What is the HOOK protocol, and how does it operate?

Introduction

Adopting the cutting-edge solutions provided by blockchain technology still needs to lag significantly, given the enormous market rates of Bitcoin and other altcoins. Additionally, the general public needs to be aware of the intrinsic value of a web-3 economic model because they aren’t inclined to learn about its potential benefits.

However, hooked protocol crypto may change that. Hook wants to attract more people to the cryptocurrency space and help them adopt web3 solutions by utilizing GameFi.

What Is Hookeded Protocol?

Hooked Protocol creates an on-ramp layer to draw new users into another web3 movement. It produces a streamlined and gamified learning environment that provides essential incentives to promote the adoption of cryptocurrencies.

Hooked, based on the “Learn and Earn” concept popular in the cryptocurrency community, aims to bring new users to web3 through interactive and experience-based learning. Like Web3Camp, Hooked’s cutting-edge web3 teaching platform combines conventional web3 dynamics to link developers and contributors with a largely untapped audience.

Hooked is creating several onboarding options to help organizations and the community transition to web3. A user-friendly decentralized apps (DApps) architecture is part of the web3 onboarding package, which can help create and protect web3 digital assets. The intricate tokenomics architecture of the hook protocol was designed to facilitate common use case tasks for its community.

Workings of the Hooked Protocol

Hooked Protocol encourages people to use web3 by utilizing a dynamic decentralized social network, an incentive-based educational system, and gamified learning features. It is logically structured as follows:

• Gamified learning: The Hooked Protocol has created an innovative educational strategy that is both immersive and curious about assisting with promoting web3 learning. The Hooked Academy lets users quickly interact with crypto concepts like non-fungible tokens (NFTs) and GameFi through its games and tutorials. The learning website also uses the concept of society by entertaining decentralized autonomous organizations (DAOs), thereby reducing the learning curve for new users and enhancing the overall learning experience.
• Conventional web3 mechanics: Rewards are a simple but effective way to encourage adoption. The features of Wild Cash, a Learn and Earn DApp from Hooked Protocol, include:
  • Quiz-to-Earn: With the help of quizzes and the tokens they earn, new users can learn web3 concepts in a fun way.
  • Proof of Work and Time (PoWT) Mining Game: It uses the well-known Mine to Earn proof of work (PoW) method to incentivize users to put forth time and effort.
• Onboarding Web3 Solutions: Hooked provides a range of onboarding solutions as a gateway to web3 to ensure a smooth transition. The platform’s Hooked Soulbound Token (Hooked SBT) grants new users a distinct digital identity. The Hooked Wallet, which provides a straightforward user interface for navigating and getting acquainted with web3 transactions, is another resource available to members.

Uses of the Hooked Protocol Tokens (HOOK and HGT)

The Hooked Protocol’s token structure comprises two tokens, HOOK and HGT. The internal utility token HGT supports the platform’s main token, HOOK. The dual-token architecture aims to increase liquidity, increase the usefulness, and ensure the long-term sustainability of the Hooked ecosystem.

HOOK is a declining coin with a finite supply of 500 million tokens. As the utility and governance receipt for the hooked protocol, the HOOK token is used for the following purposes:

• Governance: It represents a person’s stakes and votes when voting on proposals to alter an ecosystem.
• Gas: It is utilized as a fuel source for all DApp economic activity and on-chain transaction support.
• Access: Community members can access exclusive NFTs and events using the token.

However, the utility token HGT distribution depends on how many tasks have been completed. It has an infinite supply and is only used within the Hooked ecosystem. It is applied in the following ways:

• Allowing users to practice in the Quiz-to-Earn practice area before quizzes
• Reward participants during the Quiz-to-Earn training session.
• Promote involvement in the social referral program.
• Encourage users to use the platform to play games.

Price Prediction for HOOK

HOOK, which debuted on December 1, 2022, for $2.13, has a promising future. Even during the registration period before its release, about 114,000 investors committed to buying HOOK.

The cost of Hooked Protocol slightly dropped in the weeks that followed its release. It touched a low of $1.09 on December 28, 2022. On the other hand, the HOOK price has recovered remarkably well, rising by about 250% in just one month to a high of $3.81 on January 28, 2023. At the time of writing, the hook is valued at $2.73 and has a $136,433,968 market cap.

DigitalCoinPrice estimates that HOOK will surpass $10 in 2025 and reach $32.95 by 2030. It is anticipated that HOOK could reach a high of $12.03 in 2025 and a low of $27.85 in 2030.

Now, Hooked Protocol focuses on introducing the general public to the web3 world due to its success.

Conclusion

Hooked Protocol’s approach has successfully increased web3 and cryptocurrency acceptance through gamified learning. The platform plans to develop its SocialFi system, and provide a wider range of products to the crypto community in 2023.

In the sizable web3 world, Hooked Protocol is poised to become well-known. It warrants a vigorous international expansion strategy and a focus on creating an improved content-learning system.