New social media platforms are popping up all over the place as of late, and one – Uhive – is powered by cryptocurrency.
Uhive Is Doing Things a Little Differently
Based in the United Kingdom, Uhive is a unique social platform in that it is powered entirely by digital currency technology. Recently, the company set out on a funding round of 500,000 pounds, which it easily surpassed. Either people are terribly sick of the likes of Facebook and Twitter – which they probably should be, given how much censorship these platforms and others like them impose – or they’re just really into the idea of crypto-powered media, suggesting that digital assets have potentially become far more mainstream and legitimate than standard news outlets would have us think.
Uhive – which was founded in the year 2018 – garnered funds from as many as 310 investors through a platform known as Seedrs. The social media firm is free to use and is split into two separate entities: Civilized and Grey. One features virtual reality technology, while the other is fully powered by the company’s new UHive token.
The company has put out an official statement explaining:
Current social networks flood users’ feeds with hidden agendas, which is the result of auctioning off their data to the highest bidder. Uhive tackles this problem head on by leveraging its own cryptocurrency – Uhive Token – to create revenue streams that include peer-to-peer (P2P) transactions and interest-based advertising, as well as the sale of in-app digital assets so that a user’s privacy is never compromised in the name of profit.
Companies like Facebook have already gotten in major trouble for abusing their rights when it comes to customers’ private data. As the largest social media network in the world, Facebook was the subject of national scandal roughly three years ago when it was discovered that the company had been selling users’ private information to third parties for years for advertising purposes.
Dubbed the Cambridge Analytica scandal, Facebook was hit with a massive financial penalty, while its CEO and founder Mark Zuckerberg had to testify before a Senate committee. Following the incident, trust in Facebook fell to record lows.
Now, the platform – along with Twitter and several other forms of social media – have instilled measures that either censor or ban specific individuals, primarily those who hold conservative beliefs. No doubt Uhive is experience a flood of new customers following the implementation of these measures, as many are concerned about being censored or attacked themselves.
Making Things Fun and Safe
The company statement continues to say:
Uhive’s unique content-discovery model allows users to choose and fine-tune the content that they see by selecting from 26 different interests. Content creators can use Uhive’s paywall feature to earn, rewarding quality posts with cryptocurrency payments. Our mission is to create the most sustainable, creative, fun and transparent social media platform in the world.