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Russian Social Media Platform VKontakte (VK) launches its own Cryptocurrency

The big Russian Social Media platform VKontakte (VK) also known as an alternative of Russian Facebook is thinking about launching its own cryptocurrency. This the news was reported in the local news source RNS on 28 March.

According to the report in RNS, an unidentified source known with the functioning of the Russian social media platform disclosed to the local news source that this assignment includes the making of independent digital currency accounts for all the users of the VKontakte (VK). But the article in the news also discloses that social media is still undecided about the decision of launching its own cryptocurrency. VKontakte has become second largest social media name that is reportedly releasing its own cryptocurrency, after Facebook.

The RNS professed about having detailed documents of plan disclosing about the company’s scheme to profit their user for their using time and activity on the VKontakte. As per the report, the crypto coins gains by the users could be collected, users can also transacts the coin between each other, it can also be exchanged while purchasing merchandise online and change to the fiat assets through use of  VK Pay.

Today, many companies are adopting and developing their technology using cryptocurrency and the blockchain technology. So the interpretation can be, this is a building of its own virtual currency and its related payment system is the company’s path of being challenging or competition to other platforms in the financial sectors and giving satisfaction to its users who are interested in
cryptocurrencies.

Is it potentially true or VKontakte is just joking with their users?

The report of VKontakte releasing its own cryptocurrency in RNS published the previous week. The social media platform, on 1 April, 2019 declared that it had released a new “cryptocurrency mining app” for the users of VKontakte known as “VK Coin.” To the contrast with this, the users who were really wishing to mine this new virtual currency were having some difficulty in acquiring the app to utilize other than creating an enormous amount of “VK Coin.”

The VKontakte stated

VK Coins can be transferred to other users, as well as spent on virtual items.

The users were unable to know what kind of merchandise and thing can be purchased, or what the worth of this newly launched token is. And also there are no details about the platform which is managing this app. Vkontakte launched the app which can be downloaded from its own stage, and listed it as “VK Coin”. The app was classified under the group “cryptocurrency mining service”, created by a firm know as Happy Santa. Happy Santa has created lots of games and apps for the
Vkontakte platform.

Russia’s trending new source has reported on the news of VKontakte launching its own cryptocurrency, but yet, VKontakte hasn’t stated anything further on the app that is launched on 1 April or any news that has been reported.

About Arushi Dubey

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Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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