More details emerge on Twitter Coins — and crypto’s not included
Despite speculation, references to crypto or blockchain technology are absent from newly leaked images concerning “Twitter Coins” — the platform’s secret in-development digital asset.
When the project was first leaked in early December by tech bloggers Jane Manchun Wong and Nima Owji, many in the community had hoped that the project would involve cryptocurrency in some way, particularly the Dogecoin (DOGE) community given Twitter CEO Elon Musk’s affiliation with the token. In a Dec. 4 Twitter Spaces event, Musk said he was still interested in integrating crypto with the social media platform.
However, newly shared images of the project’s development by Wong and Owji on Jan. 10 do not indicate any crypto or blockchain technology involvement. Owji tweeted 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.”
“Coins allow you to support creators who Tweet great content. Unused coins are kept in your balance.” pic.twitter.com/ksNu75mI2r
— Nima Owji (@nima_owji) January 10, 2023
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 tweet 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.
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 that they have enjoyed.
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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 April 22, Stripe announced it had begun supporting payouts to select Twitter content creators in USD Coin (USDC) with payouts taking place over the Polygon network.