InLeo Partners With Dash To Transform Decentralized Social Media
InLeo the Decentralized Social Media and News site built on the Hive Blockchain has announced a partnership with the digital cash network Dash.
This partnership allows users to earn Dash directly from their social media activity on the InLeo platform creating new ways to earn through content creation and cryptocurrency earnings. The collaboration, which also involves Maya Protocol creates a new form of interoperability within the decentralized finance (DeFi) sector.
What Is Dash?
Dash is a cryptocurrency that focuses on fast, low cost transactions and strong privacy features. Launched in 2014 by Evan Duffield, it was originally called "XCoin" before rebranding to "Darkcoin" and finally settling on "Dash," short for "Digital Cash." Built as a fork of Bitcoin. Dash has continued to drive change in the DeFi sector.
One of Dash’s key innovations is its two tier network. The first tier consists of miners who secure the network and record transactions on the blockchain, similar to Bitcoin. The second tier is made up of masternodes which are servers that handle unique Dash features like InstantSend and PrivateSend.
InstantSend allows transactions to be confirmed within seconds making Dash suitable for everyday purchases while PrivateSend enhances transaction privacy by mixing coins to obscure their origins.
Dash also introduced a self funding and self governing model through its Decentralized Autonomous Organization (DAO). Unlike Bitcoin where the development relies on donations or external funding, Dash allocates 10% of its block rewards to a treasury. This fund supports ongoing development, marketing and community projects with masternode operators voting on how to spend it.
Dash’s low fees and speed have made it popular in countries with unstable currencies or limited banking access. Venezuela has become a top user of the network where it's used for everyday transactions. It’s also accepted by merchants worldwide, both online and in physical stores.
How Value is created on InLeo
The payout mechanism happens as each post on InLeo is a transaction on the Hive blockchain. Hive's block rewards allocate a portion to creators and curators. When someone upvotes content, it increases the creator's share of this reward pool. After a week (7 days) payouts are distributed. Half to power up the user's account for increased voting influence and half in Hive Dollars (HBD) pegged to the US dollar. While InLeo also has it's own token generated as payment.
Here's where the magic happens for Dash. HBD and Leo tokens earned are automatically swapped through LeoDEX and Maya Protocol converting them into Dash. This complex process is invisible to the user who just sees Dash accumulating in their wallet.
Purchases of premium memberships or subscriptions with Dash undergo the reverse process, ensuring a smooth financial ecosystem within InLeo.
Dash Partnership Sees Thousands Sign Up In Support
Since the partnership was announced InLeo monthly active users increased to 13,000 with the community showing a total wallet/accounts over 24,000 showing proof that decentralized news and social media is a growing sector with many new and old content creators signing up to monetize their content and earn an alternative income.
InLeo has worked with Dash to create a new Keystore Signup option which has simplified Hive account creation and increased security and user ease of access.
Let us know what you think about the partnership and how you see things in the future, in the comments section below.
image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services
Posted Using INLEO
