Vkontakte, a Saint Petersburg–based social media platform could roll out cryptocurrency on its platform, RNS reported. The social media platform is working on cryptocurrency wallets for 50million users. If the launch is successful then users will be able to store, transfer and utilize Vkontakte’s owned cryptocurrency.
RNS is a Russian media outlet.
This is not the first time that a social media platform has planned to roll out a native cryptocurrency for its platform; earlier, CryptoSlate- a website reported that Facebook could have been working for a cryptocurrency launch.
RNS reports claims that it has a document which states that Vkontakte intends to rewards those who spend more time on their site.
While liking the posts, the users will be rewarding the content creators with the cryptocurrency.
The model is quite similar to other social media platforms such as Brave and Steemit. Brave users can donate their Basic Attention Tokens earnings to their choice of content creators; whereas, in Steemit, authors of comments and posts getpaid upon the number of upvotes they receive.
The new initiative by Vkontakte in order to establish a cryptocurrency reward system on its platform is likely to be welcomed by users. The reward system is expected to help the users to give full access over their contents and make them understand about monetization.
If the new concept gets approved then 50 million users of Vkontakte will get familiarised with the cryptocurrency world.