Recently, Xiao Xieyi launched on the WeChat platform as an app. The service is designed to let WeChat users create contracts between each other. A unique user ID is assigned to each person, and blockchain technology is used to run the entire service. It's an incredibly useful feature that many WeChat users would like to try out. Unfortunately, WeChat banned the app almost as soon as it rolled out on the platform.
An Unsurprising Turn Of Events For Xiao Xieyi
The move shouldn't come as a surprise to many people. WeChat is owned and managed by Chinese company Tencent, which has strong ties to the Chinese government. In the past, China enacted a complete ban on cryptocurrencies within the country.
Cryptocurrency trading and investing still goes on, but without official approval by the government. Xiao Xieyi never had a chance of staying on WeChat, which features a billion users. What Is WeChat?
WeChat is one of the largest social media platforms on the planet. Also, support for payments is included in WeChat. Most of the platform's users are based in China, and it's often considered the Chinese version of Facebook. WeChat includes a growing number of apps, which harness the power of the platform for various means. All of these third-party apps must meet certain criteria, or they face a swift and permanent ban.
Other Social Media Platforms Open To Blockchain
As WeChat spurns blockchain-based apps, Facebook may soon champion them. The head of Facebook Messenger recently voiced his support for blockchain technology. He plans to set up a small group within the company to determine how blockchain can benefit the entire Facebook platform. While Facebook explores its options, hundreds of companies and financial institutions have started to adopt the blockchain and its capabilities.
Until China voices its approval for cryptocurrencies, no blockchain-based app will run on WeChat. Tencent faces too many consequences by allowing such apps on the platform against the wishes of the Chinese government. China shows no signs of lifting its ban in the near future, so Xiao Xieyi is out of luck within the country.