Rumors about the upcoming launch of a Twitter-powered cryptocurrency are spreading rapidly.
What can we expect?
Well nothing solid yet, but tech blogger Jane Manchun Wong posted a screenshot of a logo on Twitter on Dec. 5.
While she didn’t leave any comment, the emblem was believed to be the Twitter Coin – a proprietary digital currency of the social giant.
However, Wong set the post to private shortly after that.
Twitter is Making Waves
The tech guru is a particularly prominent figure in fintech. Using her outstanding abilities, Wong has discovered a number of secret features that significant players such as Facebook, Instagram, and Snapchat attempted to cover.
Those features are usually under development.
Given Wong’s established history of revelations, the crypto community on Twitter is seemingly going with the crowd.
Nima Owji, another tech blogger and app researcher known for revealing the applications’ upcoming features, posted leaked information about Twitter Coin’s works.
The leaked material indicated that Twitter has updated additional code for a new feature integrated with Twitter Coin, in addition to the logo embedded in “Tips.”
In the past, Twitter held a supportive stance toward cryptocurrency.
The social platform integrated BTC and ETH wallet addresses, as well as added an NFT-based avatar feature. Interestingly, these updates had also been leaked before the official announcements.
The new CEO of Twitter, Elon Musk has long shown interest in BTC, ETH, and DOGE. Speaking in a live coverage hosted by Mario Nawfal, Musk affirmed that Twitter would need to implement additional transactional functionality for both fiat and cryptocurrencies.
“WeChat has a lot of functionality that Twitter should have. It’s kind of a no-brainer for Twitter to have payments, both fiat currency and crypto, and to make that easy and simple for people to use.”
The CEO also discussed national digital money, a central bank digital currency, or CBDCs.
Musk stated that adoption may challenge banks’ efforts to grow their own currencies since consumers will likely accept cryptocurrencies that they believe will be valuable in the future.
A Boost For SocialFi?
Musk has long waited for Twitter to be changed in a way that is beneficial to the platform, users, and creators. He disclosed several things, including his vision for a time when users will be able to send money to one another via Twitter and link their bank accounts.
Musk actually intends to launch Twitter’s own payments system, although it could be some time before that happens.
The Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department received the company’s application to process payments earlier in November, according to a source from The New York Times.
Musk also mentioned previously that the platform intended to develop features in collaboration with creators. In order to encourage creators to share their own works on the platform, he discusses how the website must allow for monetization.
When decentralized finance began to emerge, the concept of Social and Finance was established.
Both content creators and users seek a platform that generates value for them; revenue is generated directly by content users and creators. The functioning mechanism of the token with no third party develops.
Users can earn extra money by creating content with no platform fees or commissions, joining and administrating DAOs, mint NFTs, connecting with other users, contributing tips to idols, participating in entertainment, and playing games on SocialFi.
SocialFi programs ensure a higher level of privacy and security for users’ personal data while dispersing advertising revenue.
Users have the option of agreeing or declining to sell their data to third parties in order to deliver a more valuable user experience. If Twitter Coin becomes a reality, it might provide a significant boost to the SocialFi trend.
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Author: Nicholas Say