Chinese social media and payment application WeChat developed by Tencent has suspended a 3rd party blockchain application that initiates contracts by app users. WeChat is one of the most popular messaging and social applications in the world, it is widely used by Chinese consumers.
According to Caijing New reported on May 9 that a “Xiao Xie Yi” (English translation: mini agreement) of a blockchain applet quietly went live. The “mini agreement” states that by using only 3 minutes, you can create an irrevocable agreement, WeChat unique ID and blockchain technology, to ensure that the content is authentic and reliable, and the two parties’ identity reliable. It claims that lawyers involved in process would provide electronic evidence preservation at any time.
The user enters the title and content of the agreement, choose whether to encrypt the content of the stored agreement, and pay 3 RMB yuan for the service fee, then agreement is generated. Party A forwards the agreement to WeChat through Party B. After Party B agrees, the agreement will be recorded to the Ethereum network.
However, less than a day after its launch, the application was suspended due to the violation of WeChat user agreement.