Facebook’s Project Libra Will Change Cryptocurrency Industry Forever

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Since Facebook revealed its new project Libra, and everything that is related to it, people are starting to wake up and speculate – Is Facebook’s Project Libra going to take over the cryptocurrency industry? Such a company which has billions of daily users simply couldn’t not leave a mark. Whether it will be a good or a bad mark, let’s see.

As we reported earlier, Facebook announced the white-paper of their ever long speculated crypto project – Libra. Along with Libra came the Libra Association, Libra Reserve, and Calibra. Calibra will first serve as the digital wallet where users can store their Libra’s and exchange with each other. Libra Association will govern this app, and eventually, Calibra is meant to develop financial services and products around the Libra Network. The Libra association consists of 28 large corporations and companies which specialize in wide range of industries coming from blockchain and finance ranging to entertainment and telecom companies.

After these news struck the cryptocurrency ecosystem, people are starting to ask questions, whether Facebook could disrupt the crypto industry as a whole?

Facebook Completely Misunderstands Money

As Caitlin Long, the member of Wyoming Blockchain Task Force, also known as the crypto Mom, yesterday described in her first Project Libra analysis:

“Facebook completely misunderstands money. Facebook understands payment systems – but that’s not the same as money. Two telling quotes: “Libra is backed by a reserve of real assets.”; “Many cryptocurrencies today (eg #Bitcoin & #Ether have no underlying assets to back them.” Money is a good that serves as an HONEST LEDGER – it doesn’t need to have intrinsic value because it attains value by people trusting it to be an HONEST LEDGER.”

She points out that just because Facebook is backed by many different assets, doesn’t mean that people will give the currency value. She believes that Facebook has widened the conversation on what money really is.

“Libra is the first denationalized “money” that billions of people in the world will encounter […] billions of people will soon become woke to the unfairness and instability of current monetary and payment systems,” writes Caitlin in her Twitter profile adding: “People are smart – they will figure out Libra isn’t scarce and will migrate to bitcoin and other crypto over time,” she predicts.

Libra Will Educate More Users

Because of yesterday, millions, if not billions, of people realized that cryptocurrencies are a real thing because up until now, all they had heard about crypto or Bitcoin was that it is a speculative and very volatile market without any future or actual use case. Now when the man himself – Mark Zuckerberg makes a Facebook post about a cryptocurrency that Facebook is developing… I mean, I fully believe that yesterday alone made more people aware than the last years in crypto combined.

The fact that a company of such scale and authority recognizes crypto as a asset class, that has a use case, is huge! And I tend to agree with Caitlin. The time frame could be 5 years what we are looking for, but eventually people will start looking into other crypto’s. I mean, as soon as project Libra will lack in something, there will always be hundreds of cryptocurrencies that will do it better. And you know – once you start fooling around with sh… I mean Altcoins, you eventually find Bitcoin and stick to it. Of course, everything won’t go as smooth as I just described and it most definitely won’t happen anytime soon, but it could be a pattern. Most importantly, if Libra or Facebook is talking about third-world countries where people are struggling to even pay the transaction fee, then once they take the bite by Facebook, they will realize that because of crypto there can be even less fees or even a fee-less system.

But all-in-all, Facebook has done a really great job in terms of courage of taking the first step. It could’ve been Google, or any other company, but Facebook took the first bite and takes on the mission to educate billions of people. These might not be intentional lessons on what crypto is, but still, this will do just as fine.

Source:

https://www.forbes.com/sites/panosmourdoukoutas/2019/06/18/facebook-could-change-the-game-for-bitcoin-eth-xrp-and-litecoin/#353a3b96737a

Facebook’s Project Libra Already Being Oppressed by Governments!

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Facebook announced Project Libra white-paper yesterday along with Calibra, the digital wallet meant for transacting Libra. While people are celebrating and congratulating Mark Zuckerberg for this new achievement, various governments have shown oppression towards the highly anticipated project.

U.S. House Financial Services Committee asks To “Pause the Project”

Democratic Republican Maxine Waters, who is on the chair of the House Financial Services Committee, briefly after the Libra white-paper announcement, requested Facebook to pause the development on the project.

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action,” she said in a statement on Tuesday.

