What We Know About Leofinance Microblogging And The Impact It Could Have

in LeoFinancelast month

Since the start of the year, there were a few projects that could be "game changers" for the Hive ecosystem in 2021.

To recap, they are:

  • Leofinance: Microblogging and LeoFi

  • 3Speak: Decentralized video (and soon image) storage and SIP

  • Smart Contract Capability: The one to watch is what @disregardfiat is doing

  • Universal NFTs: A concept being worked on by @simplegame and his team (Second Half of 2021)

The top 3 made progress this week which can be read here, here, and here.

This article will focus upon the microblogging application that Leofinance is working on.

So what do we know about it so far?

Separate Application and Open Ended

Leofinance is a community that focuses upon financial and crypto related matters. It is a targeted community and the site is not a general purpose interface for Hive. Instead, it is a group of people who are interested in these subjects and the team is in the process of delivering features to the userbase.

This application, codename __________, is going to be a completely separate application. This will not be directly tied to Leofinance but will be part of the overall ecosystem. Consider, if you will, a sister project.

What this means is that any content will be eligible to be on there. The application is going to be general purpose, catering to whatever the interests of the users are.

Consider it "Twitter on the blockchain".

Token Drops

There will be a specific token created for this application. That means it will have its own tokeneconomics, most of what was not revealed yet. It will likely be based upon the proof-of-brain concept where people upvote the content they feel worthy.

Obviously, we can see those who are active receiving rewards. It would be presumed that the originator of the content will get a payout, similar to the author rewards. However, there could also be curation rewards. Until we see what is rolled out, we will have to just keep speculating on that end.

From some of the announcements, there are also going to be miners that will relate to this token. That is something that many find profitable. Not only will they be for sale but are also going to be airdropped.

Decentralization

It is already announced that Leofinance is developing its own sidechain that has smart contract capabilities. This is going to provide them with a great deal more flexibility for many projects.

As it relates to this, the application will be on a chain that is run by many nodes. From what was expressed, there is a lightweight program that most can set up and run inexpensively.

With all the publicity around the established social media's censorship campaign, this is a point that could hold incredible interest.

To start, as we know, with a Hive account, nobody can take that away from anyone. Unlike the Big Tech applications, an account cannot be closed. In other words, it is owned by the individual, completely.

Secondly, being on a decentralized chain means that the content cannot be wiped out. Over the past week, we saw Twitter go through and zap a lot of accounts. When that happens, the account is closed and all data is gone. Years of Tweets could be erased in an instant.

Using Hive As A Database

All blockchains are distributed ledgers. Thus, Hive is just a giant database spread across a lot of computers where text is stored. It is one of the most underutilized features of decentralized blockchains right now.

Immutable is becoming an important concept to people. As mentioned, with the closing of accounts, data is being lost to the user. It once again shows who is in control of it.

Certainly, most of what Donald Trump sent out is not vital. His Tweets tended to be whatever topic got under his skin and sent him on a rant. However, many people use Twitter for business functions such as customer service and marketing. Losing all that data could be a setback to companies.

In the first link at the top, this takes it to a video that was put out a couple days ago. There is a point in the video where it mentions the user checking a box and having all the Tweets for that account backed up on Hive.

Suddenly, all that data is immutable and secure. Even if the account is lost, it is all resident under the individual's Hive account.

How Will This Benefit Hive?

Many mistakenly believe that applications can be separated from the blockchain. This is not the case. Everything that this application does will be resident on Hive. All post will appear in the person's account, just like it does when using Peakd, Hive.blog, or any of the tribes. The only difference is the content form that is posted.

The most obvious benefit is transactions; lots and lots of transactions. Most of the Internet is not interested in long form content creation. Instead, quick snippets of thought sent out many times a day is more the norm.

Here are sum numbers that describe how big things are.

tweets.png
Source

500 million Tweets per day? That is astounding. Talk about a market to tap into.

How does Hive presently fare? According to the stats provided by @penguinpablo, it is about the 15,000 range.


Source

In short, we are about to see a huge boost in engagement. Even with minimal success, there are likely to be tens of thousands of transactions occurring soon after the release.

tweets2.png
Source

A Twitter "Frontend"

One of the features of Leofinance is the ability to automatically send one's posts to Twitter.

tweets2.png

It only stands to reason that this feature will be available on the new application. This means that all activity done will be also on Twitter, as long as one links an account.

Coming from the perspective of immutability, this will automatically preserve all content generated from the account. After all, the activity originates from the blockchain and is then copied onto Twitter.

This could hold great appeal to those who are concerned about the security of their data. Over time, this is likely only going to grow as Big Tech becomes even more intrusive.

The trend they started is not likely going to be reversed.

