SocialFi platforms have been one of the most talked about networks in the digital space in recent times. The core elements of a SocialFi platform are social media and finance. Creators can control and hold full ownership using these platforms while earning bitcoin or other digital assets that can be exchanged for money or even other fungible or non-fungible holdings. Thus they make a profit out of it.PeakD is one such SocialFi platform which is our topic to understand for today’s article.
On the Hive Blockchain, developers can connect and create applications. The PeakD SocialFi network happens to be one such application that is making headlines on Hive.
Blockchain networks like Hive have established a venue for developers to present their ground-breaking concepts. Hive is a fork of the Steem Network that connects users to the web3 with extremely quick transaction processing times as well as costless transactions. This is achieved through a Delegated Proof of Stake(PoS) consensus protocol.
PeakD is a decentralized network made for content producers that want to experience the seamless horizons provided by blockchain technology while still preserving ownership of their work. It can be called a social network with distinctive pillars.
In 2020, it was established as a successor to Steempeak.com. Users of PeakD are greeted by the site's bot, an automated reply tool, and they are free to establish advantageous prizes before choosing whether or not to visit the platform. Often, for the lack of a better comparison, PeakD is compared to the popular social media platform Reddit.
PeakD provides absolute ownership to users of the platform with the help of decentralization and a brand-new idea known as "cryptographic keys".This is rare given that no other social network is prepared to give people true ownership because they require you to be reliant on their platform.
PeakD assists users in adjusting to this new reality because they now have a completely new base for content development and social media. They acknowledge the user’s content ownership and that they have no power over you or it. As a result, they must also listen to the PeakD users with whom they are in collaboration.
PeakD registration necessitates the setup of the user account's security. The security of PeakD is offered by a blockchain passcode known as a "key." Users are granted exclusive ownership of their accounts through the keys; nobody else has any way of getting into them.
Keys are classified into three types: master keys, active keys, and posting keys. The Master key is required for all password resets, the Active key for fund transfer, and the Posting key for publication and upvotes.
PeakD communication involves employing keys, uploading content, posting comments, upvoting, and transferring funds. Credentials or keys, especially Master keys, cannot be recovered, but Posting and Active keys can be reconfigured using the Master key on the Hive Keychain if misdirected.
Hive Keychain and Hivesigner are the two types of money transfer authority used by PeakD.
Only words are stored on the Hive Blockchain once content is published on PeakD. Users may upload photos and videos from other places to the platform, which stores them. On the PeakD platform, private information is not permitted. As a result, users need to understand that any content posted on PeakD becomes public.
PeakD severely discourages plagiarism and original content is always appreciated. A post cannot be erased after it has been looked at and engaged with by other users; when a subject is sought, the content with the tag appearing in the search shows.
PeakD offers a method for rewarding users who vote on posts. HIVE and HBD are two of Hive's native tokens. The platform's two cryptocurrencies, which users may store in their wallets and trade for money or other digital coins on secondary markets, are used to reward users. Uploading and buying things from secondary markets are the main methods for earning Hive and HBD.
Knowledge of the platform brings advantages including the ability to receive rewards for posts, creatively customize the content, and watching experience. Users also have faith that the content is published on a blockchain that is censorship-resistant.
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