The hearing was called earlier that day by Republican Patric McHenry who also commented on this issue:

“While there is great promise for this new technology in fostering financial inclusion and faster payments, particularly in the developing world, we know there are many open questions as to the scope and scale of the project and how it will conform to our global financial regulatory framework,” he explained adding: “We need to go beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the financial system.”

And a senator, also a democrat, Sherrod Brown, expressed a particularly powerful comment on his Twitter account.

It’s like Caitlin Long tweeted that Facebook along with Libra finally will boost the governments willing to finally distribute legitimate regulations for this industry. However, I get the feeling that the U.S. government is acting like they haven’t heard of this project… like, ever! Facebook have been developing this so-called cryptocurrency for about a year, but once they release the white-paper, suddenly they want it to be paused. Maybe that is the reason, because Facebook have been ever so secretive about the development of the project.

All-in-all, Facebook have replied to these questions by saying: “We look forward to responding to lawmakers’ questions as this process moves forward.”

French Finance Minister Doesn’t Want to Allow Libra to Replace Traditional Currencies

In a radio show in France, the French Finance Minister Bruno Le Maire commented that Libra should be allowed to even talk about replacing the traditional currencies.

“It is out of question. It can’t and it must not happen,” said Le Maire in an interview on Europe Radio 1. He explained that a group of Seven central bank governors, who call themselves the guardians of the global monetary system, are preparing a report on Facebook’s project for their July meeting. They are most concerned about privacy, money laundering and terrorism finance.

Moreover, the governor of Bank of England, Mark Carney, also discussed Libra at the European Central Bank’s annual symposium in Portugal.

“Anything that works in this world will become instantly systemic and will have to be subject to the highest standards off regulation,” he stated.

At the same time, he says that “we” need to keep an open mind towards new technology that can facilitate money transfers across the world. They will look at it very closely.

It is clear that central banks across the world are freaking out, because they might lose a significant fraction of their income and operating services in general. This will soon be discussed in the G7 summit, where the top leaders of the world will gather to debate on how to regulate this exact case of project Libra. This is going to be interesting to watch in the upcoming weeks and months, so grab your popcorns and enjoy the show!

Source:

https://www.cnbc.com/2019/06/18/rep-maxine-waters-facebook-should-stop-work-on-libra-cryptocurrency.html?fbclid=IwAR1aQYXKpyZH1-JY7g3e8q8w_estuIwUizRSDcsG4r9Exm5RX9e156821b4
https://www.bloomberg.com/news/articles/2019-06-18/france-calls-for-central-bank-review-of-facebook-cryptocurrency

BREAKING: Facebook Reveals Libra Cryptocurrency Whitepaper and Wallet!

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Facebook just have released the whitepaper for their Libra project on libra.org, which is the official webpage for the social networks native cryptocurrency. Also, they presented Calibra, the digital wallet meant for the Libra currency. They are coming out with a bold statement to bank the unbanked. 

Libra whitepaper has just been published and the main idea for Facebook is that you don’t have to have a Facebook account to use the cryptocurrency Libra. While Libra is only the currency, Facebook comes out also with The Libra Reserve, where all the funds are going to be stored and who provided them. Then there also is The Libra Blockchain, which, they say, is a decentralized database that will have the power to become the medium of exchange for billions of people.

Moreover, they have the Libra Asociacion which includes 28 founding members like Visa, Mastercard, PayPal, Uber, Coinbase, Lyft, and others. Basically, they have brought all the best companies in every industry and put them together to work on this project. Now they have only 28 worldwide companies, but they plan to gather around 100 by the beginning of 2020 when they will launch the blockchain

“Once the Libra network launches, Facebook, and its affiliates, will have the same commitments, privileges, and financial obligations as any other Founding Member. As one member among many, Facebook’s role in the governance of the association will be equal to that of its peers.”

While Facebook’s Libra coin will offer multiple options on what to do with it, their initial goal is to solve the international remittance problem in the world.

The whitepaper explains that Libra is made up of three parts:

“1. It is built on a secure, scalable, and reliable blockchain;
2. It is backed by a reserve of assets designed to give it intrinsic value;
3.It is governed by the independent Libra Association tasked with evolving the ecosystem.”

We’re yet to find out whether the blockchain is reliable, whether people will give this coin an intrinsic value, and how good of a job will the Libra Association do in governing the project.

