Renren, popularly known as the “Chinese Facebook”, is planning to issue an ICO to raise funds for an open source blockchain platform for social networks.
Under Renren’s plans, content-creators will be able to earn its RR Coin according to the number of shares and comments they receive.
Renren No Truck For ICO Ban
A beta version of the platform is slated for spring 2018. According to the white-paper, smart contracts will be leveraged to manage participants’ “trading behavior under certain social networking scenarios.”
There will be a one billion total circulation of RR Coin, 40% of which will be made available for the ICO with the rest earmarked for marketing, expansion and development.
China banned all ICOs in September but Renren has a legal workaround as it is listed on the New York Stock Exchange.
Though it was one of the first Chinese social media platforms, Renren has lost ground in the social media space to Weibo and Wechat, bringing some commentators to refer to it not so much as the “Chinese Facebook” but the “Chinese Myspace”. In addition to its plans to use blockchain in social media it is expanding into logistics.
This week Renren further announced acquisitions in the trucking industry, including Trucker Path, a trucker’s social platform with 600,000 users.
According to CEO Joseph Chen, “the two major emerging technology areas are artificial intelligence and blockchain,” adding that with “the acquisition of the Trucker Path social platform and the Truckloads freight marketplace, the Company will be well-positioned technologically to drive innovation within this important industry.”
As observed previously with other companies, Renren’s stock price has enjoyed a jump in share price, in this case a relatively modest 20%, in light of its new association with blockchain technology.