In very recent times, there have been strong rumours that Facebook founder, Mark Zuckerberg is looking to create his own digital currency. If this rumour becomes a reality, then, Facebook could be the first company to develop the world’s premier generally accepted cryptocurrency. Although this is very arguable, owing to the fact that Facebook already has more than 2 billion users all around the world, the possibility of this becoming a reality is very huge. While there could be lots of reasons for the launch of a Facebook cryptocurrency, the creation of a cryptocurrency by Facebook is believed to be for the purpose of making payments less stressful.
What Plans Does Facebook Have
Rumours concerning Facebook’s plan to create its own cryptocurrency are very strong. That, however, is not the only thing that Facebook has been up to in recent times. Facebook is also reported to be carrying out intense investigations into other ways that the company can take advantage of the Blockchain technology. Already, there is a team set up to make this a reality. This team is headed by David Marcus and it has been given a mandate by Facebook Inc. to build a Blockchain structure that will make it easy for Facebook users to carry out electronic payments.
It is believed that David Marcus, who is a member of the coinbase board, a Bitcoin investor, and the former vice-president of Facebook Messenger will be leading a team of not less than 12 people for the Facebook cryptocurrency launch.
Why Facebook cryptocurrency Launch is still unpopular
It is a norm on Facebook for executives to share information about the future plans of the company with employees. This is usually done via a presentation that makes the company’s plans for the next 10 years known to its customers. Well, just like the norm, Facebook executives have made known the company’s plan for the next 10 years. However, quite strangely, the plan to delve into Blockchain technology was not revealed in the 10-year plan.
Implications of Facebook cryptocurrency Launch
Facebook has given its reason for delving into the Blockchain technology as a means of helping its users make payments easily. Irrespective of this, lots of Blockchain devotees believe that Facebook’s interest in Blockchain technology is in an attempt to fix the issues that it has with the privacy of its users. It is believed that with the integration of Blockchain technology into Facebook, issues of privacy can be better handled.