Is It Time to Join Trybe and Become Part of the Gang?
Trybe cryptosocial

Is It Time to Join Trybe and Become Part of the Gang?

By Allen Taylor | Cryptocracy | 19 Apr 2021


Trybe is one of the multitudes of up-and-coming cryptosocial platforms. As far as I know, it was the first cryptosocial platform built on the EOS blockchain.

Users can follow other platform users, much like on Facebook and other social networks as well as post their content on the platform to be enjoyed by others. On Trybe, while the networking part is more native than on Steemit, the content is much more formal. Out of the gate, Trybe wanted articles only about cryptocurrency, which was limiting to anyone hellbent on sharing cat memes. There is much greater diversity in content now, however, though you won't see many cat memes.

Another feature that makes Trybe feel more social is a direct messaging system. Trybe users can actually send messages to each other through the platform without having a pay a fee.

Trybe was initially built on WordPress. Being open source, WordPress is notorious for being a popular target for hackers. In fact, early on in Trybe’s life, I tried accessing the site once only to be denied because it had been taken down. All my tokens were still in my wallet so it was an inconvenience more than anything. I've seen no evidence that any users have lost tokens due to Trybe's website being hacked, and the platform has since moved off of WordPress.

How Trybe's Tokenized Economy Works

Trybe members can not withdraw Trybe tokens until they have at least 5,000 in their account, and the maximum withdrawal amount per day is 10,000 tokens. The minimum is 500. The process could take up to 24 hours. This is a good thing because it ensures that someone with thousands of tokens can't take them all out at once and crash the economy, though I think a staking strategy would be better.

One of the requirements for removing TRYBE tokens earned on the platform is that users have to have an EOS account. One doesn’t need an EOS account in order to set up a Trybe account and use Trybe, but if you intend to cash out your tokens (i.e. take the money and run), then an EOS account is essential.

The platform does have measures in place to encourage keeping tokens on the platform, and to encourage users to remain active. For instance, there’s a weekly payout bonus to Trybe users who follow the weekly engagement rules. The bonus is based on a ranking system where higher ranking users get higher bonuses. One’s rank is based on one’s total activity on the platform.

Members can Power Up to increase their rank, but to do so they must wait for an admin to approve their power-up request. Also, you’ll need a wallet that supports EOS tokens.

At one time, users could stake TRYBE tokens to receive bonuses and airdrops. An airdrop is a free token distribution some platforms use as an incentive to encourage user activity or other actions. Trybe now sends users to Staker.one, a cross-chain platform where users can earn additional tokens through staking.

What Else You Need to Know About Trybe

There isn’t much that is complicated about Trybe, but in order to make the maximum and best use of it, you’ll need an EOS account and a crypto wallet. EOS charges a little more than $4.00 in cryptocurrency just to create an account or a little more than $6.00 if you use a credit card. Users are then encouraged to buy RAM to use the blockchain. If you just want to play around on Trybe and not actually interact with the EOS blockchain in other ways, then you don’t need to buy RAM. This is a barrier to entry that almost all of the blockchains have to get over.

Most people, especially older people who have spent the last 30 years playing around on the internet, expect things to work when they show up. The people at Lynx understand that and they’ve built a wallet that pays for new users’ EOS accounts.

One interesting thing about Trybe is, inside each account holder’s dashboard, there is a page that lists DeFi projects. If you’re interested in staking and earning additional cryptocurrencies from the coins and tokens you hold, Trybe will help you find projects that allow you to do that. The list is currently very limited, but they update it monthly.

Trybe also has a leaderboard. It shows who the top-ranking Trybers are based on TRYBE holdings, number of new articles published weekly, and top engagers on the platform.

Trybe is much more attractive than Steemit, but it’s not the most attractive cryptosocial platform I’ve seen. Users create articles that are “educational or informational” and other users can interact with those articles by voting and commenting on them. It’s pretty cut and dry.

While I’ve enjoyed the limited time I’ve spent on Trybe, I wouldn’t say it’s my favorite platform. It’s very simple, and that’s a good thing, but new developments come slowly. The publishing interface is also persnickety, meaning it doesn’t publish quickly and may even malfunction. Trybe could also make using it more intuitive. On the bright side, the Trybe team seems responsive and interested in making the platform a desirable place to post your content.

 

DISCLAIMER

I am not a financial advisor, nor do I give financial advice. The above information should not be considered financial advice but is for informational purposes only. Neither I nor Cryptowriter are responsible for financial losses incurred as a result of acting on this information. Please consult a financial advisor before making any financial decisions.

This post is published for Cryptowriter in association with Voice.

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Allen Taylor
Allen Taylor

Writer, editor, publisher. Content strategist for fintech, blockchain, and crypto firms.


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