Will The Success Of VK Coin Prophesize Something About Facebook’s Rumored Crypto Token?

VKontakte, aka Russia’s Facebook, has forced over 10 million people to use their VK Coin. Their managing director Andrey Rogozov said that the coin’s capitalization reached 2.8 trl coins, while the total number of VK Coin users exceeded 10 million people in just ten days after the launch. At peak time about 1.1 million people used the dedicated mining app simultaneously, leaving behind such popular online games as Dota 2 or CS GO by a number of simultaneous users.

Vkontakte is a social network that was initially created by the Durov brothers in 2007. By January 2017, VK had an average of 400 million registered users and about 100 million accounts actively participating in the community. After problems with the Russian government, the Durov brothers sold the company and developed the Telegram instant messaging application.

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.

Ivan Gusev, Head of VK Coin said:

“Since day one, VK Coin was a game where the users dictated the course of events. They banded together in teams, built an economy around VK Coin and its own community.”

The news puts pressure on Facebook to drive the development of their cryptocurrency which was also announced recently, following months of rumors surrounding it. Having recently revealed that it is seeking $1 billion in funding for ‘Facebook Coin’, the project could end up being the largest ever adoption event for cryptocurrency and blockchain technology.

Since Facebook 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.