A New Mobile Wallet – Calibra

While many of us were speculating whether Facebook will include their wallets within the actual social network or develop a separate wallet – well now we have the answer. Calibra will first serve as the digital wallet where users can store their Libra’s and exchange with each other. I guess it’s not much of a surprise that this will be a custodial wallet. Libra Association will govern this app, and eventually Calibra is meant to develop financial services and products around the Libra Network. Also, Facebook Messenger and WhatsApp will serve as a functional wallet as well.

The Libra Blockchain is about to be launched sometime next year.

Their Main Goal is To Reach The Unbanked

Facebook highlights the problem that around 1,7 billion people in the world are unbanked.

“For many people around the world, even basic financial services are still out of reach: almost half of the adults in the world don’t have an active bank account, and those numbers are worse in developing countries and even worse for women,” Calibra writes adding: “The cost of that exclusion is high – for example, approximately 70 percent of small businesses in developing countries lack access to credit, and $25 billion is lost by migrants every year through remittance fees.”

They also have provided screenshots and videos of the app, and it looks… just like any other crypto wallet ap. It has a very smooth sense to it, but in my humble opinion – nothing special. Also, their main goal which they actualize – I believe they are being a little bit hypocritical, because stablecoins and such digital currencies have been around for quite a while and solving the same thing they want to solve – international remittances. For example Ripple. They are leaving out the fact that this Libra project is backed by the largest corporations in the world and is fully centralized, not decentralized as they would want.

Now the Calibra wallet is just in a Testnet phase where it serves only like a wallet, but eventually, their plan is to allow users to pay for all sorts of services like bills and public transit. Some say that Facebook is entering the WeChat or Alipay market.

Everlong Regulatory Issues

This is where the regulations come in. Of course, they want to be regulated in every corner of the world, and they will, which makes this coin even more centralized as I thought before. Also, they explain that social profiles and financial data won’t be linked to the wallet or profile, but I don’t really believe it. There will definitely be an option where you can share all that data which will eventually be more beneficial in terms of app use. A rather weird statement to read was how Facebook said they won’t share any data or information about its users “unless required by law or for limited technical reasons.” That means that it is no different than a bank or any third-party instance which promises to keep your money safe.

However, the whitepaper says that “The Libra protocol does not link accounts to a real-world identity. A user is free to create multiple accounts by generating multiple key-pairs.”

But ultimately, the Calibra wallet will use similar verification and anti-fraud procedures that banks and credit card providers currently use, as well as systems to monitor accounts for unusual behavior in order to prevent fraudulent activity.

“The libra currency and reserve will enable people around the world to trade in one single native currency,” says David Marcus, Facebook’s head of blockchain, and now the head of Facebook’s newly created cryptocurrency subsidiary, Calibra. “What we’re hoping is we will have the ability to foster a lot of innovation in the ecosystem across all dimensions.”

Source:

https://libra.org/en-US/white-paper/

Facebook’s GlobalCoin Will Likely Pay Interest to Users

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A Wyoming Blockchain regulator and so-called “crypto-mom” Caitlin Long has made 6 predictions on the upcoming Facebook’s cryptocurrency dubbed GlobalCoin. She predicts that Facebook could potentially pay interest to its users.

“Facebook will pay interest to users of its cryptocurrency, which will eventually lead to populist calls to repeal subsidies at the heart of the US banking system,” she writes on Twitter.

Backed Assets could probably be stored in the Federal Reserve

It is a well-known fact that Facebook’s anticipated cryptocurrency will be a stablecoin. That means that it will be backed by a large sum of fiat currency. This money Facebook will probably store somewhere where it could generate interest. That is why Caitlin speculates that the place where to hold that amount of money could be the Federal Reserve.

Caitlin Long says that up to date, stablecoin issuers have generally pocketed the float on assets backing the coins. However, her next prediction is that Facebook won’t be able to pocket these big profits without sharing them with their users. Simply because of the fact that Facebook’s cryptocurrency will be the largest and most public crypto entity one has ever seen in this market.

“If Facebook doesn’t share these interest spoils with users, a chorus of critics will loudly publicize how much money Facebook and its partners are pocketing,” says Long.

According to Federal Reserve’s interest on excess rate, the Federal Reserve pays 2.35 percent.

