Leofinance Starting The Path To 40,000 Users

in LeoFinance11 months ago

In some discussions with the Leofinance team, this is the new target for the platform. This process started with the update to the UI that allows for sign up using Metamask.

There was a post yesterday that detailed some of the updates along with the road map for the near future. The biggest piece of news is the fact that the integration with Metamask is now complete. This provides entry into an arena where there are over 1 million monthly active users, experiencing a growth rate of over 400% in a bit over a year.

This integration was key to providing a simple sign up while eliminating one of the biggest barriers to Hive entry. The fact that Hive has a degree of complexity to it turns many off. People are not willing to spend the time to learn about something that could have enormous benefit to them. Instead, laziness takes over and we opt for the known path.

Ethereum is obviously getting a great deal of attention and Metamask is right in the middle of the DeFi boom. While that could taper off at some point, the utility of this Ethereum wallet will not likely suffer a similar fate. The usage on Ethereum is likely to remain somewhat consistent even if the outrageous numbers of DeFi end up dwindling a bit.

Now, through Leofinance, people can sign up using their Ethereum account and begin interacting on Hive the same as any other user. They instantly will be able to operate as if they signed up through any other Hive interface.

metamask.png

This is all part of the LeoInfra platform that was designed by the Leofinance team. Here we see the first leg of the new path that the team is taking. The database is going to allow the build out to other blockchains as well as linking to the traditional social media accounts. Streamlining the signup process is an important step towards future growth.

Hive Is The Back End

One of the key components to all of this is the fact that everything being done is tied to Hive. The Hive blockchain is the back-end, decentralized database that holds all the information. As those who used Hive are aware, accounts cannot be censored or closed unlike the established social media sites.

This feature applies to all who sign up using Metamask (or any of the future log ins). Initially, LeoInfra handles all the details, including the keys. However, the goal is to get people to claim their Hive account and start operating on Hive. Doing so, opens up the door to all other Hive games and applications which tend to get a lot of publicity on the Leofinance platform.

Ultimately, the expectation is that a portion of these users will inquire into other projects, helping their growth rate while doing the same for Leofinance.

Why 40,000?

This is a number that is being bantered about as a goal for a few different reasons. To start, it is about a 4x from the present account userbase on Hive. This would provide a huge boost to the entire ecosystem if Leofinance could bring in a number such as this.

As we saw in the short time wLEO was operating, things can go parabolic very quickly. It does not take a great deal to generate enormous amounts of excitement. wLEO, before the hack, did that.

Fortunately, that project is not dead, only delayed. The UI still has the conversion from LEO to wLEO programmed in so it is not difficult to initiate again. However, before that happens, more security features will have to be provided once the present investigation is done. I would expect we will see wLEO again, possibly before the end of the year.

Tapping into 2.5% of the Metamask users is not that high a target. It sounds pretty daunting considering where things are now but, as was mentioned, things can change rapidly. Everyone who is using Metamask, by their nature, is interested in finance, at least the crypto aspect of it. The opportunity to earn ETH through their actions is something that cannot be stressed enough. One of the biggest advantages to Hive is the ability for tokens to be earned as opposed to bought. Now, through this latest update, that also applies to ETH. One can opt for payouts in ETH as opposed to LEO.

Ultimately, Leofinance will serve as a gateway between the tokens on Ethereum and Hive-Engine. It will provide a simple swapping mechanism once wLEO re-enters the equation. This will help to extend the reach of all projects.

Here is the full announcement post:

https://leofinance.io/hive-167922/@leofinance/introducing-leoinfra-v1-metamask-onboarding-for-hive-blockchain-accounts

Engagement is something that always was a challenge on Hive. One feature that I am aware of is going to help change this. It is a feature that allows for simpler interaction. This will help the Hive numbers while also fostering a lot of what takes place on Discord to occur on-chain.

People still want social media. As much as we talk about the likes of Twitter and Facebook, their success cannot be questioned. They have hundreds of millions of users respectively (possibly more than a billion). This is an enormous market to tap into.

Leofinance is moving away from being a blogging only platform. That is still going to be a key component yet it will not be the only one. As the UI is updated, more features will roll out which should appeal to a broader spectrum of people. At the same time, we are likely to see more "resources" that are common with other financially based sites. This will help to attract people who are not necessarily posting, yet will visit on a daily basis for information.

