FACEBOOK TO LAUNCH OWN COIN ICOSocial media giant Facebook will launch its very own cryptocurrency via an ICO .
An ‘exclusive source’ told the news outlet that the company plans to launch a coin called Facebook Coin (FBC).
Transactions will be anonymous but users will first have to register to use the coin.
Whether or not Facebook would enter the crypto-sphere has been the topic of hot debate for some time now. Many were doubtful because of negative comments founder Mark Zuckerberg has made in the past.
However, some would argue that a coin from a company as influential as Facebook wouldn’t need much pushing.
Information regarding the ICO’s funding goals is yet to emerge, however given the status of Facebook as an industry leader and a member of the group of tech titans dubbed FAAMG (Facebook, Amazon, Apple, Microsoft, and Google) it is likely that Facebook will rival Telegram.
Zuckerberg stated in response: “You may have heard about a quiz app built by a university researcher that leaked Facebook data of millions of people in 2014. This was a breach of trust, and I’m sorry we didn’t do more at the time. We’re now taking steps to make sure this doesn’t happen again….Thank you for believing in this community. I promise to do better for you.”
Facebook has often been accused of using its algorithms to influence election results, along with public opinion on various hot button issues. The company is also known to demonetize channels and videos it disagrees with, politically.
As such, Zuckerburg is no doubt keen to change the conversation, so to speak, regarding his precious creation. Entering the cryptocurrency world via an earth-shattering ICO will no doubt achieve this goal.
If a native currency is created for Facebook, it will likely function in the same way as other social coins, I.e., allow users to tip content creators with actual currency rather than simply liking and sharing.
A native coin would allow Facebook to become a genuine ecosystem, wherein the company has less hold over what thrives and what fails.
Users would decide what gets promoted and what doesn’t, rather than background algorithms. If all this is true, the platform is in store for a major shift in operations. Watch this space…
Source: Blockchain, W12, Daico, ICO