More Predictions

Long went on and predicted other things related to the Facebook’s cryptocurrency. She believes that Facebook’s GlobalCoin will face all kinds of regulatory uncertainty. In addition to this, she commented that she knows a perfect regulatory structure for this. Hinting her Wyoming Blockchain Task Force and the state of Wyoming in general.

Next, she believes that the new cryptocurrency will reveal how much of the recently widely discussed Facebook 2.3 billion users are real. This is because in order to use the currency users will have to pass KYC procedures.

She goes on saying that Facebook will become a “huge data honeypot for governments globally with all the privacy and tax reporting implications such as data honeypot entails,” she writes. All-in-all, she asks quite a rhetorical question. In the case of Facebook being struck with government regulations – “would it fight or fold?”

GlobalCoin Could Drive Bitcoin Adoption

The last thing that Caitlin predicts is that the development of GlobalCoin could potentially boost the adoption of Bitcoin. She says that by “educating consumers about the benefits of crypto and improving the user experience, Facebook will pull more users into Bitcoin, whether it intends to or not.” While Bitcoin is the king of cryptocurrencies, it is still the only ledger in the cryptocurrency field which is considered the most honest of all. People will recognize this as they embark with the new cryptocurrency. If comparing Bitcoin to Facebook’s GlobalCoin, the main reason why people might turn to Bitcoin is that it’s more scarce while Facebook’s cryptocurrency is not.

“Facebook will greatly accelerate the pace of teaching people about cryptocurrencies. And when this happens, more people will turn to bitcoin for one simple reason—bitcoin is scarce, while Facebook’s cryptocurrency is not,” says Long. 

Source:

https://www.ccn.com/facebook-cryptocurrency-pay-interest-users
https://twitter.com/CaitlinLong_/status/1137832406206046209

Crypto Mainstream Adoption: Nike Joins the Family with CryptoKicks!

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Nike recently filed an application with the United States Patent and Trademark Office to trademark the phrase “CryptoKicks”. By doing so, Nike joins multiple large corporations like Facebook, JP Morgan, Samsung, and many others in the crypto mainstream adoption race. 

Nike Prepping for Something Big

For starters, it is clear that it won’t be a new apparel or shoe collection with a crypto theme. Nike Inc. filed the application and it itself reveals much information on the recent Nike move. For example, the application says that Nike aims to provide “financial services, namely, providing a digital currency or digital token for use by members of an on-line community via a global computer network”. Additionally, they describe the service as a “website featuring technology that enables users to mine, earn, purchase, receive by any other means, store, and transfer blockchain-based tokens, coins, cryptocurrencies, and other crypto assets”. This is a clear sign that Nike is prepping for something big.

Could this mean that Nike is aiming to develop a fully-compatible, all-inclusive cryptocurrency platform? Which would also serve as a miner? Some say that this could potentially be a rare Nike shoe collectible marketplace. In it, you could only purchase collectibles with CryptoKicks, a native cryptocurrency.

John Gerben, a trademark lawyer, explains this situation. He says that such big corporations like Nike don’t just file trademarks right and left just for the purpose of speculation. First of all, if Nike gets the trademark, they get the rights to use the name “CryptoKicks” for four years. But there is a large “but” in this situation. If Nike gets the trademark for four years, they have to launch a commercial product under that name. This exact point means that Nike will soon publicly announce their steps into the crypto-space.

CryptoKicks can outperform Facebook’s GlobalCoin, Experts say

Experts point out that Nike’s CryptoKicks service (or application) could potentially outperform Facebook’s. While Nike’s application identification looks like they just added every possible characteristic of cryptocurrencies to their service, CryptoKicks has a better chance to attract more attention than Facebook’s GlobalCoin. The main idea behind this is that Facebook’s cryptocurrency use case is yet to be designed, while Nike just has to change the purchasing model in its new app. The world is full of rare shoe collectors and they would most definitely switch to using CryptoKicks as a way of paying for their rare shoes.

Facebook, on the other side, has yet revealed only the intent to cover the remittances market in India. However, the Indian Government has had a hard time defining the regulation of cryptocurrencies. Rumors of an outright ban have been active for about a year or so. But now, when the G20 summit is near, it seems like the report detailing the country’s crypto regulations is finally ready and soon will see daylight.

