Twitter in Reddit’s footsteps?

He announced the news Jane Manchun Wong, the “Coins” project, which the Twitter team is working on, shows that the convergence between social networks and digital currencies will become more and more prominent. Because it reminds him Reddit coins where bits Twitch, whose systems are already operational on these platforms. But Twitter does not plan to base its digital currency on blockchain technology. Still positions Musk showed he was ready to use it. So how does digital currency differ from real cryptocurrency and why are they so interested in social networks?

“Twitter Coins” Coming Soon?

This was announced by Jane Manchun Wong, a cyber security researcher on January 5th; His work, as he describes himself in his LinkedIn bio, includes:

Explore the hidden details of mobile apps and websites to know how they work. If I encounter security vulnerabilities, I always disclose them through the appropriate channels, rather than sharing them publicly.

Through his Twitter account published its findings.

In particular, we learn that the engineers of the blue bird are working on it in-app purchase page will allow its users to get their celebrities “Corners” ; the latter will have to go through Stripe, an online payment processing platform.

In addition, JM Wong added new information to his Twitter feed, detailing some features of an innovation related to “Coins”. “Twitter Awards”. These can be purchased with “Coins” and then given to people whose tweets seem worthy of a financial reward in the eyes of Internet users. Their prices range from one Coin for 1 Mind Blown to 5000 Coins for a Gold note. Obviously, these “Coins” and these trophies can be converted into fiduciary money. It will be necessary, a priori, That their amount in Twitter currency is at least $50 to withdraw.

BFM.TV reports that no other information was leaked. Therefore, we do not yet know the value of one of these “Coins” and how much interest the bluebird intends to take in flight. Because it is certain that this innovation is appropriate profitability strategy by acquiring the social network, it is sought by Elon Musk, who at the same time has frightened a number of advertisers (the actions of the new boss are at least divisive), the traditional center of economic models of social networks.

Reddit and Web3

In May 2020, Reddit launched beta versions of the cryptocurrencies Moons and Bricks. This was part of the feature launch Reddit Community Points (RCP)is thought of as a means to reward millions of creators contributing content to the platform’s subreddits. Unlike Twitter Coins, whose system is based on payment provider Stripe, Reddit Coins operate using Ethereum blockchain technology; the main difference. Besides this key difference that makes a digital currency a true cryptocurrency or not. Is it blockchain based? You can be sure that this is seriously talking about cryptocurrency. If not, it is a system of digital tokens with a fiat currency value that is centralized by the owner; in our case Twitter. Because let’s remember that one of the main features of cryptocurrencies is their decentralization ; the notion that social networks and the giants of the Internet seem alien and true The cornerstone of the Web3 architecture. The latter, among other advantages, allows Internet users to better control their data, the digital gold of our age, the trade of which has become the fortune of GAFAM.

In the summer of 2022, Reddit launched a collection created in collaboration with several digital artists. 44,000 NFT avatars It can be used as a profile picture by Internet users. It was implemented on Polygon (MATIC), one of the most popular second layer solutions deployed on the Ethereum network. “Reddit Collectible Avatars” they were a great success. First, because the purchase of these avatars – prices ranging from 10 to 100 dollars – was done directly through the Reddit mobile application, then because the platform supports all mint costs (all transactions on the Ethereum network are paid), and finally, because, speaking of NFT, the Internet was careful not to scare away its users, preferring a more subtle element of language: digital collections. When it came to finding a solution to hold a web3 gateway digital wallet that would give users access to their avatars, Reddit played masterfully. There is no need to complicate it with technical terms that can harm the business – the words “wallet”, “seed expression” or “crypto” are nowhere to be seen. Users can only a in the Reddit app Reddit VaultSave twelve random words and voila their sentence, it’s that simple.

Encouraged by the success of this first sale, the American site repeated the operation. Four other collections with more NFT avatars were introduced. In October 2022, Reddit product manager Pali Bhat revealed that More than 3 million Polygon wallets have been created by Reddit users Via “Reddit Vault”. On December 3, a new daily record was set: more than 250,000 NFT minted avatars, surpassing the previous peak of just over 200,000. A few weeks later, the total number of avatars exceeded 5 million, with more than 4.25. million unique wallets containing at least one NFT. This is how Reddit surpassed OpenSea, one of the largest NFT marketplaces in terms of total number of users holding NFTs.

According to Dune today, there is 8,413,821 Reddit NFTs in circulationand the total revenue from the sale of these collectible avatars is more than that 12 million dollars. The number of those who have it reaches 6,058,800 people. What does it do Reddit is one of the main vectors for the adoption of these new technologies it covers web3, although most users of the platform are unaware of using them.

Telegram business

Telegram, an instant messaging network created by brothers Pavel and Nikolay Durov, has developed its own blockchain. Title Telegram Open Network (TON), this second-generation blockchain facilitates fast and cheap transactions, as well as the creation of smart contracts and decentralized applications. The development of TON was funded by an ICO in 2018 that raised a total of $1.7 billion. However, the creation of TON was hindered Legal disputes with the Securities and Exchange Commission (SEC). of the United States, ultimately led canceling the launch of the blockchain.

However, some developers decided to continue the project independently, calling it The Open Network (TON). It is about a open source version of the original TON blockchain, now developed and maintained by a community of independent developers. Users can use their own node or use the services of a third-party validator to confirm transactions and become a validator. Tokens purchased during the Telegram ICO can be used to pay transaction fees on the TON blockchain.

In October 2022, Telegram launched a new service in partnership with the Open Network allows its users to buy and sell usernames through auctions. These take place on a third-party site called Fragment, a platform that facilitates the trading of collectibles between users. The company said ownership of collectable usernames is protected in the immutable ledger of the TON blockchain.

In a message sent to Telegram users, he said:

For the first time in the history of social networks, people have full ownership of their usernames. Telegram users who have long used their early registered short usernames can now benefit from the growth of the platform by selling their usernames in fair, transparent and fully decentralized auctions.

Aiming to accelerate the mass adoption of blockchain-powered technologies, TON introduces a unique network architecture that it claims outperforms its direct competitors in terms of performance and design.

When these lines were written, YOU think it is accurate 1,955,782 accounts have been created in its networktotal more 100 million transactions surgery was done.

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