Solves A Long Established Problem On Hive

We are about to see a major obstacle eliminated.

For years, the drawback to Hive is the fact that people's "friends" are not here. Individuals spend a long time gaining followers on their accounts so the idea of switching was not appealing.

This problem is now solved. Users do not have to give up their followers. Instead, they can remain right where they are. All that is being changed is where the content originates from. Instead of it being on Twitter solely, it will start from this application and be directed there.

We also see the ability to sign up using their Twitter account. Thus, the idea of having to learn about keys and how they work is not necessary to start interacting. Obviously, to collect rewards and things of that nature will require it, yet that can be learned over time.

Thus, we could see a large number of people, relative to Hive's userbase today, sign up and start using this application. Imagine what the numbers will look like with 40,000 people doing the 4.422 average number of Tweets per day. That will really explode the activity on the blockchain.

The numbers are out there and people are upset. This is likely the ideal time to start and target them.

Hopefully we will see the first version of this application go live in the next few weeks.

Many are anxiously awaiting.


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To start, as we know, with a Hive account, nobody can take that away from anyone. Unlike the Big Tech applications, an account cannot be closed. In other words, it is owned by the individual, completely.

Many people don't get this.

Like, Bitcoin gives people the opportunity to manage their money without the middile man Banks. HIVE is giving the people the opportunity to manage their own social media without the middile man Twitter,Facebook,YouTube.

MicroBlogging on LEO will make LeoFinance to become the Crypto Twitter 2.0

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We will see how it all pans out. However, from what we know so far, there is a lot to be excited about with Hive in general and Leofinance in particular.

When I think of where things can be in 6 months, it is super exciting.

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Super super excited about the Leofinance Microblogging. I just want the wait to end already and see the product rolled out.

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I agree. There is much anticipation. That is a great thing. Hopefully people are not setting the bar too high.

From what we got out of the team, it does appear that this application is solid and will deliver what is promises.

How it all looks is what has us all excited.

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Hopefully people are not setting the bar too high.

They aren't 😎

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Q1 is going to be huge for our enterprise. The microblogging feature will help us even more in that endeavour. These upcoming are crucial and probably are going to determine if we really have what it takes to take our chain to the next level. Regards Sensei!

It will be very interesting to see where we stand come the middle of April. 90 days goes by quickly and there is so much happening it is mind boggling to think about how things could change going into the second quarter.

If a lot of these projects are running, I think Hive will have a completely different "feel" to it.

A lot can happen in a short period of time if the projects are rolling out as expected.

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I am one of those anxiously awaiting! Dbuzz is also an application with such potential which I tend to be enjoying at the moment.
It is going to be an exciting year on here!

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True lol. I just want the wait to end already. I am done with "announcements of announcements". 🤣

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I know the feeling 🙂

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I have a couple of questions based on the sister chain, like how will the nodes work since it is open and decentralized meaning anyone could join in, will it be based on CPU power? How do they play to counter over centralization of miners? Is that going to be considered or not? I guess I have to wait for more information,..

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The nodes will run the transactions just like Witnesses do on Hive. The miners will reside on top, just like they do with Hive-Engine.

The biggest difference is this will be decentralized allowing for anyone to spin up a node. I presume the governance token will be used to incentivize people there.

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Interesting, thanks for that clarification. I'm just thinking out loud, what will be the requirements to run one, I hope to be able to hook myself up with one.

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I am hoping it is very easy and they provide a step-by-step guide as to how to do it, including where to go to spin one up.

It would be great to get hundreds of nodes oeprating.

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So am I..

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The microblogging feature is going to make my life much more easier as I have some big plans. I've been procrastinating the launch of the project but with the new feature it'll be a joy.

I'm lucky microblogging will be not limited to Leofinance.

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I'm lucky microblogging will be not limited to Leofinance.

I feel the same Erikah. I'm already bursting with ideas and the puritan inside me says I should focus on one or I won't get many followers and interaction but I'm interested in so many things and want to post about all of it. 😂

Maybe I'll need to split the micro blogs between different accounts. Ha! I'm already overthinking it and the platform isn't even live yet!!! 😂

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I'm not sure splitting between different accounts would be a good idea, but it would mean more headache for sure. :)

I'm going to use two accounts, one dedicated only for cooking, recipes and it'll be bilingual, mostly to help onboarding Hungarian users.

I'm so glad you're here and you like the pre microblogging chat we are doing here :)

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I'm thinking of using my alt account too that I had set up for arty stuff on Steemit. I used to do long form posts of how I made my art for those who were interested in the process of creating. But lately it's just become a place where I post my actift step posts, which are micro blogs anyway. Probably better not to overthink it at this point. 😁

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I'd say let's wait and see :)

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Ha, ha, ha. I was just writing exactly that at the same time as you were. 😂

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See? Great minds think alike :P Told you this place is fun :)

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@erikah is right. It is best to keep it in one account and post what you like. That is how people operate on Twitter. We are not going to align 100% with all that is sent out by those we follow.

