The giant Twitter is undergoing a revolution since the arrival of Elon Musk at its head. We’ve known since December that the company was working on a form of currency, and new information seems to have leaked. We know more about a possible use of the blockchain.
The company continues to work on its “Twitter Coin “
A new finding by Jane Manchun Wong is the source of this new information. Known for her investigations into apps to reveal hidden features, she noted that Twitter is now working on a purchase page for its Twitter Coin:
Twitter is working on Coins purchasing screen
On the web, Twitter Coins purchase will be done through Stripe https://t.co/RFpWswnZfG pic.twitter.com/eAzPWjfoye
– Jane Manchun Wong (@wongmjane) January 10, 2023
Screenshot shows how Twitter describes these pieces:
“Coins allow you to support creators who tweet content “
Alongside this, Jane Manchun Wong reveals that Twitter trophies are also planned, to reward the most impactful publications. If the model seems familiar, it’s because it’s apparently modelled on what already exists on Reddit’s discussion forums. Reddit has launched its own “Coins” and trophies in recent years.
A system that won’t rely on blockchain
“Coins” purchases will likely be available through payment service provider Stripe. According to several people who have investigated this future feature, the “Twitter Coin” will apparently not be a cryptocurrency, but rather an internal payment system similar to Reddit’s coins.
It seems to be an in-app currency to support the creators. I didn’t find anything that relates it to *crypto* currency.
– Nima Owji (@nima_owji) January 10, 2023
This is notable, because since Elon Musk expressed interest in Twitter, he has repeatedly suggested that integrating a real cryptocurrency – like his favourite Dogecoin (DOGE) – could be possible. But the controversial billionaire seems to have backed away from this idea.
For now? We had of course noted the tests of Reddit, which had offered two cryptocurrencies to its users, in parallel with “Coins”. Twitter could therefore continue to think about blockchain. Indeed, we remember that Elon Musk briefly mentioned the idea of monetising the publication of tweets. Although leaked messages had revealed that he now considered that none of them were scalable enough to handle the entirety of Twitter.
All of this shows Twitter’s trial and error in finding a business model that works. We remember the debacle surrounding the new profile verification system, as well as the ideas thrown around by Elon Musk. The latter has confirmed that he will be stepping down as CEO… Eventually.
