Social media giants going crypto

March 4, 2019

Social media giants going crypto - Even Facebook plans to issue its own coin

It appears that predictions of cryptocurrencies going big in 2019 may not have been entirely wrong. While the prices of different coins are still struggling to even reach stability and are constantly having to fight off the bears — things appear to be quite positive in other aspects.

For example, cryptocurrencies continue to advance on their way towards mass adoption. Recent reports claim that even social media giants such as Facebook, Instagram, Signal, and others are also joining the trend. Some of them may even roll out their own coins in the following year. If their efforts result in success, social media platform users may soon find themselves capable of sending coins as easily as instant messages.

Facebook is particularly interesting in this regard, as the company is allegedly silently working on its own coin which will be used on its WhatsApp messaging application. This would allow WhatsApp users to send funds instantly to pretty much anyone in their contact list, no matter where in the world they are.

Facebook has, reportedly, already in conversations with a number of crypto exchanges in an attempt to find the best way to deliver its future coin to its users and future consumers.

Other large platforms are apparently doing the same, with one example being Telegram, which has around 300 million users, and another one being Signal. If all of these projects end up seeing the light of day, Facebook and Telegram may even develop their own digital wallets which would likely make cryptocurrencies available and approachable to millions of new traders and investors.

Facebook plans to implement blockchain

As mentioned, these new cryptocurrencies will likely have a similar purpose as Bitcoin itself — to act as digital cash, and quickly move money. However, unlike bank transfers, these transactions will be nearly instant, even when it comes to international payments.

Furthermore, they will likely have more advanced solutions than Bitcoin when it comes to mining. Facebook, in particular, started researching the best ways to leverage blockchain across the platform a long time ago, according to Facebook Messenger's David Marcus who wrote about it last year. In one of his blog posts, Marcus mentioned that he is creating a small group of researchers dedicated to this very goal.

Additionally, Facebook also promoted its senior engineer, Evan Cheng, to the position of Director of Engineering in the company's Blockchain division. The move shows how important this project is to Facebook. Even the company's CEO, Mark Zuckerberg himself, stated that users would soon be able to log into the platform via a new authentication system which will be based on blockchain technology.

Zuckerberg admitted to not being sure how to go about it, but he clearly stated that his intention is to move towards decentralized or blockchain authentication. Blockchain will also grant users more power when it comes to providing access to their data - a problem that Facebook is very much aware of due to several privacy and security incidents in previous years.


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