Live Chat
  • One stop service: solve all your problems
  • Orders Tracking and shipped out notification
  • More campaigns, even more discounts!
  • Need help before making an order?
  • Chat with us in real-time.
  • For Aftersale issues, just submit a ticket. We will reply within 24 hours.
  • Multi-language service
  • 24/7 support available
Hi! Log Out Log In SIGN UP
Home > New Gear > Facebook crypto currency to be introduced in June
Facebook crypto currency to be introduced in June

Facebook crypto currency to be introduced in June

By  Adeline Belluz 2019-06-06 254 0

On the one hand block advertising for blockchain and crypto projects in your own network, on the other hand work on your own crypto asset in the background. Yes, that's the world of Facebook.

According to new inside information from The Information, a presentation on a crypto currency intended for transactions in Facebook's in-house apps WhatsApp, Messenger and Instagram is scheduled for this month. A white paper is scheduled to be released on June 18.

Blockchain network under construction

In order to participate as a node in the Blockchain network, in which the transactions on the Blockchain are verified, Facebook requires ten million dollars per operator. The aim is to create a halfway decentralized system that cannot be accused of being controlled solely by Facebook.

There have also been talks with the former co-founders of Facebook, the Winklevoss twins, with whom Mark Zuckerberg had a legal dispute. Cameron and Tyler Winklevoss founded the Exchange Gemini. Talks with financial institutions and authorities are also said to have already taken place.

Stabelcoin for payment

Facebook hopes to be able to set up a billion dollars with around 100 nodes. This money will be used to bake the planned stable coin. Unlike Bitcoin or Ethereum, the "Facecoin" should not be volatile and invite people to trade, but rather act as a kind of digital cash that can also be used to pay in shops. "Sending money should be as easy as sending a photo," Zuckerberg said at the in-house developer conference F8 a few weeks ago.

"The value of the Facebook coin is to be kept stable by a basket of Fiat currencies," said Laura McCracken, Head of Financial Services & Payment Partnerships Northern Europe at Facebook, in an interview with WirtschaftsWoche. The crypto asset will therefore not only be pegged to the dollar.

Subsidiary in Switzerland

According to The Information, there are also plans to set up physical Crypto ATMs where users can exchange Fiat money for Stablecoin. It is reported that the offer is aimed primarily at people in emerging markets. As a digital, cross-border currency, there will be no transaction fees.

There are different names for the project - fb Coin, GlobalCoin or Libra are in circulation. The latter name goes back to Libra Networks GmbH - a Facebook subsidiary established in Geneva, Switzerland. According to an entry in the Geneva Commercial Register, the company is responsible for Big Data, Blockchain and financial services technologies. Switzerland and especially the small town of Zug are known for the fact that many blockchain projects - such as the Ethereum Foundation - are located there.

Facebook recently relaxed its ban on advertising crypto currencies in its own network. So everything points to it: The "Facecoin" will come soon.

 You may also want to read:
 Xiaomi Eink E-Paper with 10.3inch screen launched
  HTC U13 Plus rumors: HTC will not launch U13 in 2019
  new Dell XPS 15 (7590): price, specs, features and launch date

 

Gearbest get it free

 

Gearbest online shopping on GearBest

Extensive Product Selection

● Over 300,000 products

● 20 different categories

● 15 local warehosues

● Multiple top brands

Convenient Payment

● Global payment options: Visa, MasterCard, American Express

● PayPal, Western Union and bank transfer are accepted

● Boleto Bancario via Ebanx (for Brazil)

Prompt Shipping

● Unregistered air mail

● Registered air mail

● Priority line

● Expedited shipping

Dedicated After-sales Service

● 45 day money back guarantee

● 365 day free repair warranty

● 7 day Dead on Arrival guarantee (DOA)

Prev article:Huawei Honor confirms 5G smartphones will be launched in E4 2019

Next article:Xiaomi Mi 9T: the French version of the Redmi K20 will be launched on June 12

You might also like: