What Is the Web3 WeChat that Musk Has Always Wanted?
A few days ago, Musk successfully acquired Twitter for $44 billion.
Musk himself responded on Twitter on October 5 that the acquisition of Twitter is to accelerate the creation of the universal application “X-App”, Musk wrote, “Acquiring Twitter can speed up this process by three to five years.” Musk has also publicly stated that X-App not only has comprehensive payment capabilities (including multiple digital currencies), but also advanced communication functions, a dividend mechanism for content creators, and an easy-to-enter interface.
There are reports that Musk wants to create a multi-functional platform like WeChat, that is, an application that can meet all the needs of users.
In an interview in May this year, Musk said: “I think this is a real opportunity. If you are in China, you live almost on WeChat, it can do everything. If we can do that too , that will be a huge success.” Since the US and other Western countries have not yet appeared WeChat-style super apps, Musk believes that his universal app “X-App” has the possibility of success.
So, what is the web3 WeChat that Musk wants to build to support digital currency?
Maybe ComingChat is the answer in Musk’s mind.
From the white paper we can see the great vision of ComingChat:
“Although Web3 has flourished today, with projects and products emerging in an endless stream, there are still two very serious problems:
1. DeFi, GameFi, NFT, communication and social networking, existing Web3 products are usually positioned and classified into one of these categories. In order to complete purposes such as currency exchange and NFT purchase, it is necessary to shuttle between DEXs and NFT platforms. This makes the adoption of Web3 extremely difficult. As Elon Musk said, Web3 lacks a product like WeChat, an app that people can do almost everything they want.
2. Ethereum, Aptos, Sui, Solana, BSC, it is the successive birth of these mainstream public chains that has prompted the change of technology, and the Web3 ecosystem that is prosperous like the stars today. But problems followed. The ecology of each public chain is almost split, and people must choose between public chains. Therefore, more than ever, we need a product that supports all chains and connects the public chain ecosystem from isolated islands to continents.
In order to solve the above two dilemmas at the same time, we have developed a web3 portal application ComingChat based on SocialFi with DeFi and GameFi functions. At the use case level, ComingChat also includes multiple functions such as decentralized digital identity, wallet, encrypted communication, social networking, DeFi, GameFi and so on. In terms of the protocol layer, that is, the underlying blockchain architecture that interacts with the use case layer, we take supporting the omnichain ecology as the ultimate goal. “
ComingChat is a mobile web3 portal application. We can call it a web3 social application with DeFi and GameFi capabilities. Specifically, it contains the following functions.
1. Encrypted chat. Compared with WeChat’s chat function, ComingChat is designed with Signal encryption protocol to ensure that user chat content will not be monitored.
2. Omnichain wallet. Compared with WeChat wallet, ComingChat omnichain wallet is a cryptocurrency wallet. It supports almost all crypto assets including Aptos/Sui, including tokens and NFT assets.
3. CID. ComingChat draws on the Tecent QQ account to create a user’s decentralized identity CID, which consists of 1–12 digits, and also has an on-chain reputation system that can display the user’s level.
The above three are the basic framework of ComingChat. Like WeChat, you can add friends or join group chats in ComingChat, and then you can transfer money to each other, send or receive red packets in the chat interface. Of course, this is not traditional legal currency but crypto assets.
On this basis, ComingChat also has a DeFi business (decentralized finance). It enables users to swap tokens on any chain, including Aotos, with one click.
Finally, like WeChat Mini Games, ComingChat is also creating mini games with mini programs as the carrier. The difference is that this is a on-chain game with a “P2E” nature.
ComingChat has four million users worldwide since its launch more than a year ago. Those who have used ComingChat will be amazed at its comprehensiveness and unconsciously compare it to “WeChat in the era of web3”.
“From this point of view, we have the same idea as Musk, but we are a step ahead, and now ComingChat is a very mature web3 application. It will eventually appear on everyone’s mobile phone as web3 flourishes. ” says Mystic, the ComingChat team.
In ComingChat, SocialFi means the collection of the following three:
1. Decentralized Account System (CID)
2. Payment tool (omnichain wallet)
3. Social system (Chat+DAO Moments)
The above solves the three problems of “people”, “money”, and “connection”respectively, and provides the basis for DeFi and GameFi.