Facebook is already too big to feature cryptocurrency
Since the beginning, Mark Zuckerburg and people behind Facebook are trying to deploy a blockchain and cryptocurrency on Facebook. By the looks of it, the time for Facebook to face the dance by incorporating cryptocurrency is finally here. On Tuesday, the 18th of June, Facebook finally gave the world a glimpse of Libra, which comes from the house of social networking giant.
What does Facebook’s take on cryptocurrency mean to the world?
Facebook has the power to influence people on a grand scale. Moreover, Facebook made vines, chatting, and photo sharing accessible among the 7.2 billion people around the world. Furthermore, it is safe to say that Facebook made the world a little smaller.
Likewise, Facebook will create a new cryptocurrency; namely Libra. The cryptocurrency from Facebook will make sure that people take the tech seriously. Consequently, it is safe to predict that the major companies around the world are going to follow Facebook’s footsteps. In a month or a year, people are going to notice that the major players are creating their cryptocurrency token.
The popularity of blockchain strategy has come to Facebook
From 2015 to 2017, the companies used to play with the entirety of blockchain by curating innovative “blockchain strategies.” In those years, blockchain was a mere buzzword, and companies were using blockchain to build toys. Nevertheless, these companies and their “strategies” never saw the light of the day. By the looks of it, Facebook has finally put the hammer by utilizing blockchain and not bitcoin.
The social networking giant took blockchain very seriously from the first day. Mark Zuckerberg, the man behind the creation of Facebook understood that blockchain is something that the company shouldn’t play around. Instead, blockchain is a cool creational technology which can create new currencies, digital cash as well as programmatic money. Moreover, it’s the motto of every business that they need to make much money and turnover before the fiscal year.
What can blockchain do?
Blockchains are the protocols which can easily create money as well as transact them in terms of cryptographic proofs. Blockchain is entirely unregulated to give birth to peer-to-peer encryption.
Furthermore, this might be the reason why Sherrod Brown, Senator, and Democrat said that Facebook is already too powerful. And by running the cutting-edge cryptographic projects, Facebook will become a compelling platform in the whole world. Senator Brown also said that Facebook also has a poor privacy track record in the world as a whole. The recent comments from the Senator suggest that Facebook will become untouchable in the years to come.
Facebook has tried to regulate encryption and cryptography for a long time. Nevertheless, it had consistently failed, as well.
What does Facebook plan to do with blockchain?
The social media giant has laid out its playbook:
- Facebook is going to decentralize its services as much as it is necessary.
- Secondly, Facebook is also going to provide a stable value of crypto tokens. The company feels that the tokens can be utilized to carry out trade and commerce on an everyday basis.
- Facebook is also going to leverage the existing ecosystem so that they can gain new users in the long run.
The breakthrough will make the social media giant a very powerful platform in the entire world.