Author: Gan Jia Ci
WeChat recently shut down a blockchain application that was introduced to bring its technology to their large audience. Caijing, a Chinese news outlet, reported that the third-party blockchain application intended to start contractual agreements among WeChat users.
Xiao Xieyi (directly translated as mini protocol), commenced on the 9th as a service to enable WeChat users to initiate contractual agreements by using blockchain technology to warrant the authenticities of the users’ identities and content. The program claimed the entire process would only take 3 minutes, costing 3 yuan for each service. The users would first enter the contractual contents and forward them to the intended recipient after paying the service fee through WeChat. When both parties have agreed to the contract, the details would be encrypted and recorded onto the Ethereum network.
Unfortunately, WeChat decided to shut down the program in less than a day. WeChat declared, “Xiao Xieyi is currently suspended due to a violation. The nature of its services has not been authorised by the platform as of yet.”
The cause of violation has not been revealed, and the future regarding Xiao Xieyi and WeChat remains unclear.
WeChat is a Chinese messenger application developed by Tencent in 2011. By 2018, it has become one of the largest mobile social media and payment applications in the world.