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More details emerge on Twitter Coins — and crypto’s no...
News

More details emerge on Twitter Coins — and crypto’s not included

References to crypto or blockchain technology are nowhere to be found in newly leaked images concerning “Twitter Coins” — the platform’s secret in-development digital asset. 

First leaked in early December by tech bloggers Jane Manchun Wong and Nima Owji, many have been hoping that the secret “Twitter Coins” project would involve cryptocurrency in some way.

Members of the Dogecoin (DOGE) community have been especially hopeful given Twitter CEO Musk’s affiliation with the token. In a Dec. 4 Twitter Spaces, when Musk said he was still interested in integrating crypto with the social media platform.

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However, newly leaked images of the project’s development shared by Wong and Owji on Jan. 10 are void of any mention of crypto or blockchain technology.

Owji noted in a Twitter post that no leaks so far have provided any indication that crypto will be involved in Twitter Coins:

“It seems to be an in-app currency to support the creators. I didn’t find anything that relates it to *crypto* currency.”

The leaked images instead provide more light into the planned uses of the in-app digital currency.

One of the images is a screenshot of the purported purchasing splash page for Twitter Coins, which explains that the in-app currency will allow users to “support creators who Tweet great content.”

This appears to be in reference to the platform’s “Twitter Awards,” which was also leaked by Manchun Wong a week earlier on Jan. 5.

According to a Twitter post by Wong, awards such as “Mind Blown,” “Bravo” and “Super Like” can be sent to content creators on the platform — at a cost denominated in Twitter Coins.

Screenshot of the list of Twitter Awards. Source: Jane Manchun Wong on Twitter

The feature bears similarities to Reddit’s tipping and rewards system, where Redditors use “Reddit Coins” to send awards to other users who make a post, comment, or live video broadcast they have enjoyed.

Related: Twitter data breach: Hacker put 200M users’ private information up for grabs

Even purchasing Twitter Coins won’t involve crypto payments at this stage. According to Wong, purchasing Twitter’s digital currency will be enabled through fiat using Stripe.

Stripe is a fiat-based payment processing platform that lets merchants accept credit and debit cards, bank transfers, and cash-based vouchers.

However, that’s not to say that crypto may not eventually play a part in the equation.

On Apr. 22, 2022, Stripe announced it had begun supporting payouts to select Twitter content creators in USD Coin (USDC) with payouts taking place over the Polygon network.

Source: Cointelegraph.com

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