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Friday, August 12, 2022

Facebook could launch its own cryptocurrency

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As we all know, Facebook is the largest social media network in the world, topping the rankings with over two billion users spread across many different platforms. Facebook was launched on February 4, 2004 by Mark Zuckerberg followed by his Harvard College roommates and since then Facebook has had a steady increase in the number of users as well as usage of the platform.

Even though last year was tough for Facebook with a loss of almost $9 billion due to all the privacy issues as well as personal information leaks, the company has established itself in the first quartile of 2019. Facebook is currently 6e place in the world’s most valuable companies with $413.25 billion.

Ever since Facebook’s breach made headlines, with all the personal information leaks and security issues, they’ve made huge changes to the system, providing users with security for their personal information as well as encryption. full of their messages. This way, they plan to make sure that Facebook doesn’t know what users are writing to each other.

Facebook clearly has no plans to stop, as recently the public learned that the company was secretly working on the development of its own cryptocurrency. As mentioned, the project is still secret, so we don’t have much information. Reports indicate that Facebook has invested serious resources (money and manpower) in a payment system and the serious team is working around the clock on a public blockchain effort. The company has collaborated with many financial and technology companies around the world that research bitcoin and crypto.

This information has lit a fire in all major financial institutions, as Facebook begins to develop a rival for bitcoin. When we analyze the cryptocurrency market, we can see why this might be the next major thing that will trigger the process of real money becoming extinct. When Bitcoin started 10 years ago, it grew from zero to 40 million to 100 million users (estimates are rough), and financial experts compare it to Facebook with billions of daily users.

As we have seen with other cryptocurrencies, they have struggled to maintain a stable value of their currency, which can bring the project to its knees. Meanwhile, Facebook began planning to collect funds used for backing its cryptocurrency through its many platforms and keep the value of their currency as stable as possible. The company intends to make money by using the WhatsApp messaging app as a digital payment network.

Facebook is also teaming up for the new project. The company is hiring around 100 software engineers who will be based in London and provide additional support in Dublin. Former PayPal President David Marcus is hired by Facebook and named head of the company’s blockchain division.

Their new system will certainly be a rival for today’s cryptocurrencies. Since one of the biggest companies in the world decided to invest in cryptocurrency, it could be something revolutionary and change the way the world works, which won’t be strange from Facebook just because have already changed the world once. Facebook hasn’t announced any information about the new project, but as experts analyze the company’s moves, they’re coyly working on something big. The company said it is researching new applications for new cryptocurrency technologies. Experts cannot yet clarify how this system will work and how people can get their cryptocurrencies.

If Facebook develops some sort of cryptocurrency, its path will be much easier compared to the cryptocurrencies that started this horse race. We can only imagine what the future holds. Maybe we’ll pay with our smart devices using some kind of Facebook Coins to buy groceries. For now, we’ll have to wait and maybe witness the next big thing that could shape the future of our finance.

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