It seems that the largest social network Facebook is considering launching its own cryptocurrency. The company, according to reports, is considering launching a cryptocurrency to facilitate payments. The information about Facecoin was published by Cheddar.
The publication says that efforts to create a digital currency will be led by David Marcus, who until recently was the head of the Facebook Messenger department.
There are not many details so far, but Cheddar says that the project may take a few years to implement.
Blockchain technologies are currently still in their infancy, and it is unlikely that we can expect Facebook to rely on decentralized solutions until it can handle large transaction volumes, an issue facing the entire blockchain industry.
Facebook CEO Mark Zuckerberg has previously said that the company is open to experimenting with blockchain.
Indeed, reports from earlier this week claim that Facebook has created a new research and development department specifically dedicated to exploring blockchain integration solutions for its platform.
Creating a cryptocurrency is not a bad idea as it seems to be a win-win deal. Those interested will get a service that is more secure than Mt. Gox and Facebook will get the resources it needs to continue operating “for free” or at least without fees.
Of course, in a parallel universe we could hope that it would be more respectful of its members’ data,
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