Once these features are in place, we will likely be updating the target projects as the 40,000 number is still a drop in the online bucket.

Here is a list of the most popular finance sites.

metamask.png
Source

Looking at those numbers, 40K is nothing more than a rounding error.

To me, this shows what the potential truly is.

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Ultimately, Leofinance will serve as a gateway between the tokens on Ethereum and Hive-Engine. It will provide a simple swapping mechanism once wLEO re-enters the equation. This will help to extend the reach of all projects.

I've never really looked at it this way and this is huge if we think communities and community tokens are going to be the future of Hive.

It's all going to benefit the Hive token itself too, which is why I would love to see the core Hive devs/witnesses helping to push LeoFinance to the next level.

LeoFinance is Hive.

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This is fantastic news imagine we consider too that the wsj have this numbers of users 2,834,000 Daily, leo been the reference in the financial blockchain news.

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The bridge to Ethereum has been established with the integration of LeoInfra into the LEO Finance and from here on a new market is opened for this community in special and for Hive in general. This is a historical point for LEO Finance in my opinion and I just hope it can sustain the growth that I anticipate to come. I hope the LEO team will expand and address different mechanics from here that need attention, marketing being on the first place.

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How is a post of mine on leofinance but not on hive.blog.. yikes

That is very odd. I have seen it the other way in the past where my post was on Hive but not on Leofinance.

Is it on peakd?

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Do you have information about how the organizers are going to return the lost money of the participants of the WLEO liquidity pool ???

anigif_original6891139785117031.gif

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Not specifically. From what I understand, it will all be resolved at some point this week. The goal is to make those who were still in the LP and had wLEO whole. They pulled out 114 ETH plus have another 270K LEO from the bounty that was going to people who contributed to the LP. I believe they also was 280K LEO in the wleo account (or whatever it was) that was not converted back from wleo.

My math, which is not official, puts that around 550K LEO and 114 ETH available to make those who are still in there whole.

I am curious too since I wasnt able to move anything out either before things were locked up.

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I'm stuck with 177906 Leo

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Leofinance is doing so many things right. The future is indeed bright.

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People still want social media.

Exactly, and this is something I have said numerous times before as well. Going away from blogging is not the solution, but moving from being a blogging only platform is. I'm certain of that.

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Blogging is still a small part of social media, blogging in the Medium sense.

What they term microblogging (aka Twitter) has a lot more appeal. We need to develop more tools to keep things pushing forward.

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You just cleared the situation with MateMask. I can see the team is doing a great job. There are more possibilities every day and I like leo community very much. Thank you.

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You are welcome. Glad to clear things up a bit.

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!tan

Out of curiosity, what is tan?

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@taskmaster4450le - TAN is comment base tip reward bot. Seems it doesn't working on this post as of API Issue or I may run out of credit to summon the bot. You can explore more at:

https://hive.blog/bot/@theguruasia/tangent-token-live-version-launched-tan-official-update.

Thanks for that.

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@taskmaster4450le - My great pleasure. And really do sorry that I made it looked like spam as once I posted, there were some error from the network and disconnected. So couldn't edit until got notification from you. I typically made comment then call the bot. Thanks and have a great Monday.

Fortunately, that project is not dead, only delayed. The UI still has the conversion from LEO to wLEO programmed in so it is not difficult to initiate again. However, before that happens, more security features will have to be provided once the present investigation is done. I would expect we will see wLEO again, possibly before the end of the year.

Unfortunately, this is where the immutability of Ethereum content may work against wLEO depending on whether the bug was in the contract code. If the bug was in a code run on some centralized oracle server by the team or elsewhere but not in the contract, then wLEO can be revived. Otherwise, a new contract under a different name has to be launched. Every buggy contract remains on Ethereum forever as dead weight. But that's the price we pay for immutability. Interestingly, Koinos solves one downside of this by enabling the offloading of seldom accessed content from the chain to a storage from which it can be retrieved and cryptographically verified to be correct.

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Yeah I do not know where the bug was and what they will ultimately determine as the cause.

But you bring up a valid point, the wLEO name might be dead. Have to figure another way of phrasing it.

