Twitter in the footsteps of Reddit?

The news, revealed by Jane Manchun Wong, of the “Coins” project that the Twitter teams seem to be working on, shows that the convergence between social networks and digital currencies will be more and more pronounced. Because it reminds you Reddit Coins where rags of Twitch, whose systems are already operational on these platforms. But Twitter does not plan for its digital currency to be based on blockchain technology. However, the positions Musk seemed willing to use it. So how does a digital currency differ from a real crypto and why are they so interested in social networks?

Twitter Coins Coming Soon?

This was revealed on January 5 by cyber security researcher Jane Manchun Wong; her work, as she describes herself in her LinkedIn bio, consists of:

Examine the hidden details of mobile apps and websites to know how they work. If I encounter security vulnerabilities, without always sharing them publicly, I disclose them through the appropriate channels.

Through her Twitter account, she published his findings.

We specifically learn that bluebird engineers are working on it in-app purchases page which will allow its users to get its famous “corners” ; the latter will have to go through the intermediary of Tapean online payment processing platform.

In addition, JM Wong, putting together new information on his Twitter feed, detailed some features of an innovation related to “Coins”, “Twitter Awards”. These can be purchased using “coins” and then given to people whose tweets appear, in the eyes of internet users, to merit a financial reward. Their prices range from one coin for 1 Mind Blown to 5,000 coins for a Gold mention. Of course, these “coins” and these trophies can be converted into real money. It will be necessary, a priori, that their amount in Twitter currency is equal to, at least, $50 to make a withdrawal.

According to BFM.TV, no other information has been leaked. Therefore, we do not yet know the value that one of these “Coins” will have, nor what percentage the blue bird intends to receive. Because it is certain that this innovation fits profitability strategy requested by Elon Musk, who with the purchase of the social network, has at the same time drives away many advertisers (the new boss’s actions are disruptive to say the least), which are traditionally central to the economic models of social networks.

Reddit and Web3

As of May 2020, Reddit beta versions released of cryptocurrencies, Moons and Bricks. This was part of the feature rollout Reddit Community Points (RCP)intended as a means of requite millions of creators providing content to the platform’s subreddits. Unlike Twitter “Coins”, whose system is based on the payment provider Stripe, Reddit Coins works using Ethereum blockchain technology; a major difference. It is more than that this fundamental difference that makes a digital currency, or not, a true cryptocurrency. Is it based on blockchain? You can be sure that it is strictly a cryptocurrency. If it is not, it is a digital token system with a fiat currency value, and this system is centralized by its owner; in our case Twitter. Because let’s remember that one of the essential characteristics of cryptocurrencies is their DECENTRALIZATION ; the notion that social media and internet giants seem foreign and real cornerstone of the Web3 architecture. The latter enables, among other advantages, Internet users to have better control of their data, the digital gold of our century, the trade of which has made GAFAM rich.

In the summer of 2022, Reddit launched a MEETINGdeveloped in collaboration with several digital artists, from 44,000 NFT avatars which can be used as a profile picture by Internet users. Implemented in Polygon (MATIC), one of the most famous second layer solutions deployed on the Ethereum network, “Reddit Collection Avatars” were a tremendous success. First because the purchase – prices ranging from 10 to 100 dollars – of these avatars was made directly through the Reddit mobile application, then because the platform supported all mint costs (all transactions on the Ethereum network are paying) and, finally, because she was careful not to scare off his Internet users by talking about NFT, choosing a more subtle element of language: digital collections. In terms of finding a solution for users to keep a digital wallet, the gateway to web3 that will give them access to their avatar, Reddit has played a masterstroke. There’s no need to complicate things with technical terms that can hurt business – the words “wallet”, “seed phrase” or “crypto” do not appear anywhere. Users only had to create, in the Reddit app, a Reddit Vaultsave their sentence of twelve random words and voila, simple as that.

Encouraged by the success of this first sale, the American site repeated the operation. Four more collections with a much larger number of NFT avatars have been launched. In October 2022, Reddit product manager Pali Bhat revealed this over 3 million Polygon wallets have been created by Reddit users via Reddit Vault. On December 3rd, a new daily record was set: more than 250,000 NFT avatars were mined, surpassing the previous peak of just over 200,000. A few weeks later, the total number of avatars passed the 5 million mark, with over 4.25 million unique wallets containing at least one NFT. THEREFORE Reddit has passed OpenSeaone of the largest NFT markets, by total number of users owning NFT.

Today, according to Dune dataThere they are 8,413,821 Reddit NFTs in circulationand the total revenue generated from the sale of these collectible avatars is more than 12 million dollars. The number of people who own it reaches 6,058,800. What do you do from Reddit is one of the main vectors of adoption of these new technologies that web3 includes, although most platform users are not aware of their use.

The case of Telegram

Telegram, the instant messaging network created by brothers Pavel and Nikolai 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 conducted in 2018, which raised a total of $1.7 billion. However, the establishment of TON has been hindered by Legal disputes with the Securities and Exchange Commission (SEC) of the United States, which eventually led to blockchain launch cancellation.

However, some developers decided to continue the project independently, renaming it “The Open Network” (TON). It is about one The open source version of the original TON blockchain, which is now developed and maintained by a community of independent developers. Users can use their own node to validate transactions and become a validator, or use the services of a third-party 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 their usernames through auctions. These take place on a third party site called excerpta platform that facilitates the transaction of collections between users. the company said that ownership of aggregated usernames is secured in the immutable ledger of the TON block chain.

In a message to its users, Telegram said:

For the first time in the history of social networking, people have full ownership of their usernames. Long-time Telegram users who have been using short usernames they signed up for early on can now take advantage of the platform’s growth by selling their usernames in auctions that are fair, transparent and fully decentralized.

TON, whose stated goal is to accelerate the mass adoption of blockchain-enabled technologies, promotes its unique network architecture, which it claims outperforms its direct competitors in terms of performance and design. First Layer Blockchain Powered by Proof of Stake (POS)

At the time of writing, YOU count exactly 1,955,782 accounts created in its networkfor a total of more than 100 million transactions operated.

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