With JP Morgan announcing the issuance of JP cryptocurrency and joining the cryptocurrency market, many crypto enthusiasts are predicting that Facebook will soon announce the launch of their own cryptocurrency called “FaceCoin” within the community of crypto enthusiasts.
The above-mentioned expectations match the most recent activities at Facebook as the company opened more positions in the area of blockchain, looking for more blockchain professionals to fill in different positions, including software engineers, product managers, data scientists and quantitative UX researchers.
Is Facebook Launching their Own Cryptocurrency? More Blockchain Job Positions Opened at Facebook Company
Setting all differences aside after a rigorous campaign that Facebook run during the last year which revolved around banning all ICO-related ads on Facebook social platform, Facebook decided to revise their ban and later on even started a special department for blockchain researching and development.
With more jobs opened in the area of blockchain promotion, management and development, many are hinting that Facebook will be issuing their own cryptocurrency to join the growing trend already practiced by giants such as JP Morgan and the tech magnum, IBM.
Facebook already admitted exploring different aspects of blockchain technology, however, none of the team representatives responded to negate or confirm the allegations that Facebook will soon have its own digital currency.
What is known by far is that Facebook is cooperating with Chainspace, a blockchain startup hired to aid the company in their research, as reported several weeks ago by the news portal Bitcoinist.
According to some speculations coming from different sources in the company, Facebook is said to be targeting the remittance market in India with the project they are currently working on within the blockchain-focused department at Facebook company.
Although no official details on the blockchain project run by Facebook have been released by far, many crypto enthusiasts suggest that we could be soon looking at the much-talked-about Facebook digital currency.
Facebook Blockchain Identity System
Facebook’s Crypto Division Might Build a Blockchain Identity System: Mark Zuckerberg
Weighed down by countless accusations of user-data violations, crypto-curious Facebook has signaled that it could turn to blockchain technology for some tasks.
In a video discussion, Facebook’s CEO Mark Zuckerberg told Harvard Law professor Jonathan Zittrain, that the social media giant could integrate blockchain technology into the platform’s login and data sharing systems.
This would allow its billions of users to enforce control on the apps that access their data, profiles, and pages. Additionally, the technology would empower users with regards to the amount of data they share.
According to Zuckerberg, blockchain technology could be used also assist Facebook in getting rid of intermediaries. This would allow developers to build applications and features without having to worry about losing access if they violated third-party policy:
“For developers, one of the things that is really troubling about working with our system, or Google’s system for that matter, or having to deliver services through Apple’s App Store is that you don’t want to have an intermediary between serving the people who are using your service and you. Where someone can just say hey, we as a developer have to follow your policy and if we don’t, then you can cut off access to the people we are serving. That’s kind of a difficult and troubling position to be in.”
Facebook Blockchain and Crypto Acquisitions
Facebook is also rumored to be eyeing other acquisitions in the crypto space. As previously reported, the company has met with blockchain startups such as Basis, Keybase, and Algorand.
Prior to the Chainspace acquisition, Facebook’s blockchain division was estimated to have around 40 employees. The division is headed by David Marcus who is an ex-board member of U.S. cryptocurrency exchange Coinbase.
Facebook’s secretive crypto division has reportedly made its first acquisition, quietly onboarding most of the research team from a blockchain startup that specializes in smart contract development.
FACEBOOK ACQUI-HIRES CHAINSPACE RESEARCHERS
Citing unnamed sources, financial news outlet Cheddar reports that Facebook acquired Chainspace, a blockchain firm founded by University College London researchers.
The Chainspace website describes its project as “a planetary scale smart contracts platform” that uses a “distributed web of blockchains for scalability, speed and privacy.”
A banner at the top of the website reads:
“We’re excited to announce that the team is moving on to something new. Chainspace code and documentation will still be open source, and all previously published academic work remains available.”
Is Facebook About to Launch Its Cryptocurrency?
blokt.com: Is FB cryptocurrency a promising currency? We still know very little about Facebook’s cryptocurrency. The project is currently only under study, and nothing is yet sure. The FB division dedicated to blockchain must study the various possibilities available to the social network. According to the first information that has been communicated, the cryptocurrency, if it is actually launched, could be used only for transactions on the Facebook network. Unlike Bitcoin, for example, which is used for payments and money transfers of all kinds on the blockchain, the role of the cryptocurrency FB would be limited to its own network. Thus, users could use crypto FB on the MarketPlace, for example, the platform for buying and selling objects of the social network.
Facebook Creating Its Own Stablecoin Cryptocurrency?
Facebook seems focused on the development of a blockchain network and also a digital asset. A few months ago, rumors spread regarding the possibility of the most popular social network in the world releasing a new cryptocurrency for the remittance market in India. This new coin would be linked to the popular messaging app WhatsApp.
Even when there are several crypto supporters against this virtual currency, it is clear that this Facebook token could help increase cryptocurrency adoption around the world. Billion so WhatsApp users, Facebook and Instagram could eventually have access to this virtual currency that would allow users to transact funds no matter where they are.
According to the Abacus Journal, it seems possible for Facebook to build a virtual currency backed by US dollars and that would work as a stablecoin. This would allow users that are unbanked to have access to the financial world and enhance crypto adoption in the region.
One of the sources that talked with Abacus Journal said that Facebook could eventually ‘swallow up Coinbase tomorrow.’
About it, the source commented:
“Just keep track of the size, scale, and names associated with their ever-growing blockchain team. As it grows you can bet they are getting closer and closer to pulling the trigger on a token of some sort. And my guess, to satisfy regulators, it would be tied to the dollar in the way stable coins have been.”