According to a Bloomberg Report, Facebook is exploring avenues to explore in the blockchain industry. The new year’s resolution comes after the Social media giant reshuffled its executive structure and included a blockchain team. The report claims Facebook will launch the cryptocurrency with massive ICO.In addition, funds will be exchanged via the WhatsApp chat platform. Meanwhile, cryptocurrency users will register with a Facebook wallet and Facebook will ensure an end to end encryption of wallets and transactions. Conclusively, Facebook will ensure that transactions are in line with Facebook’s privacy policy.
The Technology Behind Facebook Coins (FCB)
While the value of cryptocurrency continues to diminish, the issue of volatility has been hot. As if Blockchain is worth the dream, corporates still believe like the internet of the nineties, Blockchain is here to stay. In order to curb with coin volatility, Facebook envisions that its cryptocurrency will be a new variant of digital currency. The digital currency dubbed, stablecoins will be pegged to the US dollar.
The technical details of the coin are still on the preparation table. Facts to note, however, are, that users will register into the system using a load of security details. The details include name, address, mother’s maiden name, first pet name, and phone number. To curb security scandals and privacy issues, the coin will include a privacy clause written into its smart contracts. The privacy clause will ensure all transactions remain anonymous and completely encrypted
What makes India special?
The company, however, stated that the currency’s initial target could be the Indian market. India was considered because of its massive population of WhatsApp users. Incredibly, the country boasts a WhatsApp user base of over 200 million people. Furthermore, Wikipedia ranks India as having the second largest freelancer workforce after the United States. Therefore, India could be on the global map for the highest number of international money transfers. However, the world bank also ranks India as the highest in remittance. Apparently, the Indian market is a favorable avenue for future Blockchain opportunities.
As of now, the launch is yet to be, but the technology is in the development phase.
Conclusion
The future seems worth and promising. In fact, Statistica puts it that 2.3 billion users are active on Facebook every month. It is with no doubt that once Facebook puts its final signature into the coin, Facebook will command a huge blockchain following from its user base.
