Social media has a great impact on people these days. It brings people together, not only to socialize, but also to work as a community and achieve different goals. Its power has been harnessed in many sectors including the crypto industry. At the moment, every blockchain is rushing to make a crypto social network. But do people really know what such a platform is and the benefits of joining one?
A crypto social network is nothing but a decentralized platform where users make smart contracts and applications, invest in crypto yield farming, and trade crypto. They include highly-secured bank-level end-to-end encryption to protect the interactions between users.
Functions of Crypto Social Network
The functions of any crypto social network are numerous and only users enjoy them. You need to register with a preferred platform to start enjoying the functions we will discuss here.
- Crowdfunding – Any crypto social network is used to crowdfund various blockchain projects. For instance, Terra projects are funded by investors who earn interest in their crypto. There are also many other tokens and bounty programs, especially if you stake any of the provided crypto coins on the Loop finance platform.
- Withdraw crypto – Since investors and users of crypto social networks earn tokens and coins regularly, they may need to withdraw. The platform allows you to access your earnings on your account or any digital wallet, especially if they support non-custodial wallets. However, anyone who does not want to withdraw may invest back through the yield farming program.
- Trade – Apart from using the traditional exchange platforms, a crypto social network will provide users with an opportunity to trade their digital assets. In other words, you can buy and sell crypto on an integrated exchange at the best rates. However, they charge a fee, which is used to reward investors who provide funds.
- Content creation – Some crypto social platforms have extra functions for content creation. You can get paid to write interesting articles and blog content for the platform. The topics will range from the projects handled by the platform to general topics that entice potential crypto enthusiasts.
- Decentralized operations – Because they use blockchain technology, decentralization of services is easy. Any crypto social network is not controlled by any company or government. Many users perform functions such as approving transactions, while funds are stored in many servers, and so are many other functions. Decisions are made in a democratic way where users vote for what they want.
- Security – A crypto social network uses an open source for all users to inspect the data for security. But the most important thing is that the platforms use secure bank-level end-to-end encryption to protect data. Security on the platform is paramount to protect the users and build a good reputation.
Joining a crypto social network with the above function and benefits, and even more, will help you earn crypto. A function such as a yield farming program gives users a passive income for the time that they dedicate their digital assets to the program. So, take your time to choose a reputable platform to earn from.