Crypto Exchange Huobi Launches Its Own Social Media Platform, Huobi Chat

  • Leading cryptocurrency exchange Huobi has recently launched a new social media platform.
  • The platform will feature a business model the company called "socializing is mining."

On September 26 Huobi, the world’s third-largest cryptocurrency exchange by trading volume, has released the beta version of “Huobi Chat,” its new social media platform. It has already invited over 1200 users and hopes it will be a cryptocurrency social network that can create connections within the cryptocurrency community between investors, teams, and consumers.

Huobi Chat's Features

The platform offers several features for its users to help lure them in. These include chain-split groups, which can help the creation of subgroups, as well as the HCT, or Huobi Chat Token, an incentive for users to promote the platform and attract more users, to foster a sense of community.

In order to compete with existing social media platforms, it also incorporates many other standard features. Specifically, the platform will ultimately support barter, payments, market information, news, entertainment services, and more. There have been other cryptocurrency projects that have involved social media, such as the Kin token, which attempts to leverage Kik’s millions of users in order to build value for its project.

It appears Huobi is taking a different approach - where it is seeking to leverage its credibility in the cryptocurrency community, to build a legitimate social media platform. It specifically refers to the idea of “socializing is mining” in the announcement, suggesting that it believes users will be incentivized to use the platform thanks to the Huobi Chat Token.

The company also hopes the security and incentivization of the platform will lead to its success. Given the fact that the exchange consistently trades hundreds of millions of dollars a day – it appears the company is hoping the cryptocurrency community views this as an opportunity to network and communicate securely.

Social Media Craze

This shouldn’t be too surprising, considering some of the world’s largest companies are social media platforms. One of the most obvious examples of the exponential growth in the social media sector is Facebook, the American online social media and networking company that boasts a market capitalization of over 470 billion dollars.

The company has grown exponentially over the past decade. Specifically, in the third quarter of 2008 – the company was already one of the most popular websites in the world, with around 100 monthly active users. In 2018, Facebook surpassed 2 billion monthly active users.

Presumably, Huobi hopes to capitalize on the interest in cryptocurrencies by allowing the community a platform to communicate, network, and share ideas.

Roger Ver Shows Interest in Buying Satoshi Nakamoto's Original Bitcoin Website

Bitcoin.com founder Roger Ver has shown interest in buying the Bitcoin.org website, which was originally registered by Bitcoin creator Satoshi Nakamoto and developer Martii Malmi.

As CryptoGlobe reported, on a GitHub post Cobra Bitcoin, the pseudonymous co-owner of Bitcoin.org, has announced he will be gradually reducing his involvement with the website and leave it “in trusted hands.”

In his original post Cobra noted he had some people in mind, but asked for individuals or organizations that could be a good fit to maintain the website, which is currently being used to onboard new users into the flagship cryptocurrency and ranks highly for the term “bitcoin” on search engines.

Cobra has been widely criticized in the cryptocurrency community proposing changes to Satoshi Nakamoto’s original Bitcoin whitepaper, and has seen mixed reactions to his announcement of reducing his involvement in the website. On Reddit, one user asked whether he would sell the website to Roger Ver.

Roger, taking advantage of the opportunity, responded via his MemoryDealers handle to say he has “cash in hand,” showing interest in acquiring the domain. Ver is well-known for running Bitcoin.com and campaign in favor of bigger blocks on the Bitcoin blockchain. In August 2017, he moved his support to Bitcoin Cash (BCH).

Speaking to CoinTelegraph, Ver noted he would “gladly buy” the Bitcoin.org website, but does not expect Cobra to sell it to him. He added he hasn’t made any efforts outside of that comment to buy the domain. As to who would be best suited to take over Bitcoin.org, he said:

Maybe a Bitcoin Foundation-like organization that is made up of the businesses building on crypto. The [Electronic Frontier Foundation] EFF might not be bad either. Anyone who supports free expression of ideas would be better than the current group.

When asked what he would use the domain for, he said it would be used to promote “peer-to-peer electronic cash systems.” Ver asserted, however, he hasn’t put much thought into it as he doesn’t expect to be given a chance to buy the website.

Featured image via Bitcoin.org.