Tron Announces Wallet On Social Media App - The Boost TRX Needs?
According to the official Tron labs medium page, the collaboration will allow Peiwo users to send tips to each other within the app that are based on Tron TRX tokens.
What is Peiwo?
Peiwo (pronounced pay-woh) is a type of social media app targeted to Chinese language users and is available on iOS and Android. The app is designed for members of the "post-90s generation" and focuses on voice-based interactions instead of through text or pictures, which the app argues can easily be faked.
While some English-language sites are referring to Peiwo as an audio content sharing community, this label is somewhat inaccurate as it is much more a chat or dating themed app. The name of the app in Chinese (陪我) means "accompany me" or "spend time with me" depending on context.
The name itself implies its matchmaking based intent, romantic or otherwise. According to the creators LinkedIn page, the app in English is called "Callme".
Peiwo is created and operated by the same person, Justin (Yu Chen) Sun, that created Tron. Therefore, the collaboration between these two apps is more just the consolidation of Sun software empire.
Good news for Tron?
Tron saw a massive price pump, followed by a price dump. The project may be looking for more high-profile ways to increase token prices. However, by Chinese social media standards, Peiwo is actually an incredibly small fish.
The largest social media app, WeChat, has hundreds of millions of users, and essentially everyone in China that has a smartphone has WeChat and uses it multiple times a day. 10 million users on Peiwo may seem like a lot. But the truth is, it actually represents less than 1% of their competitor, WeChat.
It should also be noted that in accordance with Chinese law, all messages, voice recordings, and transactions of any kind must be fully accessible in a complete form by the Chinese government.
Therefore, any user of the Tron network may find their transactions being monitored by the Chinese government. That is if their coins are at any time a part of the Peiwo network.
For instance, if the TRX units you bought on an exchange were one in a Peiwo wallet, your coins may be subject to monitoring and analysis. While there is no specific evidence of TRX being monitored in this way specifically, it would be completely within the law for the Chinese government to do so.
Finally, as the Peiwo app is only available in the Chinese language, its reach will be severely limited in comparison to WeChat. That app is available in multiple languages and has expanded to other markets outside of mainland China.
Finally, cryptocurrencies for the use of tipping among people is largely unnecessary in China. This is because several payment apps including WeChat itself and another competitor called Alipay already offer instant, transaction fee free exchanges of the national currency, the Yuan.
Adding an additional layer of difficulty through the need to exchange cryptocurrency could mean that many users of Peiwo will not be interested in using Tron tokens. Of course, the reverse is also possible. But given the current market conditions and absolute dominance of WeChat, it is highly unlikely.
Furthur, major players like Apple have failed to even make a dent in the Chinese mobile payment market with Apple Pay, despite the fact that China is Apple's largest consumer market.
The addition of a cryptocurrency wallet of any kind to an app that has millions of users sounds interesting as a concept. However, it's best to wait and see how the public responds to it before passing judgement. This could turn out to be a boon, or it could be largely ignored by the public.
It will largely depend on Tron and Peiwo's ability to out-maneuver their entrenched competition. All we can do is wait and see.
Featured Image via Fotolia
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.