Wormhole3 begins Beta Testing on STEEM!
The STEEM blockchain is seeing a new kid on the block with Wormhole3
STEEM is seeing some new developments with wormhole3 beginning its beta testing earlier this month.
It got some press on yahoo finance yesterday in fact:
What is Wormhole3?
According to the yahoo write up...
It aims to become the social authentication between Web2 social platforms and Web3 projects that designs to record users' behavior, allowing Web3 protocol to capture users' behavioral value to form capital. Web3 projects can use cryptocurrency to reward users for curating their own projects on the Web2 platforms
Through Wormhole3, users would receive a Web3 ID, which allows users to link their social account and content to the Steem blockchain.
In addition, Wormhole3's decentralized curation protocol makes it possible for DAOs or any Web3 project to use their tokens or NFTs to build communities. Web3 projects can create their own curation bounty pools, and the rewards are distributed through a decentralized curation algorithm based on participants' social graphs and reputation.
Users just need to link their curation behaviors on-chain, stake social assets to gain curation rights, then receive incentivized tokens through their curation behaviors. All of these are achieved by the following function.
How does it work?
From the article...
Through integration with Steem Blockchain, everyone can link their shared content on-chain through Wormhole3. For example, a user can link their Twitter account to Wormhole3, then the content they shared on Twitter could be awarded through Wormhole3. By using Steem Blockchain, users' any social media interactions can link to it and get reward for.
STEEM for the win!
This is a very nice development for the STEEM blockchain and one that will very likely help onboard more and more users as it seamlessly connects steem with many other social media networks.
If you want to read more about wormhole3 and how it will work, you can see the full press release below...
Its reallly great news for steem blockchain.
From this, it is possible to reach more users very easily.
But here is where steem coins play a role. They say ,they use Steem Blockchain for distributing rewards to contributors, but they are not saying they give Steem coins as a reward.
Then how will it affect the STEEM price?
If possible, explain it to me.
Thank you very much for sharing it with us.
Upvoted! Thank you for supporting witness @jswit.