LeoFinance has - for a long time - evolved as an ecosystem and application on top of the Hive Blockchain. The Hive blockchain offers us fast, free and seamless transactions. It also allows us to store massive quantities of data directly on-chain.
These among many other reasons are why we have been building on Hive for the past 4 years and will keep building on Hive for the next 4 years, 10 years and beyond. Hive is very important to us and we're here for the long-haul.
Our mission has always been outward-facing. We've always believed in expanding the Hive pie and not just aiming to get a bigger slice of the existing pie.
I believe that this is a common thread amongst Hivers. We all want to see more users come here.
It's actually physically frustrating to see how many users are not only on Web2 but who are using other "social blockchain" projects that lack so many features that Hive has.
Many of these other "Web3" projects - and I say that in quotes because of the heavy centralization they have - lack the features, functionality and decentralization of Hive.
As Hivers, we all know that. We just get frustrated trying to get our message to those people.
Our message is often ignored.
Our platform is not adopted.
Our user base is not growing.
That's the frustrating part about being a Hiver. It's like you know where this pile of gold is and you're tapping into it and telling all your friends that they should come and check it out but they don't believe you and don't come there to join you in both the enrichment from a social and financial perspective.
They don't believe you. They don't want to come join you. It's like the best-kept secret that nobody is trying to keep.
LEO's Proposal to Onboard 9,615 New Users to the Hive Ecosystem
ICYMI: 24 hours ago, LeoFinance uploaded our very first DHF proposal... Ever!
Our community has long-told us that we should have a proposal but we never wanted to do one. We wanted to make sure that if and when we did a proposal, we would ensure that it had resoundingly obvious positive impacts for Hive. We didn't want to launch a proposal without ensuring that we could deliver exponentially more value than we asked for in exchange.
That's why our DHF Proposal has a number of qualities to it that ensure we both meet our goals that we outlined and bring massive value to the Hive ecosystem as a whole
- the proposal does not ask for any funds for us personally
- the proposal does not ask for any development funds
- the proposal does not ask for any funds to pay our team
- the proposal has clear and measurable goals & guidelines
- the proposal states that we will return the entire payout if we don't hit those measurable goals
These are really important pieces to me. I always want to be a net inflow for the Hive ecosystem and never a liability.
Onboarding, CaC and How We'll Achieve it
Onboarding has always been a weak point for Hive. That's why we built the LeoInfra Hive Lite Account protocol.
This protocol allows anyone to create a Hive account without downloading and self-custodying their keys.
Now live on https://leofinance.io/signup
The way it works is simple:
- the user comes to https://leofinance.io
- the user hits sign up
- the user chooses either Twitter or Google social login
- the user creates a username
- the user is signed in and bam... they're a Hiver
To the user, this all takes less than 30 seconds. It's a sign up process that is very familiar to any Web2 website. No passwords needed. Your Web2 social media account is your password as it is used to authenticate LeoInfra.
On the backend, the user chose a username and we created a Hive account for them. That is a REAL Hive account. It's not a partial solution or a centralized account that we then tie to them.
It's a full Hive account on the blockchain.
The difference - and why we call it a Lite account - is because the user isn't on self-custody. They don't have the keys to their account.
And we all know the maxim "not your keys, not your crypto". That's how this works. They are able to use Hive without having to learn about Keys off the bat.
Instead, we give them the ability to do all the things (or almost all) that a self-custody Hiver can do.
Our LeoInfra database encrypts their keys and ties them to their social media Web2 login. Allowing them to authenticate posting, commenting, threading, wallet transactions, etc.
Over time, we start prompting them - via the UI / wallet UI - to self-custody their keys by taking a short course on the basics of Hive, private keys, master keys, posting keys, active keys, etc.
This short course teaches them what to do and then at the end, they are prompted to:
- Change their keys
- Download the new keys
This allows the user to then take full custody of the account and then we destroy the old keys we have (since they are no longer even relevant, as the new keys are created).
The user retains the original Hive username/account they created and now they have freshly created keys that nobody but them has access to.
CaC
Customer Acquisition Cost or CaC is going to be a key metric throughout the lifetime of our DHF proposal.
I urge you to read the proposal in full if you want to get into the nitty gritty details. The long-story short is that we are using our own resources to pay our team to do the research and organization work.
The only funding we are asking for from the DHF is for ACTUAL ad placements... We will provide ample receipts and invoices proving this.
