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What Is INLEO? | Social Media On A Decentralized Blockchain

 

By Block Angels Oct 31, 2024

 

INLEO, formerly Leofinance, is a web3 social media platform built on the decentralized blockchain, Hive.

 

Inleo offers a suite of features to enable creators enjoy microblogging, video and long-form blogging.

 

 

 

Understanding INLEO Web3 Social Platform

 

Inleo is a tokenized social network powered by the LEO token, which functions primarily on Hive Engine, a sidechain to the Hive Blockchain. 

 

Hive blockchain is delegated proof of stake(DPoS) powered blockchain network enabling the development of various decentralized applications including web3 social networks and games. 

 

Hive's unique token design makes it fundamentally suitable for building incentivized social platforms that enables creators to get monetized on day one.

 

Hive engine is a sidechain to the Hive blockchain, enabling the building and tokenization of multiple social platforms via its token creation and management solutions.

 

Inleo's token economy is powered by Hive engine's token solutions, which mirrors the token design of the parent blockchain, Hive.

 

Asides Inleo's tokenized monetization solution, the web3 social platform enables other creator-side monetization via “subscriber-only” content.

 

This solution enables creators to put a paywall over some of their content to enable only paying followers or subscribers to access it. Using Hive's unique encryption technology, Inleo ensures that all posts remains stored on the immutable blockchain but only subscribers can decrypt and access its content. 

 

Creators can set their own price for their premium content beginning with $5, currently paid in Hive's native stablecoin, the Hive Backed Dollar(HBD).

 

Leo Token Rewards Explained 

 

“The Leo token is the heart of everything that is being built on Inleo” said the Founder, Khal, on multiple occasions.

 

Understanding how creators can be monetized on day one of joining Inleo can be tricky for new users as the platform's monetization solution is unique and not popular amongst social platforms in web3 or web2.

 

To understand how Leo token rewards work, you must first understand Hive's underlying integration with the creator platform. 

 

Hive's design as a blockchain involves a creator layer, where a portion of Hive's token emissions is allocated to creators via an “activity-based” model, that compels stakeholders to contribute to the creator ecosystem, distributing Hive tokens to creators and also earning in the process.

 

When individuals stake Hive tokens, they stand to earn 13% APR on their staked tokens in two ways. 

 

Firstly, staked Hive will autonomously yield 3% return annually, this is to encourage token holders to lock up their assets away from available supply. That said, stakeholders can earn an additional 10% return if they indulge in active curation of quality content from creators on Hive with their staked tokens.

 

How does that work?

 

Curation in this context involves exploring the creator feed to find objectively valuable content to upvote.

 

When a stakeholder places a vote on a content published to the Hive Blockchain via any of its social frontends, the creator receives a share of the network's reward pool, which comes from Hive's inflation. 

 

The value the creator receives depends first on how much stake the voter holds and secondly on what percentage of vote was allocated. Similarly, the amount the stakeholder will earn through this activity will depend on his staked tokens amount and the percentage and number of votes allocated to creators each day.

 

That said, a well structured curation practice can yield 10% return on staked tokens annually. 

 

When a vote is placed on a content, the value allocated is split 50/50 between the voter (stakeholder) and the creator after a 7 days window. 

 

Inleo adopts this similar design for its Leo token. When creators publish content on Inleo, they can earn from day one if LEO stakeholders place votes on their content. 

 

In addition to Leo earned on published content, creators can at the same time earn Hive tokens because all content published on Inleo is qualified for a share of the Hive's reward pool, provided voters also hold Hive stakes on the same account.

 

How To Get Started With Inleo?

 

Unlike other popular Blockchains, creating a Hive account, which is required to use Inleo takes 60secs and Hive replaces hard to remember wallet addresses with unique usernames.

 

To sign up or get started with Inleo, head to the sign up page.

 

 

There are numerous ways to create an account and we'll guide you through all of these processes and important details to know about each process. 

 

● Creating an account with direct X and Google sign up

 

This is the first visible method to create an account and it involves authorizing to link your X or Google account with your Hive account. 

 

An account created using this method is called a “lite account” because it takes away the burden of having to download and safely store your “Hive keys” initially.

 

Here's the creation process:

 

Step one: click on either “sign up with X” or “sign up with Google” and choose your unique username as seen on the image above. The system will validate the availability of said name or return a notice if the name has already been used, in which case you have to choose another name.

 

Once your selected username is confirmed available, click sign up and you will be redirected to X or Google to authenticate, depending on your chosen sign up option.

 

Once you authenticate, you'll be redirected back to an account creation screen with details of your just created account. 

 

In about 60 seconds later, you'll be redirected to the main feed on INLEO, automatically signed in and you can immediately begin using or exploring the platform.

 

If for some reason you are not automatically signed in, simply head to the sign in page, and click on sign in with X or Google, depending on what option you created your account with and you'll be signed in after authentication.

 

Creating An Account The Old Fashion Way

 

Maybe you don't want your account directly linked with your X or Google account or simply want total control of your account keys from day one, here's how to create an account you fully control from the onset.

 

On the sign up page, simply click on “Create a Hive account” at the bottom.

 

With this sign up method you'll still have to authenticate via X or phone to get your account created. This process is essential to limit bots from creating multiple accounts and using up resources. 

 

Right now, only authentication with X is active but it's essential to know that this method does not link or encrypt your account keys to your X account, so you're fully responsible for your account keys from day one.

 

This means that once you've chosen your username, you have to download your keys by clicking the download button and safely store your keys somewhere safe.

 

Your downloaded keys file will include different keys including posting key, active key, owner key and memo key, all serving different purposes on the hive blockchain. 

 

As the name implies, the posting key is the key needed to post texts to the chain and this is the key needed to log into your INLEO account to make a post or engage with others. 

 

To find out what each key is for, please refer to this comprehensive guide to the Hive blockchain. 

 

Frequently Asked Questions(FAQ)

 

 ● How do I claim my keys if I signed up with direct X or Google sign up? 

 

Answer: to claim your keys, simply navigate to the settings page and you'll find a message signaling to start your keys claim process. 

 

● Is an INLEO account a hive account? 

 

Answer: Yes, accounts created via Inleo are Hive accounts as INLEO is built on the Hive blockchain. 

 

● How much money can I make using INLEO? 

 

Answer: how much a creator can make primarily depends first on the quality of their content and how many stakeholders support(votes) they receive. 

 

● Who is a stakeholder on INLEO? 

 

Answer: A stakeholder is essentially anyone that buys the LEO tokens and powers them up(stake). 

 

● What happens if I lose my keys? 

 

Answer: if you lose your keys, you lose your account, please store your keys safely. 

 

● Can I delete my posts or account on INLEO? 

 

Answer: No, you absolutely cannot delete your posts or account as everything is posted to the blockchain and remains immutable, forever.