Third-largest cryptocurrency exchange by volume Huobi has released the beta version of its new social media platform ‘Huobi Chat’. Branded as the social networking platform for the blockchain era, Huobi Chat is built upon an innovative ‘socializing as mining’ business model. To promote the development of the Huobi Chat ecosystem, Huobi Group has also introduced a brand new token: the HCT (Houbi Chat Token).
“The greater contributions users make, the more HCT they can get as incentives,” reads the Huobi Chat website. The description continues:
“We are aimming [sic] to achieve free communication, secure transaction, fair incentivation, and industry-wide communication and interconnection in the digital asset society.Based on the Blockchain encryption technologies and consensus mechanism, we are connecting consumers, investors, and project teams, and we are also providing Instant Messaging, communities, sharing, barters, payment, market information, news, game, and entertainment services. In the meanwhile, with the help of our IM platform we are including third-party content and service providers, building the global ecosystem for the crypto and blockchain community, and enabling the movement of the multi-billion dollar crypto assets.”
Still in its infancy, Huobi Chat’s beta is currently open to approximately 1,300 users, but the new social media platform could offer an exciting and effective new way for cryptocurrency users to connect and share. The platform features end-to-end encryption technology, complete with chain-split groups for synchronized information sharing, token exchange, and account holding information, as well as an open IM platform. Based on Huobi’s core Open SDK, Huobi Chat’s ‘open IM platform’ “provides a complete set of systems for third-party developers to enter, develop, test, deploy and operate in the development environment,” the Huobi Chat website explains. “Meanwhile, we also introduce a wide variety of quality, secure, and reliable DApps.”
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Huobi Chat aims to become a hotbed of activity for cryptocurrency token exchanges and information. The platform will support many of the standard features traders would come to expect such as bartering, payments, market information and entertainment services. Huobi Chat’s token exchange ecosystem is further supported by a feature called ‘Token Red Packets’, wherein users make a deposit and are given a group of red-packeted tokens, plus a chance at receiving ‘lucky red’ bonus packets filled with additional coins.
Huobi exchange’s growing success and trusted reputation will likely make the blockchain powered social networking platform an immediate draw for crypto enthusiasts, but it’s clear that Huobi Chat is also seeking to stake its claim as a legitimate social media platform in its own right.
Social media giants like Facebook currently hold a nearly half a billion dollar share in the growing market. Last year, Facebook announced that it had surpassed more than 2 billion monthly users. If the platform is successful in tapping into the ever-growing social media market, Huobi Chat could play a pivotal role growing the interest for cryptocurrency among casual Internet users.
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