VKontakte, the Russian social media site and competition to Facebook, recently announced the launch of its cryptocurrency, VKcoin (VK). The coin only allows users to get discounts on the site and exchange their tokens with other users but further plans are reportedly in development.

Despite only being a few days old, VKontakte report there are already 4 million new users ‘mining’ the coin and one user, in particular, has already accumulated 890 million coins. The term mining is used rather loosely though, as the process involves clicking a button in an app which generates 0.001 VK tokens.

Listings and online presence

At present, the coin is only available for use within VKontakte’s VK Pay platform and is currently only listed on the YoBit exchange with a VK/BTC trading pair. However, the coin could potentially explode in value when made more publically available – if adoption really is as high as reports suggest.

Etherscan doesn’t record any value for the coin yet but Coinlib.io has it listed at $0.000059. Coinranking lists at a significantly higher value of $0.00030, but clearly, these are just initial listings and don’t represent a realistic value yet.

Facebook Coin

The news puts pressure on Facebook to drive the development of their cryptocurrency which was also announced recently, following months of rumors surrounding it. Having recently revealed that it is seeking $1 billion in funding for ‘Facebook Coin’, the project could end up being the largest ever adoption event for cryptocurrency and blockchain technology.

VKontakte currently has approximately 400 million registered users, although reportedly only about 100 million are active on a daily basis. The site was created in 2007, soon after Facebook exploded in popularity.