Social Media Evolving Through Tokenization

| Updated
by Steve Muchoki · 3 min read
Social Media Evolving Through Tokenization
Photo: Uhive

Uhive, a new upcoming social media company, allows users to connect and share content with their family and friends publicly or anonymously to create its own cryptocurrency.

Blockchain technology and cryptocurrency at large have been huge game-changers for the global economy over the past ten years. Social media companies have not been ignoring this, and many have adopted tokenization to move forward their main agenda, gain popularity, increase their customer base, and also monetize their apps.

Tokenization is a term that is concurrently used with cryptocurrency only that in the latter, it is most often associated with big names in crypto assets like Bitcoin, Ethereum, XRP, and Litecoin, etc. Big brands with a large customer base, like airlines, however, are using their own crypto tokens to reward their customers for brand loyalty.

For example, AirAsia recently announced that its customers will be able to redeem their tokens for airline tickets, and pay for additional services with their tokens.

Most social media companies have discovered that it is not business-as-usual any more, and to compete they have to continually innovate. Creating something that puts them ahead of the competition will definitely give them the cutting-edge when it comes to winning more users and keeping their existing ones happy.

Tokenization in the Social Media Industry

Currently, the most popular social media-attached token is Libra, Facebook’s new crypto. Facebook is expecting to release its independently managed cryptocurrency later in the year. The main idea behind the innovation of Libra coin according to Facebook is to further monetize the Facebook app, and also take advantage of the huge user base who are already using the app on a daily basis.

However, after its launch, the crypto token will be governed by the Libra Association, although still tied to Facebook. The token will be managed through a wallet of its own called Libra, which users will be in a position to use via the Messenger or even WhatsApp.

The stage has been set for new upcoming social media companies like Uhive, which allows users to connect and share content with their family and friends publicly or anonymously, to create its own cryptocurrency. Uhive tokens work similarly to Libra in that it’s the only digital currency that can be used on the network for transactional purposes. How it differs though is that Uhive is already launched, and you can start earning tokens, or purchase them through Google Pay, PayPal, BTC or ETH, right now.

In exchange for customer engagement, Uhive will give away 10% or 8 billion of its total token supply to the first 200,000 users, simply for engaging with content and other users on the app. In a unique gamification twist, you can also double, triple or quadruple your free tokens, just be logging into the app on a daily basis. If Uhive’s token price goal is to be met in the coming years, as predicted, it could hit $1, which could mean an unprecedented payout for early-adopters.

With customers now expecting something in return for their participation in a social media platform, and a growing number of apps promising this, only time will tell which one will be the last app(s) standing.

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Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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