At the moment, the crypto community is closely watching the progress of Facebook’s GlobalCoin development. Anthony Pompliano even believes that it will become the most used product in crypto. To be honest, it shouldn’t be so hard when you have a monthly user base of 2,7 billion.

However, Facebook has a very bad reputation, since the leak on the company’s use of user data. Also, recent reports say that Facebook is seeking for additional $1 billion in Venture Capital for its new project. Experts believe that this a previously-planned move to make the “Project Libra” seem more “decentralized”.

Major Corporations Getting in the “Crypto Game”

It all started with JP Morgan when they announced the JPM Coin. It shocked the crypto-world, as Jamie Dimon, the CEO of JP Morgan, has been a very active opponent of cryptocurrencies. Especially Bitcoin. With this move, JP Morgan is prepping for a revolution in the FinTech industry. The JPM Coin is a digital stablecoin which will be used by the banking behemoth to instantly settle transactions between the clients of its wholesale payments business.

Also, a Russian social network giant VKontakte also has shared plans for launching its own cryptocurrency and a tipping service. VKontakte (or VK.com) was created by Pavel Durov, the Telegram Messenger founder, in 2016. VK is available in several languages but it is especially used by Russian-speakers. The platform has around 97 million monthly users. Their primary intent for a native cryptocurrency is to reward the users for the time spent on using VK’s services. 

While all these companies are only in the plans of developing a cryptocurrency or a crypto service, Samsung has already taken huge steps towards blockchain and crypto implementation within their work field. Recently their new Galaxy phone was presented with an in-built crypto wallet support. However, in general, Samsung Electronics is looking into developing its own blockchain and possibly an ERC-20 Ethereum-based token “Samsung Coin”. Of course, the company officials have rejected such rumors, but you know, that could be a part of the strategy.

A Token for Every Service

All-in-all, it is clear for me that the large corporations are actively getting into the crypto-space. Nobody wants to be left out. Many predicted this during the 2017 bull-run. While back then, saying that Facebook or Nike could someday develop their own tokens or coins was just a speculation, today this has become a reality. I mean, they are now making movies about crypto… But a different token for every company, for every service? I think the ICO craze of 2017 proved that this isn’t such a good idea, but apparently, the large corps think differently. 

In my mind, I see a world where we all have multiple crypto-tokens for everything we do, and one store of value asset like Bitcoin, where we hold our finances.

Source:

https://oracletimes.com/nike-hops-in-the-crypto-wagon-and-unveils-blueprint-for-crypto-marketplace/
https://www.newsbtc.com/2019/04/25/pop-culture-shift-nike-forays-into-crypto-as-technology-continues-going-mainstream/
http://tsdr.uspto.gov/documentviewer?caseId=sn88394295&docId=RFA20190423084525#docIndex=0&page=1
https://www.btcwires.com/c-buzz/is-nike-planning-to-enter-the-crypto-field/
https://www.ccn.com/nikes-surprise-crypto-play-could-steal-facebooks-thunder
https://www.coinspeaker.com/facebook-own-cryptocurrency/
https://www.coinspeaker.com/facebook-cryptocurrency/
https://www.coinspeaker.com/jpm-coin-jp-morgan-worlds-first-cryptocurrency-by-bank/
https://www.coinspeaker.com/vkontakte-launching-crypto/
https://www.coinspeaker.com/samsung-blockchain-coin/
https://www.coinspeaker.com/kurt-russell-alexis-bledel-beau-knapp-star-cryptocurrency-movie-thriller-crypto/

Facebook to Launch “GlobalCoin” in 2020!

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Today, Friday, May 24, BBC posted a large article about Facebook’s plans on launching their cryptocurrency. Rumours say its name will be “GlobalCoin” despite earlier speculations of Facebook Coin and Libra coin. 

Released in a Dozen of Countries by Q1 2020

Facebook is planning to set up its digital payments system/platform by the beginning of 2020. Internal tests will start at the end of this year. Also, the report says that the company’s CEO Mark Zuckerberg has met with the governor of Bank of England to seek advice. More importantly, to discuss the risks that are involved with such a move. Moreover, there also have been talks with the U.S. Treasury and different payments companies. Facebook seeks funding from Visa, Mastercard, and Western Union for its fiat-backed cryptocurrency.

