Twitter’s upcoming “Coins” feature has no association with blockchain
As per a recent revelation, Twitter is now developing a new feature that would allow users to give each other “Awards” using “Coins” that can be purchased with fiat currency.
Twitter is currently developing a brand new purchase interface and menu item button for Coins, according to Jane Manchun Wong, a self-employed security researcher, and data miner. Wong is an engineering graduate who came on the list of Forbes 30 under 30 and was awarded the Tatler Asia’s Most Influential in 2021 in the technology field.
Reportedly, Twitter would use Stripe, a developer-oriented commerce company helping small and large companies accept web and mobile payments to process payments in fiat. This new feature’s integration suggests that the platform’s monetization strategy is continuing to develop, despite losing a large chunk of its staff just a few months following the takeover of new CEO Elon Musk.
Sources reveal that it is highly unlikely that these upcoming Coins will exist on the blockchain; there is a probability that crypto could be added as a payment method through Stripe, allowing users to buy Twitter Coins with crypto in the future.
Reportedly, Stripe started supporting crypto payments last year. In addition, Twitter also tested USDC payouts through it for facilitating creators monetizing their content through its social media site last year.
The information suggests that those receiving Twitter Awards will have to wait until they have earned at least $50 worth to redeem. This amount is equivalent to the platform’s minimum payout amount for those monetizing Twitter’s existing “Super Follows” feature.
When asked about Twitter’s Coins being related to crypto, Wong briefed that currently “not seeing any explicit indications that Twitter’s Coins are crypto.”
Wong’s opinion has also been supported by developer and app researcher Nima Owji, who shared leaks of Twitter Coins in December. However, Owji said he also hadn’t found any specific signs that crypto would be involved with Coins or Awards. Interestingly, Owji said that even if Twitter planned to implement crypto, it would keep those plans under tight scrutiny to avoid leaks.
Owji said that Twitter doesn’t push sensitive information until ready and also briefed his opinion on Twitter’s plans regarding crypto. He stated:
“They usually don’t push the sensitive information about such things when it’s not ready; I guess even if it’s going to be related to crypto, they’ll add it to the code when they want to release it.”
In a tweet last week, Wong said that Twitter’s Awards will include various reactions, some of them being “mind blown,” “bravo,” “bullseye,” “gem,” and “crown.” These reactions, which would require Coins to give to a user’s tweet, are similar to Reddit Gold, a feature that allows Reddit users to pay to buy “gold” with fiat to recognize threads or posts they find interesting, moving, or helpful.
Musk and Twitter have a deep-dived relationship with cryptocurrencies, especially Dogecoin or the meme coin, given the impact witnessed by Musk’s statement and plans on the asset in multiple instances.
Todayq News reported in October that Dogecoin hashrate witnessed a significant increase compared to the previous months, primarily due to the anticipated plans of Musk purchasing Twitter and accomplishing his idea of integrating crypto into it. However, in November, the sales of Dogecoin were deeply hurt and dropped by almost 10% when Twitter stepped back on its plan to launch a crypto wallet.
Recently, Twitter also released a new pro-crypto feature that allows users to search for on-time prices of cryptocurrencies. The new feature also allows users to find price charts for Bitcoin and Ethereum.
