RE: How to get free crypto by joining a community

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I thought this was the goal of Ecency. Are these two competing blog solutions?



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Why would they be competing when they feed into the same data base (blockchain)?

Also, Ecency is general purpose, Leofinance is for crypto/financial related topics.

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Sounds like it’s probably pretty common sense, but I’m new to blockchain overall. In my mind, it looked like two separate blog homes. So I figured, maybe the blockchain is like the internet that supports the transfer and sharing of information, but posts made in one wouldn’t be visible in another. I also don’t have a strong history in blogging either, so I’m just piecing this all together as I go :)

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A cool way to think about Hive and all its various blogging platforms, is to describe them as layers.

Layer-1 - The Hive Blockchain

At the base layer, you have the Hive blockchain. This is the decentralised base that handles your account and HIVE wallet transfers.

In order to interact with the Hive blockchain at the base layer, we use different front-ends such as Ecency or PeakD. What they do is display every piece of content published to the Hive blockchain, in a user friendly way. ​

Layer-2 - Communities

Then on layer-2, you have the specialised, niche community front-ends such as LeoFinance. They also use the Hive blockchain for accounts, data storage etc. But where they differentiate from Ecency is that they also run their own token economies and rules around how Hive blockchain data is displayed.

For example, LeoFinance uses rewards based on the LEO token instead of HIVE to display content. This means that something trending on leofinance.io, may be a zero reward post on Hive itself.

On LeoFinance, rewards are distributed from a user's LEO stake, not HIVE. While content is displayed using specific finance related tags to avoid filling the leofinance.io front-end with say sports content.

What gives HIVE and LEO tokens value?

This question gets asked a lot.

When it comes to HIVE, most understand that you need Hive Power for the resource credits required to use the network. There will always be demand for HIVE as long as people want to interact with the decentralised Hive Blockchain in any capacity.

But what gives layer-2 tokens (like LEO) value, is a little less straightforward. What you have here is a very targeted, specialised community of people. This is extremely valuable from a commercial standpoint - Just ask Facebook! In order to get your content in front of the eyes of this targeted niche community, you need stake in that particular layer-2 token.

For example, the LeoFinance community is made up of people interested in crypto and finance. If you were a crypto company that wanted to get your content in front of people interested in this niche, then you could pay for Facebook ads. Or you could take a stake in the LEO token economy and use that to put your content front and centre of the community.

By buying into the token, you now have an economic incentive not to spam the community because then the value of your investment (or ad spend) would be negatively affected.

Anyway, some food for thought :)

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This is an EXCELLENT breakdown! Thanks for bringing me one step closer :)

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I definitely encourage you to have a play with some of the different community front-ends and try your hand at earning some layer-2 tokens.

For example, maybe use leofinance.io to post your next crypto related blog post?

If you go to your profile on leofinance.io now, you can see that it displays no posts because you've never used any finance related tags when you post. But even though its the same account, your Ecency profile displays everything you've ever posted.

If you post from our URL or tag finance related content with #leofinance, then your post will also display on our community front-end and allow you to earn LEO tokens.

Pretty cool, right? :)

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This does sound cool, and less and less confusing with each little bit of information I pick up. Also been learning a lot by just jumping in and doing - so I’ll take you up on this. Next time I have a crypto related post, I’ll try doing it through LeoFinance and see what I can learn through trying.

Thanks for the help!

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