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<ul><li>The <keyword id="13510971" type="General" weightage="20" keywordseo="Taki-social-network" source="Orion">Taki social network</keyword> rewards its users to engage on the social network, giving them <keyword id="11965944" type="General" weightage="20" keywordseo="crypto-tokens" source="Orion">crypto tokens</keyword> in exchange. </li><li>The <keyword id="13510972" type="General" weightage="20" keywordseo="Taki-token" source="Orion">Taki token</keyword> is built on the <keyword id="12270972" type="General" weightage="20" keywordseo="Solana-blockchain" source="Orion">Solana blockchain</keyword> for fast and inexpensive transactions. </li><li>The overall idea is to mesh the ideas of a traditional social network with crypto tokens, according to the company. </li></ul><keyword id="80438" type="General" weightage="100" keywordseo="taki" source="Orion">Taki</keyword> is a new social network that, at first sight, seems to mimic Twitter and Facebook – after all, there are only so many ways to create a timeline of posts. But this social network comes with a twist – it rewards its users in the form of crypto tokens, not likes or comments. Building a social network is not an easy task, and neither is creating a crypto token that stands out in a sea of cryptocurrencies and tokens. But bringing the two together could seem like a novel idea that might just help a company stand out from the rest. “Taki is designed to be a secure, safe and tech superior product that enables social enthusiasts to consume, invest, share, transact and build a token-based content portfolio,” said <keyword id="13510970" type="General" weightage="50" keywordseo="sakina-arsiwala" source="Orion">Sakina Arsiwala</keyword>, co-founder, Taki. Taki aims to achieve just that. The Taki crypto token is built on the <keyword id="1905050" type="General" weightage="50" keywordseo="solana" source="Orion">Solana</keyword> blockchain, promising fast and inexpensive transactions. The Solana blockchain is also one of the most energy-efficient blockchains in the world, addressing concerns of power efficiency as well. To be fair, though, there have been dime a dozen apps and services that have tried to attract users using in-app coins. But Taki is different in the sense that it actually uses crypto tokens – also called Taki – which can be converted into actual money once these tokens are listed on crypto exchanges. <cmsannotation type="cmsannotation" annotationid="Creating a “user economy” and a positive feedback loop" comment="subhead" text="Creating a “user economy” and a positive feedback loop">Creating a “user economy” and a positive feedback loop</cmsannotation> Interestingly enough, users can also create their own crypto tokens instead of relying solely on Taki. In a conversation with Business Insider, Taki co-founder Sakina Arsiwala described this concept as “user economy”, giving creators and influencers the power to leverage their audience, thanks to their own crypto tokens. Users who like a post made by anyone on Taki can reward them using Taki tokens. Additionally, to motivate users to post rewarding content and their followers to reward these creators, Taki has a reward-sharing concept in place. According to Arsiwala, a small portion of rewards is also shared amongst the followers of Taki users, creating a positive feedback loop. She calls it a form of dividend for the followers. Users who want to cash out can do so by converting their Taki tokens to any other cryptocurrency or fiat on cryptocurrency exchanges, once the Taki tokens are listed. Arsiwala says her company is working with crypto exchanges to get the Taki token listed. This process encourages creators to post engaging content, and their followers to reward this content. Solana has also partnered with Taki to set up a $2.5 million fund to bring creators on the platform. Wider fundraising details are not known yet, though. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-lost-over-9-million-subscribers-in-january-but-that-is-a-good-thing/articleshow/90557442.cms">Reliance Jio lost over 9 million subscribers in January, but that is a good thing – here’s why</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-11-pro-5g-review-excellent-display-great-battery-life-but-slightly-pricey/articleshow/90533447.cms">Redmi Note 11 Pro+ 5G review – excellent display, great battery life but slightly pricey</a> <a href="https://www.businessinsider.in/business/startups/news/india-finds-its-third-gaming-unicorn-in-games24x7/slidelist/90557732.cms">India finds its third gaming unicorn in Games24x7</a>

Taki is a social network that brings the old ‘engage to earn’ model in a new package, with crypto tokens as rewards

