WeChat Freezes Third-Party App Based on Blockchain Technology
Social media giant WeChat has reportedly blocked a third-party blockchain app that would allow the app users to initiate contract agreements, on May 9 as reported by local Chinese news outlet Caijing.
Third-party app Xiao Xieyi launched on Wednesday, was touted as a service that would allow WeChat users to create contractual agreements and choose a unique ID for their account, all using blockchain technology. Use of blockchain would’ve surely ensured the authenticity and reliability of user ID and content. Also, the funds raised through this would be utilized to pay miners who wrote transactions onto the network used by the application.
The app, according to the local news outlet, would allow encryption of Ethereum based agreements, for a small fee. The same agreements could be recorded as well. Unfortunately, Xiao Xieyi (exact trans. Mini Protocol) was suspended within 24 hours of its launch.
The reason, as stated by the app, was a violation of a policy. However, the company has refrained from disclosing the exact service that was violated. Running a search of its name brings you to a page that explains the reason behind suspension of the third-party app.
The effort made by the platform to make the nascent technology known to a wider user base, is one of the first of its kind, at least among Chinese blockchain developers.
In March 2018, Ma Huateng, CEO of Tencent said the messaging giant had crossed a billion active users worldwide, making WeChat one of the most widely used social media platform. However, most of its users are concentrated in its home country, China.
Even David Marcus, head of Facebook messaging app, announced that Facebook is currently exploring various applications of blockchain technology to leverage across the site. Marcus will also set up a group to find out the best application of blockchain to leverage on the social media platform.