Facebook Cryptocurrency: After Facebook confirmed that it is introducing the new Blockchain Technology, freshly procured reports say that the social networking giant is also exploring creation of its cryptocurrency. Launching their cryptocurrency will allow Facebook to perform all kinds of payment transactions using a virtual currency like Bitcoin. Facebook has near about 2 billion users globally and it is expanding its market so that the users can buy and sell goods using virtual currency.
According to the report published in the Tech website Cheddar, Facebook is “very serious about it”. But “the people familiar with the matter said that the social networking site doesn’t have plan to arrange a so-called initial coin offering (ICO) by offering a limited number of virtual currencies for the public to buy at a set price”, claimed the report.
Blockchain technology can be simply explained as a shared and ledger platform that maintains all record of the various transactions and cannot be modified in any case. Being true to its name, the Technology includes continuously increasing blocks of data and each block contains transaction information. According to the market research firm International Data Corporation (IDC) report earlier this year, the global expenditure on Blockchain Technology is expected to touch $2.1 billion in 2018, which is more than double of $945 million, the amount spent in 2017.
Facebook has done huge shuffling at the senior management level across various platforms including Messenger and WhatsApp after the large-scale data breach controversy. Long-time executive Chris Cox has been made in-charge of Facebook, Instagram, messenger and WhatsApp – now called ‘a family of apps’.Also, the Blockchain Team will be run by the Chief Technology Officer, Mike Schroepfer under “New platforms and infra”, apart from his responsibility to take care Facebook’s AR, VR, and Artificial Intelligence initiatives.
Recode first reported that Facebook is building a new team dedicated to Blockchain technology and that David Marcus was leaving all his previous responsibilities to run the Blockchain group and report to the Chief Technology Officer. David Marcus, the current executive in-charge of Facebook was quoted as saying,”I am setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch.” A statement later Facebook said,” Like many other companies Facebook is exploring ways to leverage the power of Blockchain Technology. This new small team will be exploring many different applications. We don’t have anything further to share.”