Renren, a Chinese social media platform that is known for its uncanny similarity to Facebook, is developing a social media token based on blockchain technology in an attempt to revive its fortunes in the highly competitive social media space.
The so-called RR Coin token is set to be used to reward social media users who develop content to keep the platform lively, but can also be used to charge for advertising.
Given the relentless nature of competition in the social media space in China, it's up to both legacy platforms as well as upcoming ventures to stand out from the crowd. Renren is hoping to do this by using cryptocurrency incentives, in the form of social media tokens, to reward people who engage with the platform.
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