Russia’s Largest Social Media Network and Facebook Equivalent, VKontakte, Plans Own Cryptocurrency

After Facebook was reported to be working on introducing its cryptocurrency, it seems like an equivalent social platform in Russia, VKontakte (VK) could as well be in line to launch its crypto soon.

“Russian Facebook” Dreams Big

Cryptocurrency and blockchain are slowly but steadily getting into various aspects of conventional as well as digital payments. For instance, now we have Bitcoin ATMs in some countries across the globe, but in some others, things are only getting started.

Russia's most extensive social media network is reported to be getting itself into the crypto bandwagon according to some local outlets in Moscow. According to the reports, the famous social network, VKontakte also dubbed “Russian Facebook” is seeking to release a virtual coin.

Citing a source, although the reports have not been confirmed yet whether the network will launch a cryptocurrency or not, there's speculation about the company considering an own wallet-based application of cryptos on the platform to start evolution.

Further, its speculated that the project is already underway and is at budgeting phases currently. Also, the platform according to reports may start charging its users for the time spent on social media.

Rewards for Users

VK is said to be launching a system of rewards for users which would be paid in the new “virtual coin.” Users will have the opportunity to earn the tokens upon doing a plethora of activities on the platform.

Also, the coins will be used to purchase sticker packs and virtual gifts or shared with other users through VK Pay which is a platform for the electronic payments which are developed by VK.

The plan as well involves letting the users donate the new coin to writers of content as a way of encouraging them to write more or even at least thank them. Furthermore, users can be able to earn the tokens by commenting under individual posts.

Exposing Cryptocurrencies

VK is the Facebook of Russia, and it is ranked 16 on Alexa; the platform claims more than 97 million active users on the platform. Also, it affirms the number of interactions as well as messages totals to billions.

Therefore, like Facebook, if they do succeed with the ideas at hand, then a lot of users would be introduced to cryptocurrencies.

What makes the whole thing Interesting

The idea must have generated from Pavel Durov, the founder of VK and also happens to be the founder of the Telegram Messaging app. The objective of Telegram was to develop its decentralized crypto platform, “TON.”

However, due to some disagreements with the nation's government, he sold his share as he was asked to divulge personal data from politically opposing users which he refused. Therefore, Pavel might have just switched the original idea into the present.

Nevertheless, it's getting clear that many social media platforms, as well as chat apps, now want to sink into the crypto space. Only trading is already taking the spotlight, and hence there's every possibility that the crypto space might advance into mainstream usage even faster than it was previously thought. Whether the reports will be confirmed or not, one thing is certain – the industry is in the right direction.

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