In the 21st century, the digital economy is witnessing sharp turns in the field of Cryptocurrency. The research underway and future potential of cryptocurrency is attracting the attention of the masses as well as experts all over the world. The social networking giant, Facebook is no exception to this wave of Cryptocurrency.
Facebook has come up with recent advancements in this field. The social networking firm is trying to explore the realms of Cryptocurrency and the technology which works behind it; namely Blockchain Technology. The company’s CEO, Mark Zuckerberg has also shown interest in the areas of Blockchain Technology and its application to solve and fix multiple issues at Facebook.
In the first week of May, Recode published a report claiming that Facebook is creating a team specifically dedicated to study, research and analyse the potential of Blockchain Technology. The team is to be headed by David Marcus, currently the chief executive in Facebook Messenger department. Marcus was the former president of PayPal and an expert at Coinbase too. He also confirmed this new project in a post later. He was quoted saying, “I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch”.
After this report, many speculations have been made about the major intentions of Facebook behind this project. Some have the view that the company wants to develop a separate Blockchain to make the users’ data more secure while others feel differently about the launch of Facebook’s own cryptocurrency: Facecoin-A good number of possibilities came into the scenario as well.
Amidst all these probabilities, the report that came last Friday cleared most of the confusions. According to the Cheddar: the social media firm is about to develop its own Cryptocurrency. It’s added further stating: Facebook is “ very serious about it”.
In addition to this, reports further said that “people familiar with the matter said the social network doesn’t have plans to hold a so-called initial coin offering (ICO) by offering a limited number of virtual tokens for the public to buy at a set price”.
Today, Facebook is used by more than two million people across the world. If the company introduces its own Cryptocurrency, then the users will be allowed to make payments and transfer money using this virtual money.
Facebook also gave a hint stating in a report, “Like many other companies, Facebook is exploring ways to leverage the power of Blockchain technology. This new small team will be exploring many different applications. We don’t have anything further to share.”
Ultimately, nothing can be said with certainty about what Facebook is actually upto. Only some estimation could be made. The integration of Blockchain Technology can revolutionise the social networking as it will lead to the decentralisation of the data. The commencement of Facebook’s own crypto asset will cause a change in the payment methods to a greater extent. For now, the project has generated an interest regarding the Cryptocurrency and its applications with a hope of some worthy advancement.