Last month Twitter co-founder, Jack Dorsey, quit his role of CEO at the $33.64 billion-valued site to fully dedicate himself to Square, which he also co-founded alongside Jim McKelvey in 2010. The San Francisco-based payments company, whose services include Cash App and Tidal, is planning to expand further into the world of crypto, despite its platforms already having bitcoin integration and even its own crypto service, which funds bitcoin development. Square currently holds $50 billion worth of bitcoin.
It seems that Dorsey, a self-proclaimed bitcoin maniac, has used his Twitter resignation as an opportunity for rebranding. Coming into effect on December 10th, Square – or should I say, Block? – as well as Spiral (formerly Square Crypto) are undergoing name changes to reflect intentions to develop crypto from the occasional investment to a widely used currency. It’s no secret that Dorsey passionately believes in bitcoin’s potential – a quick scroll through his personal Twitter feed confirms it almost instantaneously. Moreover, TBD is another bitcoin-based initiative from Square, except this one is committing itself entirely to advancing decentralized bitcoin exchange.
Dorsey’s vision for Twitter suggests that crypto might become the next craze, comparable to the way social media exploded in profitability and came to fund prominent influencers’ extravagant lifestyles that see beaches in Dubai and yachts in Monaco. What social media, and now crypto, has demonstrated is that alongside a multitude of other factors, accessibility – be it uploading a vlog onto YouTube or trading in bitcoin – can boom and suddenly turn into the major business strategy that everybody wants to get behind. Interestingly, a 2019 Bank of America report found that Facebook and Instagram downloads have been decreasing. This has been attributed to why Twitter and Facebook have garnered less attention from companies recently, with this era perhaps signaling a gap in the market for the next hype. Elon Musk, the business magnate of the century, is driving Tesla away from social media in favor of fintech.
Altcoins are attempting to emulate Bitcoin’s success by positioning themselves as superior by improving Bitcoin’s design. Ethereum introduced smart contracts to crypto, Litecoin and Dogecoin process transactions at lightning speed, while Polkadot allows to developers to make their own blockchains. Competing with 14,000 other cryptocurrencies, HUH Token, which just launched on PancakeSwap, is taking an alternative approach. Aptly naming itself the ‘uti-meme’, it strives to become one of the top 10 cryptos by merging the strength of meme tokens with the usability of utility tokens. Its recently released White Paper elaborates that: “tokeneconomics will drive rapid growth in the value of the HUH token that will be the basis for transaction and reward across a meaningful social network called ‘MetHUH’ where users’ data ownership is taken seriously from a cryptocurrency first perspective. With the HUH social network, MetHUH, everyone can be rewarded in HUH for exchanges of content and engagement”.
Allegedly partnering with social media influencers with follower counts in the 100,00s, HUH aren’t shying away from the competition. The HUH website even reaches out to Elon Musk, promising 50% of HUH Tokens at the time of launch if they get endorsed by him. Furthermore, they’ve implemented a reward-based referral system in which users can profit by getting others onboard. The stablecoin also aims to reduce Bitcoin’s infamous volatility by locking in $1 million worth of liquidity for the next two years and encouraging stability and long-term investment through incentives to hold. It’s paying off, as news of HUH Tokens is everywhere. Dorsey might even have to reconsider his exclusive relationship with bitcoin for Square as HUH takes over the crypto scene.
CoinMarketCap: https://coinmarketcap.com/currencies/huh/
Telegram: https://t.me/HUHTOKEN
