Uhive Social Network Review and Token Financial Analysis
I’m a crypto enthusiast, but am also a realist. While I don’t believe crypto will take over the world anytime soon, the potential for massive growth is there. I don’t think any of us will forget the bull run in December 2017 that brought cryptos to the world stage. But as a crypto enthusiast, I think a major problem with many of them is their lack of added value. They’re great for trading based on supply and demand, sure. But outside of Bitcoin and Ethereum, is there really potential for much growth? Probably not. Eventually, the coin markets will dwindle, and just a few coins will rule them all… or so they say.
So why am I writing this blog if I’m a bit of a cynic? Because I think there is some potential for success and the opportunity to make oodles of cash by buying into a crypto in its early stages. It’s choosing which crypto/project to buy into that’s the hard part.
I’ve been tracking this project called Uhive, for a couple of years as it was being developed. When I first heard about Uhive, it reminded me of a less aggressive, real-life version of the movie “Ready Player One” with a simple idea: reward people for playing. The thing that got my attention at the time was their statement “We needed a way to value things.” Let me explain; As our societies grew, so did our need to add value to things like, our time, things we make, and our knowledge. First bartering came, then gold, then currency backed by the price of gold. Then here comes along this app promising the same concept but in a digital world. Worth my attention? I thought so.
But, the first question I asked myself was — can it be done? And if it can, is this the project to do it? Will it be successful? It’s as bold as it is complex, to really be a contender not just in the crypto space but the social media space as well, it has to be innovative. And is it? I think so. But in the back of my head, I still had the nagging question; can it be done? I stayed with the project obsessively following the company’s announcements: alpha! beta! early believers! roadmaps!
The platform itself, as I mentioned, mimics a lot of things you find in real life. To begin the app isn’t a platform, they call it a universe. And its profiles are spaces that are treated, sold and valued like real estate (LOCATION! LOCATION! LOCATION!) Once in the app, it’s not just a news feed, it’s a tailored experience based on my interests. I saw elements of Facebook, Instagram, and TikTok, so it does have that fun-factor and engagement. It’s like when the startups took hobbies and turned them into side hustles, Uhive takes social media and reveals the earning potential of engaging by the introduction and incorporation of its token. A microcosm of our world within their own digital economy. Social media as a side hustle. Our time spent online doesn’t have to be wasted, it can be turned into cold hard cash (eventually).
I was invited to join the app as an early believer and immediately recognized what had been talked about in their early marketing materials and whitepaper. Spaces broken down by interests, my news feed filled with things I like and wanted to see. I scrolled, liked, posted, and engaged. As if I was walking down the street, there were brands and businesses and news. After I signed off, I received a notification. My stroll in the Uhive universe hadn’t gone unnoticed, I had already earned tokens. I felt like I was living Ready Player One. Cool.
I’ve been using the app for over six months. Now in the IOS app store and the Google Play store (though still as an early access app,) the company reports the user base is over 100,000 with millions of posts, which is evident when you explore the spaces. Being on the app a few hours a day, I see different kinds of posts and a lot of them. Not bad. While I had the Uhive token in the back of my mind, while in the app I noticed a lot of care had been paid to the development of the social media aspect. The feed wasn’t empty and every one of my interests was populated with spaces and posts. I imagine the content will only increase as they go global (from my understanding of their roadmap, that’ll be in a few months.) But that nagging question was still in the back of my mind, can they really pull this off? Can it really be done?
I went back and forth for months thinking about buying into the project. Finally I bought some Uhive tokens. I had two initial investments: a couple hundred bucks when I discovered the app, then even more when it released its beta. As a user and token holder, I broke down how the coin works.
Here’s my understanding, analysis and forecasting so far:
Uhive (HVE) is a Ethereum ERC-20 blockchain token, and there’s 80 billion of them (fine, considering Ripple (XRP) is at 100BIL.) Since they can’t create more tokens the limited supply works for investing, especially early.
For now the token can be used to in the app to buy spaces (real estate), buy names for spaces (which are kind of like real-life branding or domain names); and according to their road map there’s future plans to tokenize content and posts in a way similar to Reddit and or Steemit where rewards can be gifted for good content (like Reddit Gold but with value)
The token is currently valued at $0.003 but could reach $1.00(!!!) if Uhive’s user base reaches 50 million active users. Here’s the method to my madness:
Let’s assume 10% of the users will actually use the token in the app (I’m assuming here other Uhivers will use the app simply as social media) that means we’ll have about 5 MIL users of the token. Currently, Uhive has 20 BIL tokens in circulation and let’s assume these all go to market. To compare this to Bitcoin (BTC), there are about 50 MIL users who own and trade BTC (I know there’s no actual number, but here’s my guesstimation source) Still with me? Let’s keep going.
Now let’s say the BTC price is on average $10,000. That means, 50MIL users caused the price to reach $10K with 20MIL BTC in the market. Keeping in line with this, if Uhive reached 50M users, and just 10% of those fully utilized the token, we get to 5M users.
20B / 20M = 1000X
50M users / 5 Million User = 10
$10,000 / 10 = $1000
$1000 / 1000X = $1
Given this, if Uhive takes off with users and reaches 50M in a few years, then HVE will reach $1.
Granted, many other aspects play into the value of a token that could increase and decrease the price like trading, utilization, the market in general and the public image of Uhive itself. But an increase from $0.003 to $1 would be incredible even if it does depend on Uhive’s users.
But this reminds me of another instance that’s become crypto currency folklore, and that’s 2011 when Bitcoin rolled out on the market. It’s price? $0.003. Imagine nabbing just $1 worth of BTC at that price. Imagine.
Here’s a simple chart outlining my proposed growth of HVE.
Is it hopeful? Maybe. But the logic is simple. If Uhive can gain users, the growth for the token is exponential considering its product use and utilization.
So there it is. My personal take on HVE. While I’m no expert, I do know as a crypto enthusiast we’re all waiting for the next BTC, and we all want to get in at the beginning. If you have an amount set aside, and are looking for the next big crypto, I think HVE has the potential to be it. Maybe it’s a risk, but like they say, the higher the risk, the higher the return. The only question now is whether or not it will be the next Facebook.
And can they do it?