Not a cent of DHF funds will be used to pay ourselves or the team payroll. That is all still out of pocket and bootstrapped by the LeoFinance Team.
The DHF funds will pay for actual placements which will help us make CaC more efficient. We are aiming to have a 3x cheaper than industry-standard CaC which we believe we can do by various means.
We've already run campaigns like Zealy and Web2 social ads to gauge our ability to onboard. We used these early test runs to create the framework and metrics to onboard the 9,615 new users to Hive.
The scientific method is vital here. Hypothesis, trial, error, re-trial and continually find what we're doing right and wrong.
We will aim to constantly make onboarding more efficient and work hard to onboard the next generation of Hivers.
Will You Support Us?
The Hive community is absolutely incredible. Like I said, we launched this proposal 24 hours ago and it is already 55% of the way to being funded.
A few more key votes and we will likely have this proposal funded. We'll then have 1 month to prep our marketing campaigns, materials and collaborations before the funding starts (funding will start to drip to us from the DHF starting on September 1st, 2023).
When that funding begins, we are going to be off to the races.
LEO has always aimed to overpromise and overdeliver. We're about to onboard 9,615 new Hivers. The current monthly active social userbase of Hive is 11,000. That is going to nearly 2x the current user base.
SO many new faces. So much fresh energy. We believe we can transform Hive and it starts with amplifying our marketing strategies to onboard 9,615 new MAUs. This is going to radically change everything for us and for the broader Hive ecosystem.
It's time to double the size of the Hive pie. Are you ready to help us?
A MASSIVE shoutout and thank you to everyone who has already voted in support of our proposal to ~2x the userbase of Hive. Thank you SO SO much ❤️🙏🏽
You can find and vote our proposal with the following links:
- Read the Proposal ▶️ https://peakd.com/@leofinance/proposal-to-grow-the-hive-ecosystem-with-the-everything-app-and-oneclick-onboarding
- Vote the Proposal on PeakD ▶️ https://peakd.com/me/proposals/269
- Vote the Proposal on Ecency ▶️ https://ecency.com/me/proposals/269
- Vote the Proposal on Hivesigner ▶️ https://hivesigner.com/sign/update-proposal-votes?proposal_ids=%5B269%5D&approve=true
Posted Using LeoFinance Alpha
Voted and supported!
Very cool project!
Super easy to onboard this way.
Happy to see that hive platform is expanding with each coming day. it's the best
Proposal voted! As I always say, LeoFinance's work is incredible and Onboard, in my opinion, is the most important thing at this moment that Hive is living!
I believe that they soon got the proposal approved, this onboarding will be a success!
I see it is already 55% of the way there and hope you get funded as it deserves to be supported.
Voted and rehived :-)
The hourly dripping system from the DHF makes funding a long-term proposal quite challenging since votes fluctuate over time, as does the threshold barrier of the return proposal. Just to keep in mind!
Otherwise, I consider this proposal highly beneficial to Hive, as I've already noticed new faces onboarded by Leofinance to Hive during the previous self-funded initiatives (like the Zealy campaign).
Took me some time but supported OF COURSE!
If I could vote for this twice I would ! The one drum I keep banging is that the onboarding process needs to be as simple as signing up for a Web2 account, even if what is going on behind the scenes is complicated.
The only thing I feel could be added would be if new sign-ups coming in this way could be given a decent sized delegation for the first few weeks just so they feel like their vote matters.
Or anything else we can think of that helps retention and turns new users experimenting with the system into long-term Hivers.
I know it's not just about the money though, it about welcoming them in and helping them with the steep learning curve as they get to appreciate the full potential of Hive.
You guys have really done a great job with everything. I'm mulling this one over. I understand it is the cost of doing business but the acquisition cost seems shocking (I know in reality it's probably near an average but I never think about it.
(495*487)/9,615 = $25.07(ish) per user. It's likely that my vote won't matter any way but I'm trying to be responsible and play devil's advocate.
Question: I've seen (a possibly erroneous metric) that a majority of Hive users aren't necessarily focused on the social media aspect of the platform, but the apps that have been created in the periphery. Why should we focus on blogging if it isn't what a majority of the Hive population is interested in?
Push me over the edge and convince me to put my modest vote toward the proposal.
Allright, I am completely with you guys on this one! Great proposal!
WOW Khal!!! You and the @leofinance team are 100% committed. I read your proposal and voted. I'm convinced that your goals will be achieved and I'm also sure that $LEO will give $HIVE a great boost.