“I have serious concerns with Facebook’s plans. If Facebook’s plans come to fruition, the company and its partners will wield immense economic power that could destabilize currencies and governments.”
So said Chairwoman Maxine Waters yesterday, head of the House Financial Services Committee. These words reflect sentiment broader than just Congress and expand upon the feelings of millions of individuals who greeted news of the Libra with apprehension rather than excitement.
After all, how can Facebook be openly trusted with any sort of control over people’s wallets when they are the source of countless scandals involving breached privacy, lack of consumer protection, and corporate malfeasance? It’s why Facebook’s Libra may be doomed even before it takes off.
So is this the end of cryptocurrency in social networks? Far from it. Social networks are so conducive to human communication that it’s hard to see them going anywhere (even if they continue to take new forms) and cryptocurrency is a massive emerging behemoth likely to see even increased tremendous growth over the coming decades.
In fact, experts predict that as cryptocurrency grows in use, it’s intertwining with social media is inevitable. As older social media networks like Facebook and Twitter wane out of popular use and are replaced by new startups, it is inevitable that the next generation of social networking will capitalize on the cryptocurrency explosion.
It’s already happening. UHive has quietly made waves over the past year as the most promising social media in a decade. Incubated in the tech hives of London, the innovative social media application has already amassed $2.3 million in investment and 50,000 users even before the release of its beta in early Q4. Its digital currency, the UHive token, has already sold 500,000,000 units to tens of thousands of users and amassed a loyal following of fans excited for its eventual release.
What’s caused the hype? It’s not limited to the digital economy alone. UHive innovates where other social media networks have fallen short, offering incentivized content creation that actually rewards users who contribute to and actively participate in the network. It places consumer privacy at the foundation of its company’s values and offers a fresh new design that highlights it from the rest of the pack.
It’s innovative, and it feels unlike any other social network which we’ve used. The layout of the social media app is spatial, so when you explore profiles and groups, it’s more like exploring a world or a map rather than scrolling, like with Twitter and Facebook. This makes using the app feel compelling rather than tiring. Each user has their own “space” on this map, whereby they can share their personal thoughts, feelings, and whereabouts. It means that you can stop with all the typing, searching and monotonous clicking that characterizes Facebook and Twitter, and instead get to the core of what makes a social media network great: communication and interest-sharing…
Similarly, a new “Grey World” feature within the app allows users to create spaces not bound to the realities of the physical world. Simply put, users can create imaginative profiles that express whoever they want to be, and they have the freedom to do this completely anonymously and interact with other similar individuals. It means absolute freedom for the user and the ability to express yourself in ways unavailable on current social media or in the real world.
And what about cryptocurrency, and why is this currency likely to succeed while Libra will be continually plagued with distrust and skepticism? UHive has included cryptocurrency from the beginning of its creation. This means that rather than being an afterthought to the social network (like Libra), it is built into the core of the ecosystem. UHive boasts an internal digital economy entirely based around the UHive token, the unit of currency within the network. Users can use tokens to purchase additional features and special effects for their profiles. It’s easy and painless to buy tokens, and any tokens bought are stored in an ultra-encrypted private wallet which can only be accessed through your private encryption key. We think it’s obvious there’s a buzz: as of today, over 500,000,000 tokens have been sold.
The people who do the hard work should take the money, right? That’s why UHive actively rewards users who participate within the network and make it meaningful. Users are rewarded for engagement and log-in time through the distribution of UHive tokens. Thirty percent of advertising revenue is shared with users. UHive has always thought that users are as much a part of the company as any of its employees, which is why incentivized content creation was incorporated into the network from the beginning.
UHive is fresh blood in the modern era of social networks. Social networks aren’t going to go anywhere, and it’s clear that UHive is going to be one of the next big ones.
Why not check it out for yourself, and share your thoughts below?