Yesterday we talked about Binance Launchpad 36th project Sei. In fact, there is another one called Cyber, which was also launched together. Today we will talk about Cyber.
Introduction
CyberConnect is a web3 social network that enables developers to create social applications that empower users to own their digital identity, content, connections, and interactions. CYBER is the governance token of the CyberConnect protocol.
The CyberConnect project was created in 2021 to create a decentralized social graph. CyberConnect's infrastructure emphasizes data autonomy and implements a user-centric data flow system through a storage base based on Ceramic and IPFS.
In 2022, CyberConnect launched version v2, which deployed a hybrid expansion architecture (EVM+Arweave) for social applications. Through this hybrid solution, dApp can store more user social data on the chain. In addition, v2 also adopts an SBT-like solution to restore the user's Web 3 identity by binding a series of social data to W3ST (non-transferable and using the ERC-721 standard). The representative product using CyberConnect v2 is Link3.
On July 14, 2023, the v3 version was announced, and 6 EVM-compatible network deployments will be completed in the next 2 months. The core of v3 is to build CyberConnect into a full-chain social protocol. Its core components include: CyberAccount, an identity infrastructure compatible with ERC-4337, CyberGraph, an anti-censorship database that records user content and social relationships, and CyberNetwork, a multi-chain solution.
CyberConnect is a multi-chain decentralized social graph protocol that has been deployed on Ethereum mainnet, Polygon, Solana and BNB Chain. The protocol aims to create opportunities for developers to build social applications, allowing users to own their own digital identity DID, content, connections and tokenized channels. As of March 13, 2023, the CyberConnect protocol has attracted more than 350,000 users, including more than 300,000 monthly active users, and the total number of on-chain interactions has exceeded 2.8 million times.
CyberConnect solves the problem of users being monopolized by platforms and data from different platforms being incommunicable by overthrowing the traditional Web2 social network model. It aims to establish a decentralized social graph protocol that allows individuals' social relationships to be unified on one platform, and users have autonomy. This means that users no longer need to re-establish their identities, profiles, and connections on a new platform every time. Instead, they only need to connect their wallets to CyberConnect, and no matter which platform they participate on, they can retain all connections throughout Web3 and have unimpeded access to various decentralized applications (DApps) built on CyberConnect.
V3 has three core components: CyberAccount, an ERC-4337-compatible identity infrastructure; CyberGraph, a censorship-resistant database that records user content and social relationships; and CyberNetwork, an energy-efficient and scalable network that brings CyberConnect to the world.
Core functions
1. Cyber Account is a set of smart contracts. The related components can largely realize web2 user habits and lower the threshold for user migration, including: 1) identity authentication and authorization, including the ability to recover accounts by email, phone, etc. in the event of identity/private key loss. At the same time, the team will improve privacy in the coming months; 2) Compatible with the ERC-4337 standard to achieve account abstraction. From a formal point of view, it can allow the CyberConnect protocol, the underlying network or any specified web3 dApp to pay transaction fees on behalf of users, and achieve seamless switching between different ecological wallets. The product layer is CyberWallet; 3) CyberID; 4) Organizational account.
2. Cyber Graph emphasizes user identity and user social data links, and records social data on multiple EVM-compatible blockchains. Data links have also become an important foundation for the CyberConnect creator economy. Correspondingly, the v3 version will also begin to further emphasize the creator economy. The ERC-721 standard token W3ST in the v2 version has been transformed into an ERC-1155 standard token, further reducing gas fees.
The team did not elaborate on the Cyber Network information, but whether it is compatible with ERC-4337 or Cyber Graph, it is the basis for a better multi-chain user experience. The team said that it will introduce additional upgrades in the coming months to make social interactions more cost-effective.
3.3. CyberID: is an ERC-721 NFT, which, like a username on Instagram or Twitter, represents a unique way to identify a user’s account in the CyberConnect social network.
4. W3ST (Web3 Status Token): is a non-transferable NFT. The token can be used as a digitally verifiable indicator of a user's status in their community. The product can be used as a user identity identification tool. Organizations can use W3ST to identify their loyal supporters and build a digitally verifiable, immutable and distinguishable contribution-based value system in their community.
Project Ecosystem and Achievements
There are currently over 50 projects leveraging CyberConnect’s social networking infrastructure to build new user-centric applications. Some notable projects include:
Link3, a Web3-native social networking platform that provides posts, events, and loyalty programs;
Phaver, a decentralized social media platform with 110,000 unique active users per week;
ReadON, a Web3 content aggregation application with social and reading-to-earn features;
Dopamine, a user-centric, end-to-end encrypted mobile app;
Oasis, a social metaverse with 1 million daily active users;
Mocaverse, Animoca Brands’ membership NFT collection;
Galxe、QuestN、Huddle01、Wondera等。
Launched in November 2021 as the first social networking protocol of its kind, CyberConnect has grown significantly, attracting 327,000 active users per month and more than 7.3 million transactions.
Financing
Financing: A total of US$30.4 million in financing was obtained.
In the third quarter of 2021, it completed a US$10 million seed round of financing, led by Multicoin and Sky9 Capital, with participation from Animoca Brands, Draper Dragon, Hashed, Zoo Capital, Smrti Lab and Mask Network.
In the first quarter of 2022, it completed a US$15 million Series A financing round, led by Animoca Brand and Sky9 Capital, with participation from Delphi Digital, Protocol Labs, IOSG Ventures, Tribe Capital, GGV Capital, Spartan Group, Amber Group, Polygon Studios and SevenX Ventures.
In 2023, a $5.4 million public offering was completed through Coinlist, with a public sale price of $1.8, and 25% unlocked at TGE. The price of Cyber must reach $7.2 at TGE, and users who participate in the public sale can recover their costs at one time at TGE.
Token Allocation
CyberConnect has established the CyberDAO organization for the governance of the protocol. The protocol governance token is CYBER, which is mainly used to protect and manage the DAO, and the DAO has the right to control the use of treasury funds and core upgrade proposals for the protocol infrastructure.
The total number of CYBER tokens is 100,000,000, and the initial circulation is 11,038,000, accounting for 11.04% of the total number of tokens. The total mining amount is 3,000,000, accounting for 3% of the total number of tokens. The token distribution standard is:
The total amount of CYBER is 100 million, of which 9% is used for community rewards, 34% is used for ecological development, 25.12% is allocated to private investors, 15% is allocated to the team and consultants, 10.88% is included in the community treasury, and CoinList public sale and Binance Launchpool each allocate 3% of the tokens.
Finally, let's summarize this project. There are many web3+social projects currently underway, but none of them has been successful yet. Although it is certain that web3 will produce a super social application like WeChat or Facebook, in the web2 world, giant Internet companies have a lot of data, and UGC is still done by users, such as the popular TikTok. As a result, the company makes a lot of money, but the users don't get much money. With web3, these situations will change. Users will have control over their own data, and all the content they create will belong to themselves. This is an inevitable trend. It depends on when the social application of web3 can be produced. It may be cyber, or it may be something else, right? It's all possible. Finally, let's analyze a reasonable price for Cyber and put it on our planet.