Wednesday, January 22, 2020

Russian Social Media Giant Launches Mineable Cryptocurrency

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

On April 1, news began circulating that Vkontakte (VK), the largest social media company in Russia intends to launch its own cryptocurrency. The reports have been confirmed given that the platform with over 10 million active monthly users has launched VK Coin, a digital currency that can be mined, according to a local media’s recent report.

Vkontakte Launches Mineable Cryptocurrency

Per the report, Vkontakte has launched a cryptocurrency which can be mined while using an iOS or Android smartphone. VK Coin, the virtual asset can be generated from a mobile app clicker game. Hodlers of the coin, on the other hand, can compete in the game for top spots while also sending it to other members of the platform.

Further reports reveal that while it is uncertain that the service is based on the blockchain, it encourages people to mine the virtual asset while taking advantage of VK’s services. Likewise, about 4 million users as of April 5 began mining the coin and a user has already mined 890 million worth of VK coins.

Boosts to be Bought in Game to Speed Up the Mining Process

More light into VK Coin reveal that it used to purchase boosts which as a result speeds up the mining process. The default VK coins that can be mined has been set at 0.0001. Another media outlet also revealed that the coins can be exchanged for fiat currency.

Like before, the social media outlet has refused to confirm the launch of the coin and if it is the former which was the rumored cryptocurrency to be launched. According to the media, its response to their query was that the firm does not “comment on rumours.”

Russia’s Interest in Blockchain Technology is Remarkable

Whichever is the case, it is remarkable to see Russia take part in blockchain technology. A number of reports of late show that different sectors in the region are adopting or studying the blockchain’s use cases. Gazprom, a state-owned energy company recently revealed it wants to incorporate blockchain in its operations.

Another fact to consider is that VK Coin has been launched even before Facebook released its rumored stablecoin. Users are also hoping that the rumors about the unidentified asset will also be confirmed as is now the case of Vkontakte. Nevertheless, the steps taken by the U.S. based social media company reveals that it could soon be the case. For starters, it has been listing positions which can be filled by blockchain experts and also bought a blockchain company in February this year.

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