Never miss a story

Get subscribed to our newsletter


×
FILE - A 3D printed Facebook logo is seen in front of a displayed Russian flag in this photo illustration, Aug. 3, 2018. VOA

Giving its cryptocurrency dream a firm beginning, Facebook has reportedly set up a company called Libra Networks in Switzerland that is developing payments and Blockchain systems for the social networking giant.

According to a report in CNET quoting Swiss publication Handelszeitung, the Facebook cyrptocurrency would be tied to the US dollar and could, therefore, remain stable unlike Bitcoin which has crashed.


“Facebook set up Libra Networks in Geneva several weeks ago. Libra is the social network’s internal project name for the digital currency,” the report said late on Saturday.

The Swiss company would focus on developing the software and hardware for currency-related functions like payments, Blockchain, analytics, big data and identity management.

Facebook declined to comment on the new report.

According to a report in The Wall Street Journal earlier this month, the social media giant is “recruiting dozens of financial firms and online merchants” towards its cryptocurrency-based system that would use a digital coin similar to Bitcoin.


Bitcoin.com buttons are seen displayed on the floor of the Consensus 2018 blockchain technology conference in New York City, New York. VOA

The New York Times reported in February that Facebook had a team of 50 people working on its virtual currency project.

“Like many other companies, Facebook is exploring ways to leverage the power of Blockchain technology,” Facebook had insisted.

In a public interview with Harvard Law professor Jonathan Zittrain in February, Facebook CEO Mark Zuckerberg said he is “potentially interested” in putting the Facebook login on the Blockchain technology.

Also Read- Chinese Shout ‘Boycott Apple’ as US Goes After Huawei

“I’m thinking about going back to decentralised or Blockchain authentication. Although I haven’t figured out a way to make this work out but this is around authentication and basically granting access to your information and to different services,” Zuckerberg told Zittrain.

According to Zuckerberg, Blockchain could give users more powers when granting data access to third-party apps.

Facebook has over 2.38 billion users globally and launching cryptocurrency will allow them make payments using a virtual currency like Bitcoin. (IANS)


Popular

Shubhro Jyoti Dey, Unsplash

A Hindu is not forced into a mental straitjacket.

By Maria Wirth

In my view the greatest thing about being a Hindu is that one can be an open-minded, ‘normal’ human being, who is given plenty of insights and tips from the Vedas and other ancient texts on how to refine one’s character, how to anchor one’s awareness in the present and how to ultimately realize one’s oneness with the Divine Presence that is inside us and in everything.

A Hindu is not forced into a mental straitjacket. He does not need to think certain thoughts, which are against common sense and which are divisive, like for example the dogma of Christianity and Islam that “we alone have the full or final truth, and the Almighty will make all those, who do not accept this ‘truth’ and convert to ‘our only true’ religion, suffer in hellfire forever.

A Hindu has his conscience and the insights of the ancient Rishis as his guide.

In contrast, a Christian or Muslim has to suspend his conscience if it contradicts what his religion demands from him. This is a very serious point. The Jihadis for example might otherwise be kind youth, who would not kill people of other religions, if they had not been taught that it is their religious “duty” to ‘make the whole world for Allah’.

Keep Reading Show less

Cross

By Maria Wirth

This is a true story about a Hindu who had converted to Christianity, and who felt the need to convince his family also to convert.

Once on a flight from Germany to India, one of those bright, young Indians sat across the aisle. We started talking. He was a science lecturer at an American university.

Keep Reading Show less
Markus Spiske, Unsplash

A behavior-centric approach based on a human-centric viewpoint on cybersecurity

By- Laxman Balagani

Remote working has grown to be a dominant trend in the post-pandemic world. Gartner anticipates that 41% of employees will work at least some of the time remotely once the coronavirus is in the rear-view mirror. Such a lasting change in the workplace culture has had the biggest impact on cybersecurity.

Keep reading... Show less