Weibo's Instagram competitor offers decentralized token rewards - Ledger Insights

On Monday, China-based Sina, the owner of social media giant Weibo, released Oasis, a new photo sharing app which resembles Instagram. Yesterday it was reported by multiple Chinese media outlets that Oasis offers “decentralized model” digital assets, known as ‘water droplets’, used to earn rewards and cast votes. Though the app is not even officially launched, it reached the top of Apple’s social charts in China, beating hugely popular apps QQ and WeChat. The app’s Weibo page already has 8 million followers days after its release, according to Caixin. With Instagram blocked in the country, there is undoubtedly a gap in the market Sina intends to fill. However, Oasis is currently in invite-only beta with a full release date yet to be announced. The interest in Oasis has only increased with the news that digital assets, which may be blockchain-based, will be used in the app. The more active a user is, the more of these water droplets they will earn. If they are not collected within three days, however, they will ‘evaporate’. So, first impressions imply that the assets are an incentive scheme for engagement.

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