A recent report has revealed that a Russian social media platform, Vkontakte (VK) has launched its own native “virtual” coin— VK Coin. The report also revealed that the coin can be “mined” using a smartphone.
The VK Coin
Rumour has it that the VK Coin is not based on blockchain technology, as no evidence proving that it has DLT as its base platform was not revealed. One thing is however clear, users can mine the coin using the VK’s services.
The service is said to be available via a mobile app clicker game that lets users earn the internal currency, send it to other users and compete for a top winners list, based on their coin holdings. The service can be accessed using an Android or iOS device.
The game is said to generate 0.001 Coins on a default. Users are then allowed to buy in-game boost using the coin. The boost then allows them to mine the coin faster.
Based on a recent post from VK’s internal payment service, VK Pay, holders of the coin will soon start exchanging it for various services and discounts with external partners.
VK pay also noted that more than 4 million users have used the coin since launching and the richest user has mined over 890 million coins.
VK Pay is a cashless money transfer service that lets VK users send money to each other in messages using a credit or debit card.
It was also reported that the coin users have started exchanging their coins for fiat money or services, such as posting ads. On whether the coin is blockchain or crypto driven, the social media giant has failed to release any comment.
Facebook and Crypto
There has also been a rumour of Facebook having plans to launch a cryptocurrency soon. The crypto is expected to function similarly to a stablecoin.