Facebook previously revealed that their cryptocurrency will be a stablecoin which will be backed by multiple fiat currencies, including the USD, EURO, and Japanese YEN.

Project Libra

Project Libra is the name of the whole initiative by Facebook to launch this payment system. Referring to this, earlier this month, Facebook launched a new entity in Geneva called “Libra Networks”. This entity will provide financial and technology services and develop related hardware and software. This was published on the Swiss registration.

This project is set out to help billions of Facebook users/people to transfer money without the necessity of a banking institution. However, there are very few details on this issue. Facebook said that they expect to reveal more in the upcoming months.

Can Facebook take over the whole cryptocurrency market? Facebook has a total of 2.4 billion monthly (!!!) users, while crypto has around 30 million. Of course, that is the traceable data. It could be a lot more, considering the amount of privacy coins and features within multiple cryptocurrencies, including Bitcoin. 

Source:

https://www.bbc.com/news/business-48383460?intlink_from_url=&link_location=live-reporting-story

Mainstream Adoption: AT&T Now Accepts Bitcoin!

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Judging by recent news, the US telecom and media conglomerate AT&T now will be accepting Bitcoin! Customers will be able to pay for their phone bills online with Bitcoin! AT&T is the largest multichannel video service provider in the US. They have around a total of 22,3 million subscribers.

AT&T Expanding Services

While you cannot use Bitcoin to buy phones and other merchandise what AT&T offers to their clients, this is a very good head-up start for a company of such scale. Cryptocurrency enthusiasts now can pay with Bitcoin for their phone bills. This is done via a partnership with BitPay.

Kevin McDorman, vice president at AT&T, explained that AT&T has a lot of customers using cryptocurrencies. So the company decided to come forward to their clients and a rational step was to allow Bitcoin payments. He said:

“We’re always looking for ways to improve and expand our services. We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”

Kevin McDorman

Large companies start to acknowledge cryptocurrencies

This move from AT&T is just yet another step towards mass cryptocurrency adoption. This year, more than ever, there have been multiple companies that announce that they are working on ways how to use, develop or implement Bitcoin or cryptocurrencies as such on their services or platforms.

These companies include Facebook and JP Morgan with their stablecoin development, IBM and their blockchain implementations, Starbucks accepting crypto payments, Fidelity adding Bitcoin to their services, NYSE along with NASDAQ acknowledging Bitcoin, Harvard and Yale investing huge sums into Bitcoin, Microsoft using it in their Azure service, and many others at this point.

Today you can hear about Bitcoin in most of the traditional media platforms. CNBC now covers a daily segment about Bitcoin. They encourage investors to think about investing in BTC. The cryptocurrency lately is all around the news and each day brings new horizons development and implementation-wise. The bull is here to stay for quite a while. 

Source:

https://about.att.com/story/2019/att_bitpay.html
https://twitter.com/APompliano/status/1131270293689966593

Photo by Wojtek Witkowski on Unsplash

Facebook Keeps Hiring New Blockchain Specialists

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The biggest social media platform in the world, Facebook, keeps hiring new blockchain specialists. At the moment, Facebook Careers section now lists 19 new job openings. They all are related to blockchain development in various areas. For example, they are looking for Project Managers, Web and Media managers, Business operations managers, Growth product managers, Data Engineers, UX Researchers and many more. 

Currently, there are fifty engineers working on the new Facebook project. It will be a unique token which is about to be released in the first half of 2019.

Job description doesn’t reveal much information on Facebook’s plans

In the hope to find out more about the Facebook Blockchain project, we rushed to the job description. However, they all have the same general text about Facebook’s mission:

“Facebook’s mission is to give people the power to build community and bring the world closer together. Through our family of apps and services, we’re building a different kind of company that connects billions of people around the world, gives them ways to share what matters most to them, and helps bring people closer together. Whether we’re creating new products or helping a small business expand its reach, people at Facebook are builders at heart. Our global teams are constantly iterating, solving problems, and working together to empower people around the world to build community and connect in meaningful ways.”

In addition, comes the responsibilities section, minimum qualifications, and preferred qualifications. This also is written very good, in order to not give out any information about the upcoming product.

A Facebook Coin for all the platforms?

According to a recent article by the NY Times, not only Facebook is working on a token/coin that would allow users to transact money through applications. Kakao and Line are also working on similar products. The New York Times article suggests that Facebook, WhatsApp, and Instagram will have a unique token. It will be sort of a stablecoin pegged to several fiat currencies.

