What Is HOOK? | Hooked Protocol Review
Dec 14, 20224 min read
On November 24, 2022, the Binance exchange announced the tokensale of Hooked Protocol (HOOK) on Binance Launchpad. This blockchain project has already become the 29th startup launched on Binance Launchpad. So let’s figure out what this project is.
What Is Hooked Protocol?
The Hooked Protocol project helps Web2 users to access Web3. It can be used to create a scalable infrastructure for decentralized applications. Hooked aims to form an attractive ecosystem managed by the community, facilitating and optimizing adaptation processes for all Web3 users.
Hooked Protocol aims to provide users with economic value, thereby turning the process of learning new technologies of the decentralized Internet into a game. It is crucial for the startup team that any user, regardless of experience, can gain access to the digital asset market and earn and store cryptocurrency assets.
The Hooked Protocol project team managed to attract over two million users, thanks to Learn2Earn quizzes and other game forms of training launched as part of the unique Wild Cash product.
How Does Hooked Protocol Work?
Hooked aims to form an economic ecosystem wholly owned by the community and achieves this through gamification. Developers observe a substantial gap between technological innovations and the actual implementation of cryptocurrencies, Web3, and DeFi. Thus, the main directions of the Hooked Protocol are:
Business adaptation to the transition to Web3.
Development of products that will help users learn and start using decentralized technologies in a playful way.
Introducing 4.5 billion Web2 users to more innovative and promising technologies.
Thanks to game-specific training and financial incentives, Hooked aims to bring value to those without experience with cryptography, help product developers optimize their activities, and form a dynamic, active community.
The mechanics for training users include several methods:
PoWT (Proof of Work and Time) Mining Game: Using the traditional Proof of Work mechanism, this game encourages players to invest their time and effort in the platform.
Quiz: Users can start an exciting Web3 training and win tokens.
Staking and swaps. Using Hooked Wallet, customers can store their crypto assets in a wallet, stake and make swaps, as well as sell tokens.
Social referrals: Users can share and create their own social graph in the Web3 space, for which they will receive financial rewards.
In addition, the developers offer their users a full range of adaptation options. To help them and their applications enter the Web3 space, Hooked has created an application middleware solution and launched an integrated wallet infrastructure and a simplified social network interface.
Hooked Protocol Ecosystem
The first Hooked Protocol app, Wild Cash, was created to become a Web3 community portal in emerging markets. Wild Cash is the flagship application of the Learn2Earn format with game elements. Immediately after the launch, Wild Cash became the first and only Web3 application that dominated the Google Play rankings in Indonesia. According to DappRadar, Wild Cash (here it is presented under the general brand Hooked) occupies the 2nd line among all decentralized applications. The number of unique active wallets working with the service exceeds 190,000 per day.
Wild Cash is available for Android on Google Play (there is no iOS version yet). The application boasts 1+ million downloads, 21 thousand reviews, and an average rating of 4.3 out of 5. The functionality of the application includes:
In addition to the existing application, in the future, we should expect the release of such products and solutions:
DAO is a self-governed organization of users who, using HOOK tokens, decide the platform’s future.
The Academy is a platform with short training videos for beginners and those who want to know more about crypto technologies.
Digital Identity is a convenient single entry point to Web3 using Hooked Soulbound tokens.
Hooked Protocol Tokens
Hooked tokenomics uses a segregation method that applies a structure focused on the HOOK cryptocurrency, supplemented by an internal service token of the ecosystem — HGT (Hooked Gold Token):
Gold (HGT, Hooked Gold Token) is a token that can be earned in the Wild Cash application.
uHGT, or Unlocked HGT, is a type of HGT that can be exchanged for BUSD in the Wild Cash application. HGT earned on quests or mining can be unlocked and converted into uHGT, which serves as a reward for the community for its activity.
HOOK is the native token Hooked.io. In particular, with its help, users through the DAO can determine the future of the entire project.
Hooked SBT, or Hooked Soulbound Token, is a digital identity token that will allow users to build a community of trust and integrate deeper into the processes on the platform.
Despite the high cost of Bitcoin, Ethereum, and other cryptocurrencies, the huge gap between technological innovation and actual implementation leads to the stagnation of the crypto industry. Furthermore, the shortage of new users remains a critical and unresolved problem, and the excessive abundance of Web3 applications reduces the industry’s prospects.
But the modern virtual economy continues to develop, which leads to an increase in demand for projects such as Hooked Protocol. Hooked is becoming an important initiative in the market and a gateway for newcomers to the world of cryptocurrency. Its flagship Wild Cash service is quite simple and has managed to attract hundreds of thousands of users, giving them an understanding of what the crypto industry looks like and the opportunity to earn their first tokens to continue their journey in the broad market.