Facebook Will Reportedly Create Its Own Crypto: Here’s How

Facebook Will Reportedly Create Its Own Crypto: Here’s How

Last week the mood in the crypto-society was stirred up by the news that Facebook is creating a special blockchain group to optimize the work of the DLT technology transversely Facebook. Moreover, the former head of Messenger David Marcus announced he would be the person to lead the new team after he and his crew helped Facebook’s chatting app reach its full potential.

But it seems that there are going to be more surprises ahead after Zuckerberg’s promises to look into cryptos back in January. And this week’s most prominent one is a reported intention of Facebook to generate its own cyber-coin.

Facebook Wants To Jump On a Crypto Bandwagon?

In accordance with the media outlet Cheddar, people with direct knowledge of the matter unveiled that Facebook is investigating the generation of its own digital asset. This cyber-token may permit billions of nets’ users from all over the world to carry out e-payments.

One of these people, who asked to remain anonymous, said when discussing the revealed aims of Facebook:

“They are very serious about it.”

Facebook Isn’t a Newcomer In The Crypto-World

One of the most extensive social networks on earth started looking into the blockchain quite a long time ago – almost a year ago. Then, a member of its corporate development crew Morgan Beller started considering the issue of how the net could utilize the distributive-ledger tech trend.

Surprisingly, at that particular moment, Beller was the only worker of the company who spent time studying the blockchain – a technology which is the foundation of such decentralized virtual money as BTC and ETH.

The attention to Beller’s work was attracted when Facebook notified its Messenger’s head David Marcus would run the crew to find out how blockchain can be used to its fullest on Facebook. And that’s “from scratch.”

Now the newly-appointed leader guides the team of more than ten Facebook workers examining blockchain.

It is noteworthy that Marcus joined the board of one of the most outstanding cyber money marketplaces Coinbase in December, whereas previously he used to be the leader of PayPal which furthers the financial operations between users of the Messenger application.

Furthermore, Marcus is more than acquainted with cryptos as he appears to be one of its earliest investors.

The Whole Thing Is a Secret

The first media that reported about Facebook putting together a team of blockchain examiners was Recode. Later the social media company confirmed the report.

Facebook’s execs talk about their potential initiatives on a regular basis with their workers. And they're promoted the company’s roadmap for the next ten years in public presentations.

However, they never regarded the issue of the blockchain when it came to the roadmap. They have also reportedly been asked to close their mouths shut concerning any of Facebook’s crypto-intentions. That’s what people acknowledged with the case also said.

Everybody, including Facebook’s CEO Mark Zuckerberg for sure, has been reluctant to discuss any net’s ties with the blockchain. Last week in an internal post the entrepreneur announced the blockchain initiative. But there were no further details on the matter from the Facebook’s head.

After the notification journalists reached out to the company’s official representative, who said:

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

What Will Be The Facebook-Coin Future Be Like?

According to Cheddar, it might take a lot of time (pregaps, years rather than months) for Facebook to work on the DLT and crypto-money.

Referring to the words of its anonymous sources, the media outlet emphasized that the social net has no intentions to conduct an ICO by offering a confined number of digital tokens for the public purchase at an established price.

Here’s what may happen:

  • One of the insiders added that there is a possibility Facebook will have to purchase in the crypto ecosystem before developing its own coin.
  • Also, the DLT might be used to assist the net in attestation of the identity of profiles as well as in encrypting data.

However, earlier Marcus said Facebook hadn’t had projects to implement cryptocurrencies into its own app soon due to their costliness, slow speed and so on.