<ul class="summary-list"><li><keyword id="44660" type="CITY" weightage="60" keywordseo="JPMorgan">JPMorgan</keyword> has launched <keyword id="145111" type="ORGANIZATION" weightage="60" keywordseo="Onyx">Onyx</keyword>, a new business division for its <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword> projects, after its digital token was adopted for commercial use by a big technology client for the first time this week, CNBC reported.</li><li>A blockchain lead at the bank confirmed the report in a tweet.</li><li><keyword id="333345" type="ORGANIZATION" weightage="60" keywordseo="JPM">JPM</keyword> Coin is now being used for round-the-clock global payments by a "large technology client," the bank's global head of wholesale payments told CNBC. The client was not named.</li><li>"We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business," Takis Georgakopoulos said in a CNBC interview.</li></ul>JPMorgan has launched a new business division dedicated to blockchain technology, called Onyx, after the bank's own <keyword id="1624829" type="PERSON" weightage="60" keywordseo="digital-currency">digital currency</keyword> was adopted for commercial use this week, <a href="https://www.cnbc.com/2020/10/27/jpmorgan-creates-new-unit-for-blockchain-projects-as-it-says-the-technology-is-close-to-making-money.html">CNBC reported</a> on Tuesday.A JPMorgan spokesperson confirmed the report to Business Insider.<a href="https://www.jpmorgan.com/solutions/cib/news/digital-coin-payments">JPM Coin</a>, which was created last year, has been picked up for round-the-clock global payments by a "large technology client" this week, Takis Georgakopoulos, the bank's global head of wholesale payments, told CNBC in a phone interview.He did not name the client, but said others are being onboarded too.That headway and other under-the-radar progress induced the launch of Onyx, which is aimed at capturing the major shift towards digital currencies in the financial services industry. "We are launching Onyx, because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business," Georgakopoulos told CNBC.Onyx is staffed with over 100 employees.Read More: <a href="https://www.businessinsider.com/how-to-start-a-growth-fund-5-tips-nancy-zevenbergen-2020-10" target="_blank" rel="noopener noreferrer">Nancy Zevenbergen has outperformed 99% of her investor peers over the last 5 years. She shared 5 tips for starting a successful growth fund — including ones adopted by fellow Wall Street titans Warren Buffett and Cathie Wood.</a>The development could be a push in favor of other blockchain and crypto-based industries that have been advocating for the end of traditional currencies. Last week was a bullish one for digital currencies, as US payments firm PayPal announced it would allow use of <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-highest-paypal-cryptocurrency-adoption-novogratz-btc-rally-2020-10-1029705902#">Bitcoin on its network</a>, investor Paul Tudor Jones called it the "<a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-rally-best-inflation-trade-tudor-jones-cryptocurrency-btc-2020-10-1029711282#">best inflation trade</a>," and JPMorgan published <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-considerable-upside-forecast-competes-gold-alternative-currency-jpmorgan-2020-10-1029716041#">positive research</a> on the <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword>.The price of Bitcoin has soared by almost 25% this month to its highest since early 2018 and is now closing in on $14,000.Tyler Winkelvoss, founder and CEO of cryptocurrency exchange Gemini, has even said the US dollar is "<a href="https://twitter.com/tyler/status/1299023374392360964https://twitter.com/tyler/status/1319635686278844418">no longer a store of value</a>" and has long recommended buying <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a>.JPMorgan plans to focus on building a more inclusive system in the wholesale payments world to reimagine efficient ways of exchange and value, Georgakopoulos said.Read More: <a href="https://www.businessinsider.com/how-to-invest-in-bull-market-volatility-elections-morgan-stanley-2020-10" target="_blank" rel="noopener noreferrer">MORGAN STANLEY: Stocks could fall another 9% as the new bull market faces a rising tide of risks — and these 2 cyclical sectors are the best long-term trades to take advantage of</a>

JPMorgan launches blockchain division called Onyx after a big tech client adopts its cryptocurrency for commercial use

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Taki is a social network that brings the old ‘engage to earn’ model in a new package, with crypto tokens as rewards

Rounak Jain

JPMorgan launches blockchain division called Onyx after a big tech client adopts its cryptocurrency for commercial use

Shalini Nagarajan

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