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What Is Soxax? Soxax Review, Blockchain Type, Problem Solved.

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soxax decentralized social media platform

SOXAX, the social media that does more.

Following the negative buzz about most social media platforms stealing, selling and trading users data for money and having users raise alarm at the rate at which these social media platforms wreck the productivity of young millennials, there are a need and call for a decentralized social media platform that will help solve all these problems while people pass time using them.

SOXAX prides itself on giving users maximum data protection and utmost privacy.  The platform is adopting the end to end encryption data protection approach; because it’s decentralized, it gives people the choice to fully encrypt their data or let it open.

Once encrypted, only the password linked to the private key of the users can decrypt the data and account from Soxax database. for a user (a Soxian) logs into their account, they must decrypt their account with their password to unlock their account. Data exchanged within the SOXAX platform are encrypted and doesn’t leave the platform as a plain text.

Related: Top 5 social media platforms you must be on as an entrepreneur

Just like the founding principles of blockchain technology, the Byzantine general’s principles is adopted here and is a foundational technology of the SOXAX platform.

So, therefore, your entire data is stored with end-to-end encryption, so every data we get from you get you are encrypted before there are saved into our database and, and we have no way to decrypt those data because only you can decrypt it.

SOXAX, will be the first and next generational social media platform to disrupt and solve the current problems associated with social media which include;

  • Data and identity theft
  • Impaired Productivity and laziness
  • Not earning any money or rewards while surfing and using the social media platforms.
  • Procrastination and not meeting u with to-do list.

On Soxax platform, users get to enjoy text status, image and videos uploads, live videos streaming, gaming, video, sales on the marketplace, etc.

Related: 5 Golden rules of Social media marketing

The Soxax platform uses Proof of Social/Proof of Activity algorithm to reward users with Soxax dollar which can be exchanged and converted into Money at various exchange sites trading Soxax.

SOXAX IS DISRUPTING THE SOCAL MEDIA ECOSYSTEM.

List of Problems Solved SOXAX Decentralized Social Media in Details

  • Soxax is Decentralized.

Soxax is decentralized on it’s database and does not give anyone including Developers any power to modify, edit or delete any registered account on Soxax.

With this feature, accounts cannot be blocked or deleted but enables community to leave a POSITIVE OR NEGATIVE review on user account with good/bad reputation by flagging the account of user with bad reputation. This will enable protect the community of people to deal with on the Soxax platform.

Soxax is built on an independent Blockchain technology and uses PROOF OF SOCIAL/PROOF OF ACTIVITY to reward it’s users.

  • Making Money While Socializing

Soxax platform will enable users to make money by actively participating and engaging on the Soxax social media platform.

To keep the Soxax coin stable in the market, not all funds in balance can be withdrawn immediately. This is to control users from flooding the market with Coins to sell off while encouraging engagement to earn more Soxax Dollar.

Related: How to identify new business ideas using social media 

It uses PROOF OF SOCIAL/PROOF OF ACTIVITY to reward it’s users. The algorithm of Soxax is built to reward every user for posting contents, sharing contents and engaging on the platform.

  • Social Media Data Piracy

Social media platforms are aiding data piracy, millions personal, organizational and private data has been publicly traded to the advertiser and big data analytics companies or data brokers;

These companies collect your personal data, like name, address, what you earn and where you visit on the internet, who you connect with online and what your preferences are and then sold to other companies for a very lucrative cost.

Once these companies collect the information, the data brokers package and sell it sometimes to other brokers, sometimes to businesses — that then use the information to target ads to consumers. And it’s a lucrative industry. One of the largest brokers, Acxiom, reported over $800 million in revenue last year.

Soxax data is secured with an END-TO-END encryption technology. The encryption cannot be decrypted even by the Soxax developers. Every encrypted user account is connected to a private key which can only be decrypted by the user password. In cases where Password is lost, the change password option will give command to the encrypted key to reset and change password using the signup details connected to that account.

  • Increased Productivity.

Because people spent a lot of time on social media and thereby killing their level of productivity, Soxax enables every users to stay up with TO-DO list of everyday and constantly reminds them to follow up with work at the speculated times. The productivity tool on Soxax comes with a sound notification which constantly reminds users of their daily task while they socialize.

Join Soxax at www.soxax.com

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What is Cryptocurrency And How Does It Work? 

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Obiex finance website

Cryptocurrencies are decentralized digital assets that operate on blockchain technology that in turn operates by storing a ledger of every transaction on all nodes powering the blockchain. 

In layman’s terms, blockchain technology is like a record keeper, it collects data (in blocks) and links one block of data to another, forming a chain. The data on the blockchain is open for all to see and cannot be easily altered. Blockchain technology can be used for a variety of use cases besides cryptocurrency, ranging from voting to crowdfunding, keeping health records, etc.

Using Bitcoin as an example, nodes are computers connected to the network to mine Bitcoin,  – this collection of independent nodes working together is what makes the network decentralized.

The decentralized nature of cryptocurrency is down to the creators recognizing flaws in traditional banking & financial systems like governments and financial institutions acting only in their best interests and not in the best interest of the common man, leading Satoshi Nakamoto (the creator of bitcoin and blockchain technology) to take steps to rectify that.

Related: What are NFTs?

