The Facebook of Russia VK Launches Its Own Mineable VK Coin in First For a Social Media Network
Have you ever wished a Russian Facebook Coin existed before Facebook Coin was actually released? If you did, Vkontakte (VK) got you covered this time. The Russian social media company, which is a lot like a Russian Facebook, has finally launched VK Coin, an internal currency that will be used within its network.
According to the reports from Tass, a local media outlet owned by the Russian government, VK Coin will be a mineable token and has been just released in the country. There were several reports and leaks affirming that the technology would be launched soon in Russia, but until the official announcement, most of them were unconfirmed rumors.
Despite being “mineable”, however, the reports do not seem to suggest that VK Coin is actually based on the blockchain technology at all.
Initially, the new token will work mostly via an app of the company which will be very similar to a mining game in which you participate to earn the tokens, which can be sent to your friends or used to boost your gains.
Part of the idea is that you can spend your coins on buying game boosts that will enable you to mine tokens even faster and get even more money. By creating your account, you generate 0.001 VK Coin. With boosters, the number can be raised.
Obviously, though, this will not be the only use for the new token (or it would be quite useless, in fact). Users will be able to use the tokens on VK Pay, the internal payment service of the social network.
They will also be able to use them in order to exchange them with external partners of the company. In this case, they will get discounts for using the tokens on the purchases. These coins will also be able to be used to pay for advertising on the network.
The service got popular fast. There are over 4 million users that are a part of the service so far and one of them was able to mine 890 million coins somehow.
When questioned by the crypto media, VK declined to answer whether the technology had any relationship with the blockchain at all. The official stance of the company was that “VK does not comment on rumors”.
When Will We See Facebook Coin?
It is impossible to talk about VK Coin without remembering that Facebook Coin will probably be a reality one day. Besides not being properly announced, several sources confirm that Facebook Coin is being created.
Since Facebok is considerably larger than VK, the impact of the company launching its own token will certainly be a lot bigger as well. According to reports, Facebook Coin will be a stablecoin which will be used on Facebook Messenger, WhatsApp and Instagram. There is no set date for its release, but a 2019-20 timeframe is the most likely.