Apr 26, 2022 (Financial News Media via COMTEX) -- Palm Beach, FL - April 26, 2021 – FinancialNewsMedia.com News Commentary – Social media has become a massive part of online life and the economy. Facebook, Twitter, and Google generate trillions of dollars worth of revenue. Since the earliest days of human civilization, people have been organizing their thoughts and ideas in social groups. We instinctively want to share our experiences with others and gather information, opinions, and entertainment from them. Ever since the internet appeared in our lives 30 years ago, social media has played an increasingly important role in connecting people to each other while also offering new ways to share information in a fast and efficient manner. Big companies are increasingly controlling and censoring what you can see on their platforms, however, creating a new breed of social media-crypto platforms. They are NOT like the 'Big Tech" platforms. For example, Google forces YouTube watchers to avoid ads using its paid 'premium' platform. Facebook is censoring users under the guise of "protecting their community," and Twitter has a locked-down verified accounts system. People have grown tired of being fed controlled information and are exploring viable alternatives that provide control over their data. A blog by Rapid Innovation said that: "We're seeing more and more people waking up to the dangers of centralized social media platforms. It's not only privacy concerns but also how their moderation practices are in no way transparent and their tendency to silence people with a differing opinion... so.. Welcome to the world of crypto social media platforms." Active companies with recent developments in the industry include: Hello Pal International Inc. (otcqb:HLLPF) /zigman2/quotes/206713317/delayed CA:HP 0.00% , Canaan Inc. /zigman2/quotes/215105791/composite CAN +2.58% , Bit Digital, Inc. /zigman2/quotes/203221927/composite BTBT +4.52% , Coinbase Global Inc. /zigman2/quotes/225893452/composite COIN +5.34% , Riot Blockchain, Inc. /zigman2/quotes/209538617/composite RIOT +5.32% .
Rapid Innovation added: "Blockchain is one of the most trending and revolutionary technologies of our time. Each passing year, it seems that we are discovering some new use cases for blockchain technology. From the finance sector to the music and media industry to the food industry - blockchain technology applications seem limitless... blockchain has revolutionized social media and review the top nine crypto social media platforms (in no particular order). The attention economy has become a big business. Every day, people spend hours trying to get their content seen, heard, and read. However, on traditional social media platforms, the content you create today could be censored tomorrow. That video that took you a few weeks to create and edit can be taken down in a blink of an eye, even if you haven't violated the terms of service. There is no guarantee of your privacy. For instance, Facebook has many settings which allow them to monitor you. They can sell your information to 3rd parties and even advertisers in some cases."
Hello Pal International Inc. /zigman2/quotes/206713317/delayed CA:HP 0.00% (otcqb:HLLPF) BREAKING NEWS: Hello Pal Announces Soft-Launch of New Video Chat App – Company Enters North American Market for 1-on-1 Video Chatting – Hello Pal International Inc., a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce the soft-launch of DoggeChat, a 1-on-1 video chatting app.
The DoggeChat app represents the first of two 1-on-1 video chatting apps announced earlier by the Company (see Company's announcement on April 21, 2022). The app is aimed at the English-speaking market (especially North America), and allows users to match themselves with other individual users from across the globe to engage in 1-on-1 video calls. Calls are made for free under restricted circumstances, beyond which the call initiator pays for calls on a per-minute basis, and the call receiver receives a proportion of that payment. Users may also become monthly subscribers to experience VIP privileges.
The invite-only soft launch will focus on ensuring that unforeseen issues are given the opportunity to be resolved prior to the full launch. The demographic for the soft launch has been curated from a pool of English-speaking users of varying geographies, allowing simultaneous testing of both the platform's engineering, and user experience design across the various English-speaking markets.
"The launch of DoggeChat is exciting for us as it marks our entry into the 1-on-1 video chatting space, as well as gives us a good opportunity to enter the North American market," said KL Wong, Founder and Chairman of the Company. "Both these aspects complement our current livestreaming operations very well, and helps expand our international social platform further."
The full launch of DoggeChat is expected to occur in the following weeks, with the launch of its cryptocurrency-based sister app, DogeChat, to follow shortly thereafter. CONTINUED...Read this entire press release and more news for Hello Pal at: https://www.financialnewsmedia.com/news-hp
Other industry developments from around the markets include:
Canaan Inc. /zigman2/quotes/215105791/composite CAN +2.58% , a leading high-performance computing solutions provider, recently announced its unaudited financial results for the three months and twelve months ended December 31, 2021.
Fourth Quarter 2021 Operating and Financial Highlights: Total computing power sold was 7.7 million Thash/s, compared to 0.2 million Thash/s in the same period of 2020, and up 15.5% from 6.7 million Thash/s in the third quarter of 2021, setting a new record. The robust year-over-year and sequential increases were mainly driven by the solid market demand and the responsive delivery of Bitcoin mining machines.
As of December 31, 2021, the Company had cash and cash equivalents of RMB2,684.3 million (US$421.2 million), up 586.0% compared to RMB391.3 million as of December 31, 2020, primarily due to a larger number of down payments received by the Company as a result of the larger volume of sales orders of Bitcoin mining machines and healthy profits from operations.
Bit Digital, Inc. /zigman2/quotes/203221927/composite BTBT +4.52% , a bitcoin mining company headquartered in New York, recently announced a revised agreement with hosting partner Compute North LLC (“Compute North”). The revised agreement replaces and extends the term of a previous agreement for an additional 5 years and provides for approximately 6.5 MW of hosting capacity for 2,000 miners. The previously hosted equipment will be upgraded to new Bitmain Antminer S19j Pro miners.
Compute North’s facilities in Nebraska and Texas currently provide approximately 20 MW to power our miners. Our overall expected hosting capacity with Compute North is approximately 48 MW.
According to an article published on YahooFINANCE, Cryptocurrency trading platform Coinbase Global Inc. /zigman2/quotes/225893452/composite COIN +5.34% continues to have a “bull thesis” even amid a crypto market sell-off, according to Owen Lau, Oppenheimer executive director and senior analyst.
“The bull thesis is the long-term crypto adoption,” Lau said on Yahoo Finance Live this week (video above). “[That’s] number one thing the market has not given Coinbase credit, it’s on the crypto adoption longer term.”
According to FactSet, stocks of crypto-focused companies are 60% off their highs so far this year, as Coinbase is down 40% year to date.
Riot Blockchain, Inc. /zigman2/quotes/209538617/composite RIOT +5.32% , an industry leader in Bitcoin ("BTC") mining and hosting, recently announced production and operations update for March 2022, status of miner shipments and deployment, and updates on the 400 megawatt ("MW") infrastructure expansion at the Company's Whinstone US, Inc., ("Whinstone") facility in Rockdale, Texas (the "Whinstone Facility").
"I am proud of the Riot team for producing a record amount of Bitcoin during the month of March," said Jason Les, CEO of Riot. "These results demonstrate the advantages of employing a vertically integrated strategy, which provide the Company with more control over miner deployment and the ability to implement engineering solutions in real-time, leading to improved operational and financial efficiencies."
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