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I'll maybe start out like that and see how it goes. I have a hard time envisioning someone being OK with quotes, art, Splinterlands, decluttering challenges and crypto stuff in their feed but maybe I'm being a bit old school.

Perhaps better to wait and see the details of how it will work before thinking about it much more.

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Me! Add some Crafts in there too. Lol

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Aw. Thanks @metzli. That's encouraging. 😁

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We look forward to seeing what your new project is.

Microblogging will do a lot for the Hive blockchain.

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I'm going to work on onboarding Hungarian users :)

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That would be a great idea.

It really only needs to take off in one area to totally change things completely.

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I already have a dedicated account for that, plus was planning to target the Hungarian cooking community on Twitter. Now with microblogging and sharing on Twitter it'll be easier.

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Yes and can give them a number of reasons to use the Leofinance microblogging interface as opposed to just posting through Twitter since we believe it all will end up on there.

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That's my plan and i know I can succeed, just need to make time to balance things.

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The stats definately looks promising, I won't deny that, nevertheless I believe this could be a breaking point, for us its a new beginning to so many exciting prospects for example, having to easily onboard without the rigorous method we use to know.

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As always, it comes down to users. The more that are on any single application tied to Hive, the better it is for the entire ecosystem.

This is going to be a major breakthrough if we can attract even tens of thousands of users.

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With better ways to sign up, we'd attract thousands, I don't know about retention but I think we'd do well with attraction, it's still a lot by a long shot, but I guess it's a movement, a work in progress.

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The Twitter sign up is crucial because than people an just log in with their twitter stuff and learn about the keys and stuff later.

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Yeah it's crucial, onboarding first then they can just carefully learn the process with time.

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Leo microblogging what we are waiting for. Decentalized blockchain has not yet any microblogging platform. The platform should not burden and override hive and leofinance main interface. It should be separated but the token reward can be integrated in leo wallet.

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What this means is that any content will be eligible to be on there. The application is going to be general purpose, catering to whatever the interests of the users are.
Consider it "Twitter on the blockchain".

I initially understood that this microblogging will only work in Leo. Now, after reading what you are saying here, I begin to see the grandeur of this initiative. The fact that he will accept all the topics and interests in Hive is great. The more topics, the more users!

Now I'm starting to understand your enthusiasm, thank you for passing it on to us!

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You thoughts are correct about what it was initially. It started out as a feature of Leofinance and then evolved into its own platform.

Once it did that, it because a general use application as opposed to just focusing upon finance.

You are correct, the possibility for a lot more users.

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Thank you!

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I just watched the HIVE roundtable video, and then your post. Indeed very exciting news. Wondering if the HIVE chain can handle up to 6000 Leo tweets per second... {LOL} But yea, the microblogging, when done right, can be a gamechanger for Leo and for HIVE.

What is your few regarding DBuzz and where will Leo microblogging be different from what DBuzz already provides and plans to do? They for instance like to onboard crypto (news) companies for DBuzz notifications/messages.

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We will see how things unfold. Having multiple applications is not a bad thing. Plenty of people use peakd while others use Hive.blog.

On important difference is that Leo is going to use comments as opposed to blog posts on Hive. That is big. Also, they have the twitter sign up as opposed to having get a hive account. Finally, there will be its own token which can generate rewards for people outside of Hive.

That doesnt mean that Dbuzz will not excel just like other projects on hive are similar. It is up to each community/team to market and get their own users.

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Leo is going to use comments as opposed to blog posts on Hive

You mean the Leo microblog will use the comment section only? I always thought Post and Comment at the HIVE chain are the same. But maybe I'm not 100% understanding what you meant with this 🙃

The other benefits are clear indeed. Regarding multiple projects creating very similar apps. I agree this all is possible and may not be that bad. That said, after a ling time our active user base is still so small. I rather like to see more not too many more or less same services, but more resources for a 'single' project to maximise the outcome (not only technically, but also the onboarding of users, individuals, communities, companies etc).

As for the 6K tweets per second, I think it might take a while to get to that. LOL.

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🤣🤣🤣 shouldn't be a problem for the first few weeks 😉 but sure, it'll take considerable time to get there, unless this service will be used by eg IOT and AI 😉

I am looking forward to the new projects. All of them have the potential to bring in many new users into the HIVE ecosystem. I think one thing the micro-blogging feature needs is an easy way to create accounts and this should be solved by the Leofinance account creation methods. If the process is complicated, some users might not even take the time to try the system.

