We had been asking since the beginning of this month, Will Russia’s Social Media Giant Release Their Own Crypto?Look like we have an answer now.
A new ‘mineable‘ cryptocurrency has been launched by the Russian social media giant Vkontakte (VK), as reported by a local state-owned media outlet called Tass.
This new cryptocurrency, called VK Coin, was being expected by the market since there were rumours doing their rounds regarding Vkontakte’s intentions to launch a crypto of their own. The users are encouraged to “mine” the coin via VK’s services, although it can’t be confirmed at the moment if the coin is really based on blockchain technology.
According to a post from VK Pay, which is the name for VK’s internal pay service, this new crypto VK Coin can be used to purchase services and discounts with external partners. Users can earn VK Coin through a mobile app clicker game. They can choose to send the crypto to other users and compete for a list of top winners, based on the holdings of VK Coin.
This game is expected to generate 0.001 VK Coins on a default. One can also spend the coins on purchasing boost, which would allow for faster mining. Currently the service is available for iOS and Android.
The service has already garnered a wide user base, and the fact that VK Coin mining has been used by more than 4 millions users since its launch is testament to its growing popularity. Shockingly, the richest user has allegedly mined over 890 million coins, according to VK Pay.
This a great time for the crypto industry, considering a lot of social media services are looking to launch their own cryptocurrencies. Not just social media platforms, but also banks and financial firms like JP Morgan, have stepped foot into the crypto jungle. We now need to wait and see how these organizations grow with the launch of their native digital assets.