The social media giant is now considering creating its own cryptocurrency.
This Saturday it was reported that Facebook is “very serious about it,” according to tech website Cheddar.
Facebook has not disclosed much information yet, but the plan is to use cryptocurrency, for the most part, to facilitate payments on the website.
This new is probably not new to the evolving world where people are open to change and innovation. Enthusiast in this arena could probably still recall the bold news to ban cryptocurrency ads from major social media site way back mid-March this year.
Lo and behold the company is trying to leverage the manifestation of the digital currency and its fundamental Blockchain technology across its platform.
Global investment in Blockchain solutions is expected to reach $2.1 billion this year alone and more than double of the $945 million spent in 2017.
Facebook has over 2.19 million customers globally this first quarter of 2018, and the introduction of cryptocurrency will allow them to make payments using virtual currency like Bitcoin and Ethereum.
Facebook employee devoted to studying Blockchain, the digital and decentralized ledger that is the base of cryptocurrencies. Projects like this have been heard of even echoing after the Icon Summit 2018 held in Cyprus where many had ventured into the Blockchain technology promoting transparency and freedom like the new Decenternet website.
The social media platform has experimented with virtual currency before, and in 2009 they released the Facebook Credits but didn’t really make its mark and was shut down in 2011.
David Marcus, headed the Messenger in Facebook but now looking into Blockchain for Facebook, said in an interview in February:
“Payments using the crypto right now is just very expensive, super slow, so the various communities running the different Blockchain and the different assets need to fix all the issues, and then we get there someday, maybe we’ll do something. “
Either way, the social media is making its mark in the world of cryptocurrencies. So who’s to say that that there won’t be any ZuckerCoings going around soon? Or WhatsAppCoins, InstaCoins, TweeterCoins?
Just like the Decenternet vision, Facebook may be looking into a faster, more secured and neutral decentralized Internet unbound by oppression.