A new blockchain optimized for high frequency usage is going to be at the heart of a cutting-edge ecosystem that brings together social media, non-fungible tokens and decentralized finance — all while providing in-built privacy and minimal transaction fees.
Howdoo says users, creators and advertisers are all demanding change from tech giants like Facebook and YouTube. Its decentralized, blockchain-fueled approach aims to offer an alternative to a world where algorithms are optimized for revenue instead of user experience, where advertisers are left disappointed by the performance of their campaigns, and where creators are remunerated poorly for the vibrant content they produce.
Although blockchains have been touted as an ideal environment for hosting social networks before, Howdoo claims existing platforms are ill-equipped for offering optimal performance. The startup pointed to how Unite, a social media token project based on Ethereum, was forced to cease development due to rising gas prices just this month.
Howdoo plans to be home to an array of decentralized apps — the first of which will be Hyprr. This social network aims to support the content creators who are “fighting to stay alive” on the likes of TikTok and Instagram by ensuring they are paid fairly for their content. Creators can benefit from four revenue streams — tips and donations, one-off payments, subscriptions, and advertising rebates.
Hyprr’s debut is going to set the stage for additional DApps that will bring increased utility for Howdoo’s flagship uDOO token. On-chain staking has been developed to incentivize the community and increase the number of token holders — with an easy-to-understand mechanism that ensures users can withdraw their crypto at any time. uDOO follows an aggressive deflationary token model that means the asset is gradually removed from the market over time, helping to reduce downwards price pressure.
Howdoo will also support the bustling non-fungible token economy, meaning the creators and purchases of exclusive digital collectibles on the platform can prove ownership and authenticity. A marketplace is being built so these assets can be exchanged between users — with a distinctive twist. Every time a sale occurs, a royalty function means that the original author of the NFT will receive up to 10% of its sale value. Meanwhile, 2.5% of every sale goes to the platform to perform a buyback of uDOO tokens at the market rate, which are burned quarterly.
The unique monetization strategy pursued by Hyprr means going viral and racking up thousands of likes and shares could end up being incredibly lucrative, and a partnership with Huawei ensures that the Hyprr app is now available to the tech giant’s 350 million daily active users across 170 countries — and the social network has been submitted to Apple’s App Store.
In a recent ask-me-anything session, executives were confident that they are going to welcome a lot of eyeballs as Hyprr gears up for launch — and says it has the infrastructure to cope with high levels of traffic.
Given how the Howdoo blockchain is focused on high-frequency usage, the team is also confident that the network won’t suffer the same congestion issues that have befallen Ethereum of late.
Howdoo’s suite of DApps are going to be rolled out over the coming year — with a blockchain-based dating application, social gaming with NFT rewards, and blockchain-based voting all set to follow in the third quarter of 2021 and beyond.
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