CYBER CyberConnect

Use Cases of CyberConnect

CyberConnect is a decentralized Web3 social blockchain protocol that empowers users to own their digital identity, content, and connections. Here are the primary use cases:

• Payment of Gas Fees: CYBER tokens can be used to pay gas fees for transactions across EVM-compatible chains within the CyberWallet, including networks such as Ethereum, Optimism, Arbitrum, BNB Chain, Base, Polygon, Scroll, and Mantle.
• On-chain Governance: CYBER token holders have the right to vote on proposed enhancements to the CyberConnect protocol, ensuring community involvement in decision-making processes.
• Minting CyberID: Users can utilize CYBER tokens to purchase premium usernames and mint their CyberIDs, which serve as the entry point into the CyberConnect ecosystem.
• Content Monetization: CYBER enables content creators to set up paid subscriptions or gated content, allowing them to directly monetize their work and engage with their audience more effectively.
• Social Interactions: CYBER facilitates high-speed, low-cost web3 social interactions on CyberNetwork’s Layer 2 network, generating network fees.
• Tokenization and NFTs: CYBER is used for tokenization, such as EssenceNFTs, which allow users to own content as collectibles, and SubscriptionNFTs, which enable creators to offer custom subscription options.

These use cases support the decentralized social media platform, empowering users to own their digital identities, content, and connections while fostering a more open and monetizable social ecosystem.

Pros of CyberConnect

• Decentralized Identity: CyberConnect provides users with a decentralized identity standard, allowing them to control their online identity and content across different platforms.
• Interoperability: Users can easily transfer their social identity and data across various social protocols and blockchains, eliminating the need to rebuild their social connections on each new platform.
• Composability: Developers can integrate CyberConnect's protocol into their Web3 stacks, leveraging existing user connections and network effects.
• Scalability: CyberConnect employs a hybrid scalability model using off-chain storage to reduce network congestion and increase transaction throughput.
• Monetization: Users can generate revenue from their content through tokenization, creating a new economic model in the social networking space.

Cons of CyberConnect

• High Competition: The Web3 social space is highly competitive, with several other social protocols like Lens Protocol, Nostr, and Bluesky.
• Privacy Concerns: The identification verification of CyberConnect is based on wallet addresses, making users' on-chain assets completely open and transparent, which can lead to privacy issues.
• Data Sharing Risks: CyberConnect shares data with other Web3 projects, increasing the risk of uncertainty and potential data breaches.
• Gas Fees: High gas fees can be incurred for transactions within the CyberConnect ecosystem, although CyberNetwork aims to address this issue by making social transactions cheaper.
• Integration Challenges: Integrating CyberConnect into existing systems can be challenging, requiring significant changes to current infrastructure.

Founders of CyberConnect

CyberConnect was founded by Wilson Wei, Ryan Li, Shiyu Zhang, and Zhimao Liu in November 2021.

Key Investors in CyberConnect

• Binance Labs: Binance Labs, the venture capital arm of the world's largest crypto trading platform, has made a significant investment in CyberConnect, highlighting its belief in the project's potential to propel web3 into the mainstream.
• Multicoin Capital: Multicoin Capital has invested in CyberConnect, contributing to its growth and development.
• Animoca Brands: Animoca Brands, known for its extensive investments in the crypto space, has also invested in CyberConnect.
• Delphi Digital: Delphi Digital has made an investment in CyberConnect, further supporting its mission.
• Other Investors: CyberConnect has raised a total of $30.4 million in 9 completed rounds, with additional investors including SNZ Holding, GBV Capital, Zee Prime Capital, and Alliance.

Investment Rounds

• Total Raised: $30.4 million in 9 rounds.
• Recent Rounds: Recent investment rounds include participation from SNZ Holding, GBV Capital, Zee Prime Capital, and Alliance in March 2024.

Additional Information

• Market Cap: CyberConnect's current market cap is $159.61 million.
• Token Price: The current token price is $4.76.
• Investment Focus: CyberConnect aims to enable developers to create social applications that empower users to own their digital identity, content, connections, and interactions.

Halal Status of CyberConnect

• Halal Status: Yes
• Reason: CyberConnect is considered halal because it enables developers to create social applications utilizing ERC-4337, which does not inherently involve any activities prohibited by Islamic finance principles.