To make cryptocurrency transactions, you will need to have a set of both public and private keys that will act as passwords protecting your crypto wallet. 

The Public key is connected to your wallet address, allowing you to share the address with others to receive cryptocurrency, while the private key is known to only you and is what you will use to approve outgoing crypto transactions from your wallet. 

Trading Cryptocurrency on Obiex

Obiex finance website

With the popularity of cryptocurrency trading currently at an all-time high, the biggest challenge for many rookie traders is selecting which cryptocurrency exchange to trade on.

If you fall in this category, the immediate priority should be finding an exchange that allows rookie traders to make trades easily, doesn’t charge extra fees and is completely secure. That exchange is Obiex Finance.

In this guide, you will be shown how to navigate the Obiex mobile app & website easily and what to do to get started with making cryptocurrency trades. 

Getting started with Obiex Finance 

Obiex Finance is a digital asset exchange and financial technology (Fintech) platform that gives its users the ability to easily execute cryptocurrency trades from anywhere regardless of their skill level.

Their commitment to ensuring that users get the best experience is shown in how they allow instant swaps from volatile coins like Bitcoin to stable coins like USDT, and vice versa, without confirmations. In a market where the value of crypto can fluctuate wildly, this feature is especially valuable as it allows users to seamlessly switch between making profits to saving those profits in a more stable currency before the value drops.  

To create an Obiex Finance account, simply head over to their homepage, click on “sign up”, fill in the required fields and verify your email address. After that, create wallet addresses for your crypto assets and you’re ready to start trading!

The cryptocurrency available for trading on the Obiex Finance platform are: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Polygon (MATIC), Dogecoin (DOGE), Tether (USDT), Binance USD (BUSD), and USD Coin (USDC).

Getting Started with Cryptocurrency trading

After creating your Obiex account, you need to follow these simple steps:

  1.     Have a Trading Strategy: Trading cryptocurrency without having a strategy in place is the easiest way to lose your money. You will need to research the various crypto trading strategies thoroughly and choose the one that best suits your needs and temperament. For example, if you’re a patient person who is content to make smaller, safer trades over a long period of time instead of making riskier trades, then scalp trading is the best trading strategy for you. There are also other crypto trading strategies such as Swing trading, position trading, Arbitrage, dollar cost averaging etc.
  2.     Pick the cryptocurrency you’d like to trade: There are several cryptocurrencies available on Obiex Finance such as Bitcoin, Ethereum, Binance Coin, Tether etc. Selecting which cryptocurrency to trade is usually down to making a choice; whether to stick with the safer, more established cryptocurrencies like Bitcoin or to go with the more volatile coins that have a high upside and an equally high-risk factor like the Dogecoin which can move in either direction based on what Elon Musk tweets.

It is also important to note that when you pick a cryptocurrency to trade, it would be wise to ensure that the cryptocurrency matches the strategy you pick. For example, if your preferred strategy is patient scalp trading, then investing in volatile coins that have a high upside but carry a lot of risk is not the wisest move. 

To swap crypto on Obiex Finance, add the wallet of crypto assets you’d like to swap, send the crypto to the wallet you just created, navigate to the ‘swap’ option on your dashboard, and select the coins you’d like to swap. You will receive the swapped coin in your wallet balance immediately without waiting for network confirmations.

  1.     Securely store your cryptocurrency: The same way you’d protect your goods and profits if you had a physical store is the same way you need to protect your cryptocurrency so it doesn’t fall into the wrong hands.

You can store your crypto securely on your Obiex wallet but if you want an alternative, physical wallets are also an option. Physical wallets allow you to store your crypto in secure hardware, offline storage device reducing the likelihood of online hackers stealing your hard-earned crypto. This is a list of reliable physical wallets you can use.

Conclusion

If you’re a newbie to crypto trading, the keyword is patience. Taking the time to properly understand the market before making trades will stand you in good stead. While risks occasionally pay off, a patient, long-term strategy is required to make consistent profits. For more information about trading as a newbie, you can check this out to understand unfamiliar crypto terms and to learn more about spot trading and futures.

Obiex Frequently Asked Questions | Obiex FAQs

  • Will I be charged a fee when I swap coins on Obiex? 

No you won’t. While other crypto exchanges charge for trades and require confirmations to execute swaps, Obiex allows you to make free, instantaneous swaps without the delay that comes with waiting for confirmation. This also helps you avoid unnecessary losses.

  • Can I trade crypto on Obiex if I don’t know much about crypto? 

Yes, you can! The Obiex Finance platform allows both rookie and experienced traders to make easy, safe trades regardless of trading experience.

  • Can I send and receive crypto easily?  

Yes, you can. To send crypto, you will use your private key to execute outgoing trades and your public key/your wallet address to receive incoming trades. You can also send and receive crypto using just Obiex usernames.

  • Why do I need to swap coins? 

Swapping coins allows you to either acquire a coin you think is (currently) more valuable than a coin you have a lot of. You can also use swaps to ensure that your funds are invested in a more secure coin like USDT if you feel the volatile coin you’re holding is about to go on a bear run and lose value.

  • Do I get a referral bonus when I invite friends to use Obiex? 

Yes, Obiex has a referral campaign that rewards users that invite their friends and family to trade the minimum of $10 on Obiex.

 

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