Uhive To Pilot Blockchain-Based Social Network This Year

New social network Uhive has raised $2.3 million in funding, and it ran a successful pilot program that attracted 50,000 early access-users. Now, the network’s creators want to launch a beta for the site by the fourth quarter of this year, according to a release.

The social network wants to capitalize on the interest being paid right now to blockchain-based startups, and the importance of data privacy, both of which are tenets of the new endeavor.

“We’re a social network launching with our own digital currency right after Facebook announced Libra. That’s actually a blessing because Uhive was built on the foundation of a decentralized digital economy powered by our own currency [Uhive Token],” said Jay El-Anis, Uhive’s marketing manager. “The more people taking notice of Facebook and Libra mean more attention for startups such as Uhive that are operating in the same space.”

Uhive said it’s going to give users a new type of social experience, where they can explore a spatial map of their own interests and other people’s profiles. The content will be anchored through 26 different interests that will include things like sports, art, anime and comics. The site features an artificial intelligence (AI) engine that will work to recognize influencers and topics that are currently trending.

The network is looking toward the future as well. It has plans to launch “Grey World,” where users can make fictional profiles and anonymously interact with other users.

The network, which is based out of the U.K., shares about 30 percent of its ad revenue with users depending on their level of engagement and activity.

It’s also making itself compatible with virtual reality (VR) technology so that users will be able to interact with the network using peripherals like the Oculus or Playstation VR. The beta’s release is being planned for November, and the global launch of the site is planned for early next year.