During the two weeks of VK Coin service operation, more than 10 million people used it, a shadow exchange market for VK Coin for rubles was formed, and the mining stage was completed. From the side, the whole project was similar to the first cryptocurrency Vkontakte, but the social network calls this service only a game.
VK Coin is not a cryptocurrency
There is not a single mention of the words “cryptocurrency”, “blockchain”, “decentralization” or “distributed registry” in the official description of the service in the vk.com reference section. A VKontakte coin can be called a centralized token or virtual currency, but it is not practical to compare it with Bitcoin. The question is, why did the service even begin to be perceived as cryptocurrency?
- The ability to exchange coins for anything. From the beginning, the service was not intended as a means of payment, which was written in vk help.
Then the “Shop” section appeared and now it is already possible to exchange virtual coins for a subscription in the Ivi online cinema or discounts in the Delivery Club. If coins can pay for any real services or goods, then they actually become a means of payment, albeit not officially. Now the currency is needed not only to get into the game top list.
- Mining To get coins, users had to click a button, but on April 11, the mining function was completed. The whole process was called mining, although cryptocurrency mining had nothing to do with this procedure. There is no need to talk about the premise, as developers are not interested in it and can organize it programmatically.
- Virtuality. Like cryptocurrencies, this coin cannot be held in hands.
As a result, the clicker game began to form the market for exchanging VK Coin for rubles, although the functionality of the service does not imply this function. Help warns that users exchange coins at their own risk and warns against such trades.
The fate of the service
There is no more mining, respectively, there is no gaming component either. Now participants can exchange the accumulated funds and periodically visit the “Shop” section in anticipation of new opportunities for selling currency. What can be expected in the development of the service?
- Expansion of goods and services in the “Shop” section. As a result, VK Pay will be popularized, which is the main goal of the service. An indirect proof of this fact is the official VK Coin group, which does not even exist, it is replaced by the VK Pay page.
- Listing VK Coin on the exchange. Official representatives do not talk about this, but a listing can be suggested at least because of a mining stop. For listing on the exchange, you need to know the exact number of coins, measure inflation and set a price. Thanks to the disconnection of mining, the exact number of VK coins became known – 2.8 trillion. If coin mining continued as a free giveaway for clicks, the listing could be forgotten.
- Transition to the blockchain. The Facebook cryptocurrency is almost ready and other social networks do not want to lag behind the flagship. We can assume that the service in question is a test to identify possible problems in the interaction of users with virtual currency.
- Complete closure of the project. As already mentioned, the VKC coin is just part of VK Pay. Before the VK Pay coins, many did not even know about the existence of this system, which was launched back in June 2018. Thanks to the virus, more than 10 million people first drew attention to the Vkontakte payment system, which even allows legal entities to conclude agreements.
We move away from the possible ways of developing the service and consider the real threats of loss of funds in the application.
VK Coin Fraudsters
Hype always attracts dishonest people, and such a popularity of the project allows them to earn a lot of money. The most popular method of their work is messages and comments about free token giveaways. The text of such messages contains a link to a phishing site where you are asked to enter a password and log in. Next, scammers take possession of your account and transfer the extracted tokens to their account. Then they sell VK Coin for fiat money.
A simpler way of fraud is an ordinary fraud in a transaction. It is impossible to track fraudsters since the application does not even provide the function of displaying the account that made the transfer.