Digital News Report – Jambool was bought buy Google Inc. which was announced on August 13, 2010 by Vikas & Reza on the company’s website. Jambool started out as a social collaboration website in 2006 and they moved on to create applications for social networks. In 2008 Jambool released Social Gold which is a virtual currency platform based around online game playing. This Virtual Currency API could be configured to each Social Gold platform stores needs but was based around the online video games.
Users of the virtual economy system pays with real money to get virtual funds to use in that particular application. Social Gold only gets paid a percentage of the actual transactions and currently they don’t charge any monthly fees to use the service.
Social Gold competes with Facebook Credits in much of the same manner. Google has been assembling components to compete with the popular Facebook social networking site with the recent purchases of social gaming, social applications and now a virtual payment system.
By: Victoria Brown