofinance.io
Our Hive Applications
Join Web3: https://leofinance.io/
Microblog on Hive: https://leofinance.io/threads
LeoMobile (IOS): https://testflight.apple.com/join/cskYPK1a
LeoMobile (Android): https://play.google.com/store/apps/details?id=io.leofi.mobile
Delegate HIVE POWER: Earn 16% APR, Paid Daily. Currently @ 2.8M HP
Hivestats: https://hivestats.io
LeoDex: https://leodex.io
LeoFi: https://leofi.io
BSC HBD (bHBD): https://wleo.io/hbd-bsc/
BSC HIVE (bHIVE): https://wleo.io/hive-bsc/
Earn 50%+ APR on HIVE/HBD: https://cubdefi.com/farms
Web3 & DeFi
Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps:
CubFinance (BSC): https://cubdefi.com
PolyCUB (Polygon): https://polycub.com
Multi-Token Bridge (Bridge HIVE, HBD, LEO): https://wleo.io
Posted Using LeoFinance Beta
You laid out the roadmap. We need to bring in the numbers in masses. For that, we need better UI. Hope the new UI gives what users need to engage and produce content.
Posted Using LeoFinance Beta
Personally I think the people who are already here need to utilize what is offered.
How many people are really using microblogging on here?
Posted Using LeoFinance Beta
That’s exactly right.
I feel that many aren’t making good use of what’s here.
Is this a question of incentives? Is it knowledge of what’s available? Is it a lack of interest?
That’s what I’m trying to solve for
Posted Using LeoFinance Beta
It is my personal view, but people are not using it because of two reasons. 1/ The UI is not straightforward and intuitive. If you are not into threads, it is not easy to figure out how it works. The notification system needs to be much more easier than what we have right now. 2/ Users may think the rewards are not as par. That's my hunch and I may be wrong but threads are buried under blogposts and the front page articles.
I don't think there is a lack of interest in the micro blogging platform. Sharing links, photos and articles should be considered okay. There was/is a taboo when users share one line thread/article/post.
I am using #threads exclusively and I am doing it for the fun of it. I have found my network of regular users but I agree there are not many. Market the platform and make it easy to use.
You bring up some valid points but I dont think it is that.
People will find out how to use things if they want to. While there can be adjustments (hopefully the new UI will address much of what you brought up), it is a simple reality that most sit on Twitter and in discord. They do not engage onchain.
Posted Using LeoFinance Beta
Perhaps we need to stop rewarding those who are not utilizing what is here.
Posted Using LeoFinance Beta
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In other words, type a crapload of words on the blockchain.
Novel idea.
Posted Using LeoFinance Beta
Who woulda thought that using the blockchain would add value to the blockchain!
Posted Using LeoFinance Beta
Yeah amazing concept. I just wrote a post about this.
Perhaps people want to make Elon Musk richer.
Posted Using LeoFinance Beta
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You are leading from development end, I wished eventing goes according to plan with out and scalability or development related issue
Bulding something like Twitter on decentralized blockchain like hive is a miracle, because of the limitations decentralized blockchain have in order to scale and develop All in one App
I am still hoping hive blockchain will find solutions to handle millions of active users without compromising on decentralization and security of the blockchain
Firstly much accolades to the brain box behind all these welcomed development on hive, it's really outstanding, more grace .
Following the analysis put forth by master @taskmaster4450 on his analysis of hive and his insight that will SURELY be helpful which is centered on microblogging and bringing it to Lim light from the explanations given above in this post.
Dreams don't just come to reality by the mere dreaming or talking about it, the reality of a dream is on its practicality.
Setting forty the standard and putting through the way forward to this on this post is the right deal to it and I feel it's achievable if we all buy to this idea and work towards it.
Nice post .
Speaking of ad revenue.. wen burn?
Posted Using LeoFinance Beta
Will you be mad if I reply with... soon.
Posted Using LeoFinance Beta
Lmao
I would love to be part of a curating team to find new users and make them stick. There will be lots of them kicking the tires.
Posted Using LeoFinance Beta
It's a clear action plan, before bringing the masses we all should start writing #Threads and go to 1000, then 5000 and then 10000 Threads a day.
Posted Using LeoFinance Beta
Knew this was going to happen. I've disabled adblock to help with revenue too 😇
BTW what do you think of promoting LEO on other smaller communities that have already broken away from Twitter. There's lots of Twitter alternatives these days. Few of them can be crypto friendly !LUV !CTP !PIZZA
Posted Using LeoFinance Beta
I gifted $PIZZA slices here:
@d-zero(2/5) tipped @khaleelkazi (x1)
Join us in Discord!
With all these sweet update on Hive Blockchain, I am ready for this and would love to be part of the Beta tester to the New UI coming soon.
I am already giving my time to threads and I believe we will get there.
I hope more people key into this and start using Leothreads. I am in for this.
Posted Using LeoFinance Beta