Overview of the Hooked Protocol (HOOK) Project and Token

The widespread use of Web3 technology is the intended outcome of the Hooked Protocol initiative. Developers are concentrating their efforts on a variety of instructional and adaptation structures, as well as programs, in order to assist users and enterprises in entering this field. Some of the solutions are presented in the form of games (such as quizzes), and many of them offer monetary prizes. It has been claimed that Hooked has already attracted more than 2 million users to the Web3 environment.

Project Goals

Hooked Protocol wants to create an economic ecosystem that is owned by the community as a whole. The company plans to reach this goal by using gamification. The developers are observing a significant chasm between the rapid advancement of technology and the widespread use of cryptocurrency, Web3, and DeFi. Not to mention the fact that Web3 is swarming with applications, making it difficult to select the appropriate one.

The following are the three primary areas in which Hooked operates:

• The shift of businesses to the ecology of the web and their adaptations.
• The creation of goods that, via the use of games and other forms of entertainment, assist people in becoming familiar with and beginning to utilize decentralized technology.
• Providing the 4.5 billion users of the web2 with access to more cutting-edge and forward-thinking technology.

Hooked’s mission is to enable product creators to optimize their operations, add value to those who have no prior knowledge of cryptocurrency, and establish a community that is dynamic and engaged via the use of gamified learning and financial incentives.

Products Using the Hooked Protocol

The Wild Cash decentralized application is one of the products that Hooked has already brought to market.

The following are among its functional aspects:

• Wallet for cryptocurrencies that also supports exchanging and staking.
• Components of a gamified educational experience Emulators for the Web3 platform that may be used for training on GameFi and NFT.
• Contests of knowledge offering monetary awards.
• video material presented in an understandable and interesting manner.
• Mining Competition in PoWT.

Using social technologies to talk to other people and share content on the internet can earn you cash rewards.

It is important because Hooked encourages users to connect to the system by using a one-of-a-kind soulbound digital identification (SBT). This makes the community more trustworthy. The blockchain known as BNB Chain is where the work is being done.

Tokens HGT and HOOK

The HGT and HOOK tokens, which each represent their own distinct aspect of the project, are part of the project’s tokenomics. As a utility token, HGT may only be used inside the environment in which it was issued. When it comes to the HGT tokens, their distribution is determined by how well users perform in the program across a variety of different activities.

For instance, one of the tasks is to practice in a quiz; another is to promote the project on social networks and invite friends; yet another is to play the PoWT Mining Game, which is a simulation of bitcoin mining; and so on.

HOOK is a governance token, and those who have it will have the ability to vote on various suggestions that will be put forth during the process of developing the protocol. In addition, HOOK can be used in the future to pay transaction fees if its own chain is established on top of the first level blockchain. This would need the first level blockchain to be deployed first.

Summary

The Hooked Protocol project adheres to the strategy of a “decentralized user acquisition mechanism,” which means that it intends to actively reward for attracting new interested participants. This strategy was chosen because it allows the project to avoid the risks associated with centralized user acquisition.

As of November 2022, it is reported that more than 250,000 individuals have garnered at least one reference through the use of the system. The passage of time will reveal how efficient such a system is, but the support that Binance provides for every new initiative is a significant boon.

With the help of a thriving ecosystem and an engaged community, the project will, if everything goes according to plan, develop into a type of central location for web3 apps.