The giant Twitter is undergoing a revolution since the arrival of Elon Musk at its helm. It has been known since December that the company was working on some form of currency, and new information appears to have leaked. In particular, we know more about a possible use of the blockchain.
The company continues to work on its “Twitter Coin”
A new discovery by Jane Manchun Wong is the source of this new information. Known for investigating apps to reveal hidden features, she noted that Twitter he was now working on a purchase page for his “Twitter Coin” :
Twitter is working on the coin purchase screen
On the web, the purchase of Twitter Coins will be done through Stripe https://t.co/RFpWswnZfG pic.twitter.com/eAzPWjfoye
—Jane Manchun Wong (@wongmjane) January 10, 2023
The screenshot shows how Twitter describes these coins:
“The corners they allow you to support creators who tweet content.»
Along with this, Jane Manchun Wong reveals that Twitter trophies are also expected, hato reward the most impactful publications. If the template looks familiar, it’s apparently modeled after what already exists on Reddit’s discussion forums. The latter has in fact launched its own “coins” and trophies in recent years.
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A system that will not be based on the blockchain?
Coin purchases will likely be available through payment provider Stripe. According to several people who have investigated this future feature, the “Twitter Coin” will apparently not be a cryptocurrency, but an internal payment system like the corners of Reddit.
It appears to be an in-app currency to support creators. I haven’t found anything linking it to *crypto* currency.
—Nima Owji (@nima_owji) January 10, 2023
This is remarkable, because since Elon Musk expressed his interest in Twitter, he has repeatedly suggested that integrating a real cryptocurrency – such as his favorite Dogecoin (DOGE) – could be possible. . But the controversial billionaire he seems to have strayed from this idea.
For the moment ? We had obviously noticed the tests of Reddit, which had offered two cryptocurrencies to its users, in parallel with “coins”. Twitter could therefore continue to think about the blockchain. Recall that Elon Musk briefly hinted at the idea to monetize the posting of tweets. Though the leaked messages had revealed that he now didn’t consider anyone scalable enough to support the whole of Twitter.
However, all of this shows Twitter’s trial and error to find an economic model that works. We recall the debacle surrounding the new profile verification system, as well as the ideas thrown around in bulk by Elon Musk. He also confirmed who will resign as CEO… Possibly.
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Source: Jane Manchun Wong via Twitter
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Cryptoast reporter, I fell into the cryptocurrency pot a few years ago. I am passionate about the innovative technologies that come with the blockchain and I like to find the sharpest information to share with you.
Marine Debelloir
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