“Like Bitcoin, the new cryptocurrencies would make it easier to move money between countries, particularly in the developing world where it is hard for ordinary people to open bank accounts and buy things online,” says in the article.

Moreover, this is what we were expecting last year, at the ICO craze. Lots of talks about what it would be like if Facebook, Amazon or Google developed their own native tokens. One thing is for sure – they have a huge user base, which would result in hundreds of millions of users adopting their cryptocurrency within a day. However, whether the cryptocurrency will fulfill the users’ expectations is not clear. But speaking adoption-wise it most certainly will leave a mark in the cryptocurrency field.

Source:

https://www.facebook.com/careers/jobs/?page=1&results_per_page=25&q=blockchain#search_result
https://www.nytimes.com/2019/02/28/technology/cryptocurrency-facebook-telegram.html

Photo by pixabay.com

Blockchain alternatives to Facebook and LinkedIn

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Are there any alternatives to Facebook and LinkedIn on blockchain? Social media platforms are experiencing a change since mass blockchain adaption. These alternative companies represent decentralization which blockchain can add to the social media phenomenon. Up until now, people have been using social media sites like Facebook and LinkedIn or Instagram very naively. But when news of Facebook yearly income spread across the world, a lot of people started to think – how can they be making so much money only from adds? They must be doing something else to get such unbelievable returns.

Are they tracking my everyday life?

Yes, Facebook and LinkedIn, basically, are tracking your life. Everything you do on their platforms, everything you type and everything you like. Then they sell this information to all the companies you follow for a huge amount of money so that the company which you follow can know exactly what to offer to you and at what time. And a lot of people were asking for a change. Couldn’t there be a social media platform which doesn’t store all your information on a centralized platform? Couldn’t there be a social media platform where users would receive fair pay for the things they publish? The answer to these questions are – there already is! And they are fully working and people receive rewards. So here is an overview of the three most popular blockchain social media platforms:

1. Steemit – blockchain alternative to Facebook

Steemit is the pilot project for blockchain-based social platforms. They have their own blockchain – the Steem blockchain. Steemit is a decentralized social media platform. Much like Facebook, only on blockchain. Bloggers receive rewards for their posts and comments in the form of Steem cryptocurrency. Steemit has more than 60 Dapps like Steemwiki, Steem.cloud, Streemian, D-tube and many more.

“Running a rewards-based decentralized social network required new advances in blockchain technology. Steem is a next-generation blockchain, uniquely designed to run real-time applications with near instant, fee-free transactions. Steem has been battled-tested over the last 18 months, already processing more transactions per second than Bitcoin and Ethereum”

They claim that they have around 920k users and that they all together got paid $40 million in the past year. In my opinion, this is the strongest competitor to Facebook because it has a strong user base, decentralized platform, a community which controls the feed and most of all – rewards which you can actually spend. Countless people around me have started their crypto-journey through Steemit and have made serious money. In my opinion, this is the best platform for individual/independent bloggers, because you get paid straight away if your content is good. You don’t have to go through a publishing house or an editor, you own your content. Because on this platform content is the key.

2. onG.social – blockchain alternative to Facebook

OnG.Social or SoMee allows you to connect and build a community on a social network. You have full control of your private data, information, and monetization of your social media channels. It runs on two blockchains, Ethereum, and Waves. This is also something like Facebook, only on blockchain.

Native token – ONG coin

They also have their own token and a wallet service – SoMee wallet and ONG coin – with which the user is in full control of his private keys “and includes an in-wallet token exchange with over 100 ERC-20 tokens, an address book for tracking payments and transactions for safe record keeping,” says on their website. You also can make a page for your ICO or Company and improve it with a Bounty and Airdrop manager.

Staking

They also have a staking program. “All stakers are rewarded based on the amount and length of the stake and receive a percentage split of the advertising revenues (paid monthly) plus additional bi-annual/annual staking rewards for those who stake 125K ONG and above,” is written on their web.

It has been around for quite a while, and is one of the first social blockchain platforms. Users can link their accounts with all the top social platforms – Facebook, Twitter, Youtube, Steemit and more. The thing which sets me aside is that they haven’t published their approximate user base and the fact that their integrated token price has bottomed out, which can lead to a lot of different actions from the company.

