Social media giant WeChat has reportedly blocked a third-party blockchain app that would allow the app users to initiate contract agreements. The news was reported by Caijing, a local Chinese news outlet on May 9th.
Xiao Xieyi, a third-party app launched on Wednesday was praised as a service that would allow WeChat users to create contractual agreements and choose a unique ID for their account, all using blockchain technology. The shift to blockchain would have surely ensured the authenticity and reliability of user ID and content while raising funds that would be utilized to pay miners who wrote transactions onto the network used by the application.
The ‘small agreement’ states that by using only 3 minutes, you can create an irrevocable agreement, WeChat unique ID, and blockchain technology, to ensure that the content is authentic and reliable, and the two parties' identity is reliable. Senior lawyers cooperate to provide electronic evidence preservation at any time. The user enters the title and content of the agreement, choose whether to encrypt the content of the storage agreement and pay 3 yuan for the service fee. The agreement is generated. Party A forwards the agreement to WeChat through Party B. After Party B agrees, the agreement will be It will be written to the Ethereum network.
However, the app has now been suspended by WeChat within just a day of its launch. Now clicking on their existing domain will lead you to a page which explains the program has violated rules on the platform, though the exact violation remains unknown.
Ma Huateng, CEO of Tencent said the messaging giant had crossed a billion active users worldwide, making WeChat one of the most widely used social media platform. However, most of its users are concentrated in its home country, China.
Even David Marcus, the Head of Facebook's messaging app had announced earlier that Facebook is currently exploring various applications of blockchain technology to leverage across the site.
Time for a new challenge! After four amazing years leading Messenger, I'm going to setup a small group to explore how to best leverage Blockchain for Facebook. I will miss my fierce Messenger team, but I'm excited about the journey ahead. My full note: https://t.co/nBKAr7vyj9
— David Marcus (@davidmarcus) May 8, 2018