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Posting Memes Adds No Value to the Hive Blockchain

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khal
@khaleelkazi
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3 min read

Time and time again we hear battles on the Hive blockchain over what is "worthy" of rewards and what isn't. It's an interesting debate and one that has shed many tears and sharpened many spears.

With Threads, we sidestepped all of this. Microblogging on https://leofinance.io/threads offers us a way to post content without posting to the first-layer post apparatus on the Hive blockchain.

This gives us a playground to post whatever we want. If you think something is worth upvoting, you upvote it. If you think it isn't, you don't.

Web3's power is in giving tools to the community and letting them run with those tools and decide the best way to utilize them to add value both to the underlying token - LEO - and to their own blockchain identity (personal brand).

Posting Memes Adds No Value to the Hive Blockchain

I saw this meme that @l337m45732 posted on Threads. As many know, he started the #gmfrens movement on Threads and created his own sub-rewards system on top of LeoThreads to reward people who use Threads to post under the gmfrens tag.

It's a cool idea and he's managed to build a really successful NFT model around it.

The question he presents: do memes have any value in growing LeoFinance / the Hive Blockchain?

I think a lot of people choose to believe that memes, short-form content and pictures have no value to the Hive ecosystem. A lot of people will downvote a post if they think there are too many rewards being sent to it and not enough words to warrant "effort" in proportion to those rewards.

Misaligned Inputs and Outputs

Effort is not the determination of value. Some people work 80 hours per week working two minimum wage jobs and barely scrape by to pay their bills.

Other people work 4 hours per week running online ecommerce businesses and make $100k per month.

Are inputs aligned to outputs in these 2 scenarios? No.

The 1st person is working much harder and earning much less than the 2nd person.

Why is Content Different?

So why do people on Hive tend to look at content as an efforts should equal rewards scheme? I've never been a believer in this.

Engagement is the Input, Rewards Are the Output

Someone might post a Meme on Threads and earn $10 worth of LEO for it. Is this worth it? Should this get downvoted?

Well, if 0 people interact with that meme and it sucks on the engagement perspective, then I think many of us could make an argument that it isn't worth it for the LEO protocol to pay $10 for that meme.

BUT, let's say 100 people upvote the meme because it is so hilarious. Let's say 25 people comment below that meme and the author of the meme responds to all 25 comments.

Now there are 150 total engagements with that meme and countless more who have probably glanced at the meme since it's trending.

The meme has now generated 50 comments - which means a minimum of 50 page views from people clicking the meme and then clicking to comment.

What are those page views worth to the platform? What is all that engagement and interaction worth to the platform?

These are the pertinent questions. The amount of effort it took to make the meme is irrelevant.

Some accounts on Twitter make millions of dollars per year posting memes, getting engagement and then selling products to their amassing audience.

Inputs don't have to match outputs. I believe in a world of engagement on Web3. Engagement is king and if a Threads user can create massive engagement around their "shitposts" then they deserve all the rewards the accrue.

About LeoFinance

LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage & share micro and long-form content on the blockchain while earning cryptocurrency rewards.

Our mission is to democratize financial knowledge and access with Web3.

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Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps:

CubFinance (BSC): https://cubdefi.com PolyCUB (Polygon): https://polycub.com Multi-Token Bridge (Bridge HIVE, HBD, LEO): https://wleo.io

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