Zuckerberg explains that users are concerned that big tech companies and spying governments are crawling their Facebook habits.It seems Facebook Are Working On Crypto Coin { Facebook Coin } .
Facebook is considering the launch of its own digital currency, according to insiders News From. Cheddar, a tech and business video news network, reports that the social network is “very serious” about creating a virtual coin in competition with cryptocurrencies.
Facebook is exploring the creation of its own cryptocurrency, a virtual token that would allow its billions of users around the world to make electronic payments, people familiar with Facebook’s plans told Cheddar.
Facebook started studying blockchain almost a year ago, when a member of its corporate development team, Morgan Beller, began looking at how the social platform could use the emerging technology.
At the time, Beller was the only Facebook employee devoted to studying blockchain, the digital and decentralized ledger that underpins cryptocurrencies like Bitcoin and Ethereum.
Her work was thrust into the spotlight this week when Facebook announced that the vice president in charge of the Messenger app, David Marcus, would lead a new team to “explore how to best leverage blockchain across Facebook, starting from scratch.”
Facebook has toyed with virtual currencies before, with features like Facebook Credits, which was used for in-app purchases in games like Farmville. However, the currency never took off and was eventually abandoned.
However, the company made no move to actually integrate crypto payments to the platform. “Payments using crypto right now is just very expensive, super slow,” Marcus, the head of the blockchain initiative, told CNBC in an interview last February. “So the various communities running the different blockchains and the different assets need to fix all the issues, and then when we get there someday, maybe we’ll do something.”
The Facebook Coin Plan
Facebook could achieve two billion token users very quickly, too, by putting their crypto wallet within Facebook, Messenger, Instagram, and WhatsApp, as well as giving each unique user a small amount of the currency for free at the beginning just because they’re a user. That would be two billion monthly active users, virtually overnight.
The Giveaway
Facebook could merely give 1,000 of its tokens to every current user at launch. This is the Universal Basic Capital (UBC) part of the plan.
At the same time, Facebook could give itself a bunch of the currency at the beginning so that they have a vested interest in increasing its value. Facebook could have anywhere from ten to thirty percent of the initial supply.
During an interview at a conference in February, Marcus said Facebook didn’t have plans to integrate cryptocurrency into its apps anytime soon.
“Payments using crypto right now is just very expensive, super slow, so the various communities running the different blockchains and the different assets need to fix all the issues, and then when we get there someday, maybe we’ll do something,” Marcus said.
It will probably be several years before a Facebook money becomes a reality, insiders told Cheddar, and —fortunately—they probably won’t have an ICO.
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