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The image with the most popular finance sites lays it out - 40k is indeed akin to a rounding error lol. This makes me think though, that such a surge in LeoFinance users would represent the start of a much larger snowball effect which would certainly be gathering speed if we reached those numbers by year end.

Will 2020, a year of major insanity, end with a LEO-bang? Signs are good :)

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It will be interesting to see how it all unfolds. The potential is there considering how many people visit these types of sites on a daily basis.

Leofinance, in my view, needs to add the reference sections that some of the others do. Being a data aggregator is a solid way to get huge numbers on a regular basis.

How to do that is the question.

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I saw this in the latest post of leofinance and my goodness I was certainly elated. Metamask gives the outsides users that chance that the hive end doesn't provide and I'm not suprise if 40,000 becomes more than realisable the intra-relationship between ethereum and leo will tend to benefit us at the end of the day. I guess people are lazy to get to understand what will benefit them like you said. But this way it becomes easier

We will see. Having the feature and nobody knowing about it will result is nothing.

Somehow we will have to get the word out to the metamask community. For this reason, we need to "up our game" by posting top content and engaging a great deal more than we have been.

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You're right, having the feature and no one using it is of no use.
But then I hope we can market it enough, it's the real game changer.

It does appear the first one signed up using that without having a Hive account first...so the first one occurred.

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It is always fascinating to see how Yahoo has created a niche with Yahoo finance. That shows how important it is to have your expertise and focus on one thing that you are good at. If Leofinance manage to gather the tiny section of crypto enthusiasts to write about finance and enjoy the platform like the motleyfool or others do, it will be a game changer.

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Yeah Yahoo Finance is an amazing story. While the rest of the company was collapsing, that one hung in there.

It shows how valuable being a reference point is. Most use Yahoo Finance for information outside of the articles since they tend not to be on part with the rest of them (although they do get cross posting).

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The integration of MetaMask that allows people to sign up on Hive using their Ethereum accounts is just so strategic in the growth of LEO and Hive. With this new development, we're sure of gaining more users.

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#leofinance is giving itself a purpose
worth generating more users
and a bridge to another world
through metamask.
40k users would be a bargain
worth enticing.

!BEER

I used Yahoo finance for many years and when they stopped letting you comment and interact I weaned myself off of it. This is one of the greatest things about Leofinance for me and many others.

P.S. I like the format of investors hub, you can comment and message each other too.

https://investorshub.advfn.com/

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Yes when I use to trade penny stocks a lot, I used that site. It is a good one.

It would be great if Leofinance could reach that level of users.

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O man, the pump and dumps were epic too on those pennies!

Penny stocks are pump and dump heaven.

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Lets hope leo gets even more users who really will believe in long term

As you said it best, you don't have to buy anything, you can earn. LEO is the perfect place to start earning some crypto if you want to get in the crypto! Later, it's your choice whether you cash out, power-up, or buy some other crypto. Opportunities are endless as long as one remains open-minded.

Let's get those 40,000 to have the next goal in mind!

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Without a doubt that options are created by accumulating crypto. That is the best part of it all and Hive in general. As people acquire different tokens, they have to decide what to do with them. That is why I keep writing about some of the other interesting projects such as distilleries as possible options for people's tokens.

Once the crypto is in people's hands, they can put them to work generating an even greater return.

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Yeah, generating an income from what you've earned is what we should all strive for!

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It's going to take some time, but I think your 40k is attainable,when STEEM hit 8 bucks there were like 200k active users all trying to mine the coin with content and it was a complete mad house, and that was with the shitty sign up process and only one chain.

Now we've got so much more, and slightly easier sign up, I see dan talking about RC pools coming soon which would be a boost to infra and if other tribes can adopt infra too we'll be in a pretty cosy place for onboarding.

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40,000 is — indeed — just a drop in the ocean for the financial website market. I used YahooFinance for a while... but the shine went off because of the number of ad-spammy links they have on their pages.

It's a good market to be in, these days. With Covid not only giving people more time at home in front of their computers, but also resulting in people feeling a little less certain about their financial futures, I'd expect "alternative" financial sites like LeoFinance would be particularly" relevant at the moment.

-^..^=

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iLEO is a good name for the new leo swap token.

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