Russian Social Media Looking To Launch Own Crypto
Russia’s most popular social media site called VKontakte (VK) is looking to develop its very own digital currency. Here is everything about it in a nutshell.
Crypto Offers For Users
According to the official report, an unnamed individual familiar with the tech giant’s plan said that the upcoming project involves the development of individual crypto accounts for all users of the aforementioned platform. Apparently, though, the company has to yet to bring forth a final decision on whether or not it should launch the coin.
As per the unspecified source, the outlet that broke the news obtained a presentation directly from the VK. It reportedly features how users will have the ability to acquire the company’s tokens. Basically, these tokens will be given to them as an exchange for being active on spending time on the platform. Not only are these coins accumulated through this process, but they can also be transferred between users. More importantly, they can be exchanged for goods and converted via VK Pay for what is assumed to be fiat currency.
Introducing VK Pay
On the official website of the Russian social media giant, VK Pay is, by essence, a cashless money transfer service. It is specifically designed to give users of the social media site the ability to easily send money to each other in messages. The process is made possible through a user’s credit and/or debit card. As per the official report from before, the said money transfer service was introduced to the public back in June last year.
Moreover, VK is looking towards the possibility of integrating a tipping service. And, as the name suggests, this would enable users to send the aforementioned crypto to the authors of posts that they follow and/or like.
Messaging Platforms and Cryptos
In a report from eMarketer in 2017, which is a market research firm, VK would soon surpass 42 million users in the country before 2018 arrives. Apart from being a top social media site, it is currently on the third spot for being the most popular site in the country.
It is worth noting that the platform’s founder, Pavel Durov, is also the person who co-founded Telegram. The latter is basically a privacy-centric messaging platform. Durov, in particular, is known to be a crypto enthusiast.
Back in February, there were rumors suggesting that Telegram could launch its own blockchain network called TON. The idea is for the platform to launch is by October this year, so it would steer clear from voiding its contracts.