China’s Weibo Launches Instagram-Like App with Blockchain Features
Weibo, China’s equivalent of Twitter, on Monday launched a new social media platform dubbed Lvzhou (literally meaning Oasis) with some blockchain features, which has drawn much attention from the crypto community in the country these days.
According to Oasis’s official introduction and some user feedback, Oasis’s functions and user interface design are similar to that of Instagram which is blocked in the Chinese mainland.
Positioned as a lifestyle and fashion social platform for young people, the application also adopts some trendy concepts from the nascent yet disruptive blockchain technology.
It creates a digital asset named Shuidi (literally “water drop” in English) in the Oasis social network, which is a reward users could get for contributing to the network. A Drop is generated and stored based on a decentralized mode, which can be used to purchase virtual items, tip and upvote premium content.
A Drop is produced every four hours and will evaporate if users fail to collect it in three days. As per the official remark, the total amount of Drops is limited, the active the user is, the more Drops he/she could get. In addition, the platform will buy the “virtual currency” back on a regular basis and use them for ecological building, which is the same strategy as cryptocurrency exchanges in their efforts to boost the value of their exchange tokens. It would be more attractive to users if they could later be exchanged for fiat money.
Weibo is now internally testing its new social media platform. It is available in the Apple app store and some Android app sites but requires an invitation code to log in at the moment.
Although Weibo has yet to roll out any official marketing for it, as of Monday, Oasis has been one of the most-downloaded social apps in Apple’s China App Store, and its official account on Weibo had drawn over 8 million followers already.
If operated properly, Oasis can be a new source of growth for Weibo, and a new practice of blockchain-based token economy in internet giants in the country. Weibo is one of the biggest social media platforms in China, with over 486 million active users as of this June, the company’s recent financial results show.