Referral Rewards: A Catalyst for Transitioning Web2 Users to Web3

It was thrilling to read this tweet by @khaleelkazi that October 9th will be rebrand day for LEO. He furthered that there are many developments on the background such as LeoAds smart contract, evergreen rewards for Hive content and more. One more development I know at launch would boost the onboarding on Leo and Hive is Referral Rewards.

The Challenge of Porting Web2 Users to Web3 Platforms

As Web3 continues to evolve, being the next frontier in internet revolution, there is a lot of work needed to successfully break the addiction that is holding users to web2 systems despite privacy intrusion and non-ownership of data, and bring the users to onboard web3. Leo announced its successful onboarding of 600+ new users in the month of September, but that is far below what should be owing to the value that Leo and Hive is offering to social media users, gamers and every other internet user.

It is important to note that transitioning Web2 users to Web3 is a very complex challenge. This is because the users are comfortable to the convenience and user-friendly interfaces of centralized platforms. They may be hesitant to explore the untraveled territory of blockchain-based applications, being afraid of a steep learning curve or the unfamiliarity of web3 ecosystems.

I know of some web2 projects without half of the value that Leo offers onboarding hundreds of thousands of new users in 24 hours or less. It's not in vain. There is a price paid and web2 platform owners know what to do to glue the users there in what I call the modern day slavery. Creators and builders of web3 platforms need to become smarter in the marketing efforts. Thanks to Leo in in its 5-tier marketing that is spread across many options to ensure that no web2 user meant to be here on web3 misses the onboarding hook.

Welcome to Referral Rewards on Leo

The success of the just completed Hive Zealy Campaign cannot be underestimated. Lots of tractions happened here on Hive over the 22 day that the campaign lasted as the users found some huge motivation to get their friends join here. Without a doubt, the value that web3 holds is huge but users could prefer to selfishly reap the benefits until they receive enough boost motivation to get their friends and family members to join us.

I'm happy to see the Referral code on Leo and it signals that there will be incentives for getting more new users to Hive. It may not be directly monetary but every incentive or recognition of users onboarding re users would be a booster to the onboarding stats of Hive. Referral rewards is a strategy that holds the potential to seamlessly onboard Web2 users to the world of Web3.

Referral rewards can be an effective strategy to onboard web2 users to web3 platforms. By offering incentives for users to invite others, you create a viral loop that can drive adoption. Understood that web3 platforms like Leo provides genuine value and isn't just relying on rewards as a bait-and-switch tactic. The transparency of the Hive blockchain is already an edge that would show how resources and rewards are even.

Referral Rewards as a Catalyst

Referral rewards, also known as incentivized referrals, have long been used by businesses to acquire new customers. In the context of Web3 adoption, they can serve as a strategic catalyst to attract Web2 users and provide a taste of the benefits of the decentralized web. This is because web2 users are used to these systems and as we try to provide he web2 kind of services in a decentralized way, we must not ignore this crucial aspect.

Let's see the dynamics of referral reward system and how they can serve as both a bait and a bridge for users, fostering the growth of Leo and Hive.

• Referral Rewards would stir Viral Growth: Referral rewards has the potential of creating a viral loop, where users refer friends, who, in turn, invite more friends and the link continues. Every user in the circle finds enough reason and motivation to expand the reach.

• Referral rewards aids User Education: When referral reward systems are in place, there is the curiosity to know the right thing that should be done to qualify for the reward. This would inspire learning. Moreover, we learn more when we educate others. Inviting other s to join a new platform would imply that we learn better to be able to market the platform better. I know how many users have been better in their use of Leo frontend because they participated in the Zealy campaign.

• Referral rewards would reduced onboarding Risk: This is on the advantage of the new Web2 user. Earning rewards comes with an allure that assures them that their efforts and time is not a waste, especially as anew space they're venturing into. Referral rewards would act as a safety net that encourages the new users to test the new waters.

In conclusion, referral rewards has the huge potential to onboarding Web2 users to the Web3 ecosystem. They can serve as a bait to pique interest, but more importantly, they act as a bridge, demystifying the transition and reducing perceived risks. I hope we can maximize his to our advantage as Leo rebrands next week. It's time to bring the masses on Hive.

What are your thoughts on referral rewards on Web3 platform, how do you think it would inspire more onboarding to Leo and Hive?

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This post was created via LeoFinance, What is 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 and share content on the blockchain while earning cryptocurrency rewards.

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