Facebook is one of the world’s largest social media platforms, despite the fact, it is claimed as the controversial network as it has experienced lots of allegation throughout its journey. Either we talk about the Cambridge Analytica Scandal or users data breach, there is a whole lot of cases through which the platform has been gone through. But at the same time, users with an interest in cryptocurrency also have appreciated the platform – the world is buzzing about Facebook’s apparent plans to make and implement its own take on cryptocurrency.
There are rumors from a few months that Facebook, Telegram, and Twitter are planning to roll out the crypto-currencies for the first time in the coming year. Means users can send money through the messaging system to their contacts, like a Venmo or PayPal that can move internationally.
According to the reports, Facebook is excited and serious about launching an in-app digital currency. Despite, there is not confirmation about such reports, but the news has created the buzz in recent months with an anonymous blog post claiming that Facebook has been promoting its soon-to-be-revealed coin to several crypto exchanges. As per the anonymous blog post, cryptocurrency would be a fiat-pegged stable coin used with Whatsapp with a focus on money transfers. Despite the discussion of whether the coin would be used by Facebook-owned apps, it willingly clear that Facebook is working on some kind of crypto-related project.
According to the report over 50 engineers are working on the crypto-related project. Sources informed the team of the same project so that the other Facebook employees cannot get in. Facebook is searching for multiples ways to use the blockchain, the technology introduced by Bitcoin makes it possible to keep financial transactions’ records on several computers rather than
Facebook is looking at different tricks to use the blockchain, the technology introduced by Bitcoin makes it possible to keep records of financial transactions on several computers, rather than the dependency on one platform like PayPal. Facebook employees also talked about their hopes regarding the product launch in the first half of the month.
Several companies have introduced coins recently which probably look more like traditional crypto-currencies, with fluctuating values and a decentralized concept that would enhance user control. But Facebook is pegging the value of its coin to the foreigners’ currencies, instead of the dollar. Facebook has the capability that it can assure the value of the coin by backing every coin with a set number of euros, dollars and other national currencies held in Facebook bank accounts.
Facebook is looking for different ways through which its three properties — Messenger, WhatsApp, and Instagram can integrate at a single point. As per the reports and media discussions, the integration of Facebook-owned apps could take more than a year and might exceed the reach of Facebook’s digital currency across the 2.7 billion users who access one of the three apps every month.