3. Indorse – alternative to LinkedIn

Indorse is a LinkedIn type of a decentralized platform which is based on the Ethereum blockchain.

They use different methods to validate skills in a simple and objective way. Indorse uses a decentralized consensus, where random users are judging examples of skill. They also use A.I. based systems like chatbots for automated real-time validation.

“If someone is an expert in NodeJS, they put up a claim and attach proof such as their GitHub repos. Other members in the same domain on Indorse verify it. Based on the consensus, the claim is either ‘indorsed’ or flagged,” says David Moskowitz, the co-founder and CEO at Indorse.

Users get rewards for their activity on the platform with IND tokens. You can trade these tokens later or use them on the platform to purchase services. Services include advertising or company pages with validated connections, says on their web. Indorse took part in a lot of popular media outlets like Nasdaq, Inc., Forbes, Independent, CNBC and more.

Source:

https://goo.gl/MGEjCT

https://steem.io

https://steemit.com/

https://www.ongcoin.com

https://indorse.io

https://goo.gl/s5EeRu

Photo by Jakob Owens on Unsplash

Facebook to release a stablecoin for WhatsApp

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Facebook Inc. currently is developing a cryptocurrency stablecoin specifically for WhatsApp. With that users will be able to transfer money exclusively within the app, reports Bloomberg. The initial target audience is set to be India. 

Facebook financial services

Ever since Facebook hired the former PayPal president David Marcus to work on their messaging app, people have been curiously waiting for the outcome. Also, Facebook recently hired about 40 blockchain specialists to work in their Blockchain group, which now makes sense. Maybe this has something to do with David Marcus. However, Facebook Messenger already has a built-in cryptocurrency payment service. A company called Lite.IM has made it easy for users to send and receive Litecoin within the messenger app.

Facebook bought WhatsApp in 2014 for a shocking $19 billion price, citing Forbes. They must have significant plans for the future, after a deal like that.

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share,” stated a company spokesman.

Facebook user count

Facebook currently claims that they have 1,45 billion daily active users and 2,20 monthly active users. These numbers are just staggering! On the other hand, 2017 Q4 reports show that WhatsApp has 1,5 billion users and 60 billion messages sent every day. Talking about mass adoption, this is what many cryptocurrency enthusiasts have speculated about. If Facebook with its user-base implements a cryptocurrency, then it could become a top asset within days.

Controversy over stablecoins

Today is a time when we have a stablecoin for almost every fiat currency in the world, including gold, silver, and other derivatives. Many believe that currently, that is the safest way how to spend your crypto. Stablecoins are not that volatile and can presume the value of your money. However, there is a lot of controversy over the topic of stablecoins. Especially, Tether. Tether is a cryptocurrency, which is pegged to the US Dollar. Bloomberg reviewed statements from four separate months details over the cash flow in Tether Ltd.’s accounts. It showed that on January 31st Tether had $2,2 billion in their report in Puerto Rico’s Noble Bank. On the very same day, they had 2,195 billion tokens in existence. The numbers match, but many believe that Tether is a scam. One of the reasons – a cryptocurrency exchange Bitfinex is owned by the same executives. Previously the company refused to do an audit.

Widespread adoption

It is believed that Facebook might be the best company so far for stablecoin development. “Facebook, which has 2.5 billion global users, more than $40 billion in annual revenue and greater experience navigating regulatory issues, may have a better chance of making a stablecoin that sticks,” writes Sarah Frier in her article. 
If Facebook develops a stablecoin for WhatsApp, then why wouldn’t they use it in connection with Facebook? That opens the door to a lot of new crazy ideas and means that their asset will quickly become very popular. The question is whether Bitcoin and other cryptocurrencies will be available for transfer. Also, this was one of the issues a lot of disputes have been about. If Facebook and its users create a cryptocurrency, it could take over the crypto-market by seconds. Is that good or not, we don’t know. But one thing is for sure. It would be a lot easier to send crypto to your grandparents and relatives during Christmas time. 

Source:

https://goo.gl/7zFcCB
https://goo.gl/8V8BXS
https://stable.report
https://goo.gl/42nV1P
https://www.whatsapp.com/about/
https://goo.gl/iFtCRC

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