However I do think we need to test the system with at least a few hundred users before deploying it as we don't want the bugs (like with the lighting DB layer test) so it doesn't annoy new users.

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I think one thing the micro-blogging feature needs is an easy way to create accounts and this should be solved by the Leofinance account creation methods.

My sense is if they can sign into twitter, they can sign up for the new app. It is all on the LeoIngra layer (I would guess).

However I do think we need to test the system with at least a few hundred users before deploying it as we don't want the bugs (like with the lighting DB layer test) so it doesn't annoy new users.

I would think it will be tested before full release. Plus, it is likely not to have a mobile app for a while, so that will limit some things to start.

Things will have to have some phases to them before it hits full tilt.

That is why I said it will likely be the end of the year before we see the big explosion of users.

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I just nuked my Twitter account and am really looking forward to this new site, thanks for the info.

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LOL.

A bit excessive? No?

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HA! I nuked it on principal, not that I have many of those left ;) but I just can't stomach being part of that censorship-ridden centralized behemoth any longer.

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I hope on the next announcement of the to be announced, we get some more details on the tokenomics and the layout, or how it will look. I wonder if we can be a part of the testing?

@khal, tell us more please!

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I am not sure where things stand at this point.

There is so much going on and the development so fast that I think it is a race to see what comes out.

We saw LeoInfra the other day for a few hours and now they are working on the bugs. Maybe that will appear next week.

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HIVE!D

Is there going to be an individual cap for the AirDrop?

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pixresteemer_incognito_angel_mini.png
Bang, I did it again... I just rehived your post!
Week 40 of my contest just started...you can now check the winners of the previous week!
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I just hope that Hive can be expanded to take all these extra transactions.

You also brought up a good point about the deletion of accounts on Twitter. Surely Trump's ramblings are part of the historical record and should be preserved. No company should have the right to delete history.

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I think every tweet he's ever sent is probably backed up somewhere. In a brown harddrive that looks like a turd. haha.

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There will be a specific token created for this application.

This is very important I believe. I was wondering how people would differentiate between a full blog with hours of research versus a quick thought that is shared in a tweet-like manner. The ratio between LEO and the new sister token will be an important one to follow.

Thus, we could see a large number of people, relative to Hive's userbase today, sign up and start using this application.

I'm patiently waiting at the front of the gate. Already started practicing with dbuzz.
Very exciting times ahead!

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It would be nice to have a button that synchronises our twitter account with the new micro-blogging app. So that all my existing twits could be copied across to the new app.

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How do you recommend me to use the microbloging? I'm so exited to this release

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I'm so excited with this microblogging thing.

Damn it, haha! This is gonna be awesome!

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Everything here at Leofinance is so interesting for information that I didn't know before. So I read the blogs that open this site for me to understand. Thanks for the informative post:))

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I literally just got here a few days ago, so I have no idea what you're talking about... micro-blogging? A separate application, or is it the platform I'm using right now? Hive is kick ass though... no doubt. I love hearing about these developments-- on top of just having a blast interacting with the different apps and communities on chain. Cheers!

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For years, the drawback to Hive is the fact that people's "friends" are not here. Individuals spend a long time gaining followers on their accounts so the idea of switching was not appealing.

This problem is now solved. Users do not have to give up their followers. Instead, they can remain right where they are. All that is being changed is where the content originates from.

I wasn't that psyched for microblogging until I thought about it like this.

Nowwwww I see :)

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I use twiter front end and it saves time. I can share my Leo post on Twitter at the same time as posting on the blockchain.

Microblogging is a new thing on LEO and its obvious that many of us are excited to use it. Hope to see it live soon.

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I had seen @simplegame post some interestign things before. Thank you for bringing him to my attention again. You are beign a great influencer bringing all these projects to light. @good-karma has managed to pull off some impressive numbers for Ecency apps. Here are few screenshots:

These are a huge improvement from last month. You can read my full article here. I'm having a great time seeing all this development. I'm also very proud of what Venezuela has achieved in terms of cryptocurrency adoption.

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I'm sure Leo's microblogging interface is going to be awesome, but D.Buzz is already pretty useful and I think people are straight-up ignoring it because of this upcoming interface that may or may not be better.

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Is Microblogging is deffirent then posting. On Leofinance

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I understood a little more about this function and this cleared up many doubts.

A few days ago I configured it to be published automatically on twitter, but at the time of publication I did not see the poshbt in the comments, and after reading this I realized that it is still in maintenance.

I am very happy to know what is being done and what I am part of, it is something incredible and it was an excellent decision to join this community.

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Awesome! 4.jpg

Wow, all these projections make me confident that I am in the perfect place and time to move forward into the future of networking. I am very excited about the launch.

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