New Crypto Powered Social Network Gains Momentum

In the Hive
Photo by Boba Jaglicic/Unsplash

Last year was a rollercoaster for social media and cryptocurrencies, with coverage of Facebook’s Libra, and the rise and fall of ICOs among the most talked about topics. As the world watched and attempted to digest what a single digital currency with 2.5 billion monthly active users would do to the global economy, a startup based out of the UK’s capital quietly launched a new social media mobile app: Uhive.

Uhive has been developing their beta for over two years. In that time they invited early adopters to become testers, capping the number at 5,000 accounts. By the time the app was ready to be launched to the public, it had over 200 new features, and enhancements made to it since its first build.

With social media users increasingly scrutinizing any new platform, any new arrival has to offer something completely different, or just simply do it better. Available on Android and iOS, Uhive’s beta was launched just a few weeks ago and has since been downloaded over 100,000 times, with over two million posts already online.

Uhive was built from the ground-up to incorporate its own cryptocurrency. Uhive tokens are built on the Ethereum blockchain and are used to facilitate multiple transactions across the platform. These range from users being paid a share of the revenue their content generates, purchasing spaces (additional profiles), space names (Uhive have suggested these may be tradable in the near future), as well as goods and services offered on Uhive’s marketplace.

One of the smartest moves social networks are making in 2020 is incorporating tokenization into their platforms. Uhive is rewarding the first 200,000 users by distributing eight billion Uhive tokens to everyone who actively participates on the platform. Users receive rewards for spending time on the app, posting content and engaging with others’ content by sharing, liking or disliking, and commenting.

What this will mean for the price of the token when it hits exchanges later this year is yet to be seen, but it’s an interesting offer.

Tokenization and user rewards are not the only features Uhive is hoping will hit home with users. Uhive promises to not scrape users’ data, and use it in sync with an algorithm to push content to users based on what it thinks they want to see. Instead, Uhive promises a far more organic content discovery model, based on users opting-in to interests they wish to follow and see content related to. Interests range from automotive, fashion and beauty, news, politics, religion and everything in between.

You can download Uhive for Android or iOS and start engaging with millions of posts or create their own. Alternatively, you can still download the app and purchase Uhive tokens using Google Pay (and soon Apple Pay), PayPal, as well as your credit card, BTC or ETH. ◊

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