Facebook, the social media king, wants to declare its digital currency project in this current month. It also wants to give these project employees’ salaries in the figure of coins, stated by CNBC on June 5.
Decentralized Nodes
This news cited by The Information and also CNBC. Facebook wants to deliver control of digital currency to the third party establishments’ act as nodes. The Company doesn’t want fully centralized coin. The firm already discussed $10 million charges for the nodes.
Cryptocurrency nodes contain powerful computing machines to solve complicated problems. The nodes are used for validating the transactions. These nodes are decentralized and widen among thousands of centers. Facebook made a partnership with well-known parties to manage their currency.
Facebook Digital Currency Usability
In the last year, Facebook appointed PayPal former employee David Marcus as an executive because to look at the opportunities in blockchain technology. And so, many sources cited Facebook coin. The company’s digital currency will be used for users to store, exchange and trade. This digital currency also will use in Facebook products such as Instagram, Messenger, and WhatsApp.
Another further step, Facebook is also preparing to buy or sell its digital currency through the ATM-like machines.
Facebook Brand
Building and branding Facebook coin is an easy one because it has 2 billion existing users. The users will use this coin for trading, hold, and cross-border payments. The company does not need to bear advertising its coin brand. A few months ago, Facebook faced criticism on collecting user’s data. But, now the firm solved the problem and ready to bring its coin.
On the internet, much news about Facebook’s coin become as a subject matter. The company also revealed little news about its coin. This stablecoin will integrate with Facebook’s products such as Whatsapp and Messenger. The company wants to access this coin with ATM-like machines.
And also, the U.S. Commodity Future Trading Commission (CFTC) is dealing with Facebook upcoming stabecoin.
In March, Barclays stated that Facebook coin will provide $19 billion in additional revenue by the year 2021. This is extra revenue aside from Facebook Ads for the company.
In the last month, Facebook gained the “Libra” trademark for its secret project. From the sources, the company is also recruiting financial companies to develop own coin.
Recently, Facebook registered the financial technology company named as Libra Networks LLC in Switzerland with Geneva Commercial Register.
The interesting thing is the employees who are working on this project also receiving their salaries in the new currency.
I think the libra coin is going to a massive adoption in the social media
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