In line with a recent report by native media source ‘Tass’, VK [Vkontakte] – Russia’s renowned social media giant has launched an digital currency named ‘VK Coin’, that can be “mined”.
This move follows recent ‘reports‘ within this week that VK was launching a tailored cryptocurrency. The ‘official info‘ provided on VK Coin, however, doesn’t indicate that the coin relies on blockchain technology. It does, however, encourage users to “mine” the coin employing VK’s services.
The service works via a mobile application clicker game that lets users earn the currency, send it to alternative users and compete for a top winners list, supporting VK Coin holdings. The service is available for both iOS and Android platforms.
Generating ‘0.001‘ VK Coins on a default, the game offer users spend the coins to purchase boosts that enable quicker mining.
As per the ‘post‘ from VK’s internal payment service, VK’s Pay, VK Coin users would be able to exchange their coins for several services and discounts with external partners.
Moreover by 5ht April, VK Coin mining has been employed by over 4 Mln users, while the richest user has already mined over 890 Mln of coins, [VK Pay] added.
In line with native media outlet ‘TJ’, VK Coin users have started exchanging their coins for standard fiat currency or services, like posting ads.
VK declined to further comment on whether or not the new coin relates to or is planned to relate to crypto-currency or ‘blockchain‘, additionally stating that the firm doesn’t “comment on rumours.”
Earlier on 31st March, VK was ‘considering developing‘ its own cryptocurrency with options very similar to those of [VK Coin].
Meanwhile, ‘rumors‘ that fellow social media giant Facebook is additionally considering ‘launching‘ its own cryptocurrency that it has been developing since Dec. last year. Earlier in Feb., NYT ‘reported‘ that Facebook is working on an extremely secretive cryptocurrency project, planning to develop a ‘stablecoin‘ that will incorporate ‘Facebook’s‘ 3 fully-owned applications – WhatsApp, Facebook Messenger and Instagram.