Cryptocurrency has had a steady foothold in mainstream media since the technology experienced something of a renaissance last year. As prices of certain tokens shot through the roof, investors flocked to the new technology. Cryptocurrencies overnight changed from a tech enthusiasts plaything into a respected asset as developers and investors began to profit.
These cryptocurrencies, however, are first-generation technologies that are not yet able to reflect the real mission of the technology: to offer a fast and secure alternative to fiat currency for traditional transactions. The technology behind cryptocurrencies speed and safety, the blockchain, has applications that reach far outside of the world of value holding tokens.
Blockchain technology can be applied to nearly any situation where value is being exchanged. Distributed Ledger Technology and smart contracts allow for the safe and secure transfer of any kind of data at lightning fast speeds and provide receipts viewable on the blockchain for all transactions.
This kind of technology has applications in all different types of industries, with companies like Walmart and IBM already implementing the tech for supply chain management and delivery systems. With all the benefits the technology has to offer to so many different areas, many startups are beginning to think outside of the box regarding how the technology can improve peoples’ everyday lives.
One of these startups is Hicky, a blockchain startup that has plans to revolutionize the dating world. Through both their app and a proprietary HKY coin, the company is utilizing blockchain’s ability to enhance incentive structures to cultivate better relationships between people.
The exceptional security offered by the technology makes a dating app a perfect application of blockchain. Users can use personal information in their profiles and messages without the worry of losing track of anything sensitive. With their HKY coin, Hicky is cultivating trust by recognizing the value of effort in relationships. Users are incentivized for good behavior, creating a self-regulating dating network.
Hicky sees one of the major problems with current dating platforms as security. Personal information is always at risk when entering it into these sites, as demonstrated by the numerous hacks users have experienced. This kind of information leaking can have devastating consequences, making information security on dating sites a necessity.
Hicky sees the blockchain as the perfect solution to the problem of data safety. While the company acknowledges attacks for blockchain networks do exist, they are far and away the most secure network for data currently available. Information is distributed in a decentralized and encrypted manner, making it nearly impossible for hackers to gain access to sensitive info. An attack on the Hicky network would be prohibitively expensive for hackers as blockchain networks have no central information storage.
Fraud is another problem plagues many users of dating applications through a number of forms. In some cases, fraudsters will completely fake accounts while in others, “romance scammers” will use romance to manipulate other users out of their money.
Many users of dating websites and applications simply find their time and money wasted when other users on the platform are not who they seem to be. Hicky sees the solution to this as creating an incentive structure for good behavior from users and is utilizing their HKY coin to do so.
Hicky sees motivation and effort as key aspects of dating that many sites don’t possess. As a result, they have made the HKY token the basis for the user experience on the platform. Users are rewarded for entering accurate information that can be corroborated by those who they match with.
Machine learning and artificial intelligence add to the security by automatically performing tests between identification material and pictures to verify someone is who they claim. Voice verification offers the same incentive structure, giving users the opportunity to easily use the platform with HKY tokens by inputting accurate information.
Once users match, messaging is conducted in a secure manner. A decentralized system allows for messages to contain P2P encryption, adding an extra layer of security against potential hackers. When users set up a date on the platform, they must deposit tokens, incentivizing users to show up as they said they would.
Hicky has implemented conflict resolution structures in order to punish users who are no-shows or who behave poorly, creating a relationship of trust between user and application. Hicky sees the platform as having the possibility to grow a community of good behavior beyond just the app by creating a feedback loop of pleasant interactions and relationships.
As blockchain technology continues to advance and startups continue to innovate, it has become harder to keep track of every interesting company. It is important for companies in the blockchain industry to stand out with outstanding ideas and outstanding products. Hicky is exemplary of this: a blockchain dating app that incentivizes good behavior.
Above all, the company has a working demo of the application already in the app store, something many startups cannot claim. As the company continues to develop, Hicky has the potential to be a game changer in both blockchain and dating.