Vkontakte Might Be Developing Its Own Cryptocurrency

The most popular social media platform in most Russian-speaking countries Vkontakte is rumored to be working on a brand new project – creating and launching a cryptocurrency for all the users of the social network.

According to the local information agency RNS, the anonymous source close to the company revealed a couple of juicy details regarding the matter.

Firstly, the initiative has not been officially approved yet. It means that the cryptocurrency of Vkontakte might never see the world after all. However, the source seems quite confident that the management of the social network is determined to bring these plans into life.

If everything goes as planned, each user of Vkontakte will get their own crypto account where the digital assets will be deposited for various types of activity. Some of the ways which might help the community of Vkontakte earn crypto in the future are the following ones:

  • some percentage of cryptocurrency will be provided as an incentive for the time spent online and activity within the platform;
  • users who post interesting content will be able to get digital assets as a form of reward from other people who like their stories, pictures or videos.

The cryptocurrency can be stored inside the wallet, given to other users, exchanged for different types of goods and services or converted into other currencies through VK Pay, a payment service of the platform, launched in the June of 2018.

The official press service of Vkontakte refused from giving any comments of the matter.

We remind you that the rumors about another social media giant Facebook also developing its own digital coin appeared a few month ago. Despite the fact that Facebook has not confirmed this information yet, just like Vkontakte, the newly emerging details make it absolutely clear that Facebook Coin will soon see the world. As for Vkontakte, we will have to wait and see.

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