What is Hooked Protocol, and how does it work?

What is Hooked Protocol?

For the uninitiated, the complexity of cryptocurrencies has been a steep barrier in onboarding. Hooked Protocol efficiently combines the learning of the cryptocurrency environment with GameFi.

The size of the global cryptocurrency market is set to rise to $13.18 billion by 2030, surging at a compound annual growth rate (CAGR) of 12.5% in the forecast period (2023–2030). However, despite the volume, the mainstream adoption of the technology is too slow.

Launched in late 2022, Hooked Protocol is a gamified social learning platform building an interactive and gamified on-ramp layer for new users to hop into the Web3 world. The focus is on encouraging massive Web3 adoption by onboarding users through education that is engaging and keeps the users hooked. Running on the BNB Smart Chain, the protocol also deploys the learn-and-earn concept.

As an experience-based Web3 education platform, Hooked Protocol opens the doors of the innovative Web3 ecosystem to a largely untapped audience. It seeks to resolve major challenges hindering Web3 adoption, namely the lack of adequate Web3 education and high barriers to entry. Through a gamified experience, one can learn how to acquire, hold, trade and profit from a cryptocurrency.The protocol enables and accelerates the Web3 transformation of developers and applications. Capitalizing on decentralized social networks, it helps build a thriving community with scalability.

How does Hooked Protocol work?

Three main elements in the Hooked ecosystem are gamified learning, a mechanism for incentives and an integrated infrastructure of businesses.

Hooked Protocol follows a three-pronged approach to incentivize Web3 adoption:

Gamified learning

Hooked Protocol has adopted an immersive and inquisitive Web3 education methodology. Hooked Academy Sensei enables users to converse with virtual tutors integrated with ChatGPT. There are virtual tutors with special characters who have the capability to interact like humans.

Hooked Academy, meanwhile, provides 30-second meme videos to help users learn. These videos with artificial intelligence-powered characters make the learning process structured and engaging.

Incentives

To accelerate adoption, Hooked Protocol has a mechanism of incentives:

Quiz-to-Earn: Participants take quizzes to learn about Web3 fundamentals and get rewarded with tokens.
Proof-of-Work-and-Time (PoWT) Mining Game: Onboarders mine to earn using the PoWT mechanism, a consensus method bringing in a variable block time scalable with mining power.
Social Referral: Users get compensated for recommending their Web3 social network to others.
Stake and Swap: Users can hone their skills in Web3 concepts, such as staking, trading and transferring crypto tokens.

Infrastructure for businesses

Hooked Protocol has rolled out integrated infrastructure to provide Web3 onboarding solutions for business enterprises. Examples of such infrastructure include a login process with a decentralized identity, a user growth engine and a social network integrated interface. The Hooked Soulbound Token acts as the sole digital identity, granting community members access to the Web3 space.

Users also get access to the Hooked Wallet, which enables them to maneuver and orient with Web3 transactions, such as transferring cryptocurrency tokens, swapping and staking.

The protocol intends to build a blockchain infrastructure with rollup applicability, which will facilitate the consolidation of all ecosystem assets and data. Moving computational logic and data onto application rollups will make the protocol scalable.

What are the tokens used on Hooked Protocol?

Hooked Protocol uses a dual-token model, one of which is for governance and the other is a utility token.

The two tokens used on Hooked Protocol are HOOK, the governance token, and Hooked Gold Token (HGT), the utility token.

HOOK is used for:

Voting decisions on proposals
Earning rewards
Accessing exclusive nonfungible tokens (NFTs)
Accessing community event privileges
Using as currency for certain in-app purchases.

The protocol has plans to use HOOK as a gas token for various economic activities within the Hooked Application Rollup Infrastructure.

Hooked Gold Token (HGT) is a utility token providing the community with ongoing incentives to contribute. Having an infinite supply, HGT is used only in the Hooked Protocol environment. However, the protocol has a mechanism in place to control the liquidity of HGT and reduce the risk of speculative attacks that might damage the value of the token.

What is Wild Cash on Hooked Protocol?

Wild Cash offers users gamified learning of Web3 concepts while enabling them to earn GOLD tokens.

Wild Cash, the first decentralized application (DApp) on Hooked Protocol, is a learn-and-earn application that enables new users to earn GOLD tokens for doing quizzes and inviting friends to play. The social reference mechanism on Wild Cash allows users to share referral codes and posters on social media and scan QR codes.

The DApp uses PoWT to keep track of the users’ contribution resources and reward them. While participating in various activities on the application, users also get familiar with Web3 mechanics.

Wild Cash rolls out an array of activities, such as:

Log in every 24 hours to participate in quizzes and compete with other players to earn rewards.
Mine GOLD tokens by moving animated avatars that demonstrate how proof-of-work (PoW) functions on Bitcoin.
Answer questions about cryptocurrency-related topics, such as decentralized finance (DeFi), GameFi, NFTs, regulations, etc. to win GOLD.
Watch ads to earn GOLD.
Stake and swap through the Hooked Wallet.

How does Hooked Protocol plan to grow?

Hooked Protocol is looking for growth in the market, its community and its ecosystem. The plan includes brushing up on the SocialFi model of the protocol and supporting users to make better use of their social connections. Combining platform enrichment with even more fun-filled content, Hooked Protocol hopes to make itself even more engaging for the users.

Following a global expansion strategy backed by an enhanced content-learning platform, Hooked Protocol is working out bilateral economic partnerships to build a flywheel-based ecosystem that generates more traffic continually and pushes up community growth