The "Chinese Facebook" will launch an ICO

Renren, the first generation of Chinese social media, has announced plans to launch an ICO project called RR Coin. In response to news, his shares climbed 13.57%.

Launched in December 2005, Renren has been dubbed "The Facebook of China" with its Facebook features and popularity among students. It represents one of the largest and most successful SNS companies in real name registration in China.

Over the years, Renren has seen the emergence of new players such as the Sina Weibo microblogging platform and the Tencent Wechat mobile app. Unlike the two flourishing products, Renren loses its appeal by appealing to the new masses of Chinese netizens. The only solution is the constant innovation of the products. And the social company has decided to turn its strategic attention to the blockchain industry.

According to the white paper published by Renren, they will develop an open source platform based on a blockchain that can record user interactions and business behavior. the RR Coin token will be used in multiple scenarios, from award-winning users who contribute content to advertising billing.

RR Coin has a total of 1 billion pieces, of which 40% will be used for the sale of the ICO, 25% for the RR Coin Foundation, 15% for the marketing and development team and the remaining 20% ​​for the expansion commercial. "The project will raise 100,000 ETH," said a Beijing-based investor. "I think it's very overvalued. RR Coin looks more like Tencent's QQ coin that is totally centralized. They are just selling a new concept to make users active again. ". But it seems that new concepts are working. Renren (NYSE: RENN) shares jumped nearly 19% in response to news.

In the space of a few months, the best performing Chinese companies make Blockchain a powerful new solution for all their activities.

Fifteen-year-old Xunlei Networking Techinologies (NASDAQ: XNET) has launched a new service completely separate from its fundamentals. The company launched the "Wanke coin mining" cryptocurrency project on October 12th, and its share rose from less than $ 5 per share to nearly $ 25 per share, and continued to record a 475% gain in less than two years. month.

Qihoo 360, a leading provider of anti-virus software, recently integrated all of its futures plans for the cryptocurrency and blockchain industries. On December 20, the company launched a blockchain research center to explore how technology can be used to improve financial services.

In December, he launched a brand new website covering news around crypto-currencies and price analyzes. The website consists of a live price chart detailing the volume of transactions and price changes over the last 24 hours, similar to that of coinmarketcap. At the bottom of the webpage, copyright is reported to belong to 360 Internet Security Center. However, the website has been inaccessible since January 2nd.