HILO Project Review: Does the Cryptocurrency Community Need a New Social Network?
One major challenge facing any new social network is achieving success requires large-scale user adoption. However, getting a large number of people on-board in the cryptocurrency space is easier said than done.
What Is Hilo?
If you consider yourself part of the cryptocurrency community, Hilo is worth checking out. It’s a new social media platform built on the Ethereum blockchain and designed to accommodate cryptocurrency users of all levels of experience. The Hilo website touts itself as a “social dashboard that lets you keep up with cryptocurrencies, friends, and influencers.” In essence, it aims to be a central social hub where people can interact, share information, and learn about cryptocurrencies and blockchain technology. The platform will integrate trading and exchange functions, as well as the HILO token, which will be used to incentivize users to transact and engage within the platform.
The Hilo roadmap that outlines three stages of development for the platform to be completed over the next year. Though there are no precise dates attached to these developments, it is clear that Hilo’s plan is to progressively offer more functions that allow for greater user interaction, the aggregation and discovery of crypto-related information, and support for trading and investing. Six features of the platform specifically mentioned in the whitepaper include:
• The ability to watch assets on a single dashboard that updates in real time.
• “Finding Your Tribe,” which is the ability to create private groups with other users where you can share information safely and securely.
• Access a newsfeed and games that teach about cryptocurrencies.
• Access a comprehensive dashboard with information about all the trades a user has made, helping to track and analyze each one.
• Influencer subscriptions that allow users to keep track of crypto influencers and their trades.
• Alerts about token events, price changes of various cryptocurrencies, and other news of interest to the crypto community.
The Team Behind Hilo
Hilo is based in San Francisco and the founder of the project is Monica Puchner, who previously served as the Vice President of Business Development for a company called CleverTap. She has worked as a consultant for startups in a number of industries, including blockchain and cryptocurrencies. Brit Morgan is a co-founder and COO of Hilo. Ms. Morgan has degrees in psychology and marketing and has work experience with a number of different companies as a consultant and director of marketing.
Hilo’s Benefits and Challenges
The potential benefits of Hilo are obvious. If the company follows its roadmap, the platform will become a unique central hub for the crypto community, which will allow it to share pertinent news and information about the crypto and blockchain ecosystem. It would make it easy to track crypto investments and seek advice on new ICOs and startups, as well as potential trading strategies. Hilo would also serve as a networking platform linking crypto enthusiasts with common interests. The combined knowledge of these users would foster the creation of a critical mass of self-generating and self-correcting collective knowledge.
One major challenge facing Hilo, however, is that for it to achieve its goals it requires large-scale user adoption and getting a large number of people on-board is easier said than done. I have seen multiple attempts to create new social network platforms for the cryptocurrency space fail in the last year alone. However, most of those projects were essentially clones of existing platforms (such as Facebook or Bitcointalk). At this point, it is too early to say whether Hilo will meet a similar fate. There is no working product and potential users can only sign up to join a waitlist for its eventual launch.
If you are interested in cryptocurrencies and connecting with other enthusiasts then Hilo may be of interest to you. If you consider yourself part of the cryptocurrency community and are invested in increasing the uptake of digital currencies, you may want to consider learning more about this project.
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Writer interested in blockchain projects that will add to the social good. Regular contributor to Hacker Noon, Coin360.com, b...
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