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Facebook Plans to Launch its Own Cryptocurrency

According to the tech website Cheddar, Facebook is "very serious about it"

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LinkedIn faced probe for Facebook ads targeting 18 mn non-members. Pixabay

After reports surfaced that Facebook is creating a new Blockchain group, fresh media reports have claimed that the social networking giant is also exploring the creation of its own cryptocurrency.

According to the tech website Cheddar, Facebook is “very serious about it”.

However, “people familiar with the matter said the social network doesn’t have plans to hold a so-called initial coin offering (ICO) by offering a limited number of virtual tokens for the public to buy at a set price,” the report said late Friday.

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

“I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch,” David Marcus, currently the executive in-charge of Facebook Messenger, said in a post.

Representational image.
Representational image. Pixabay

In a statement later, Facebook 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”.

Global spending on Blockchain solutions is expected to reach $2.1 billion in 2018, more than double of the $945 million spent in 2017, market research firm International Data Corporation (IDC) said earlier this year.

Recode had first reported that Facebook is building a new team dedicated to Blockchain technology and Marcus was leaving his post to run the Blockchain group.

Also Read: Report: Facebook Shuffles Top Management, eyes Blockchain

The Blockchain team would come under “New platforms and infra” run by Chief Technology Officer (CTO) Mike Schroepfer, who will also take care of Facebook’s AR, VR and Artificial Intelligence initiatives.

Mired in a massive data breach controversy, Facebook has rolled out biggest-ever shuffle at the senior management level since its inception — across platforms, including WhatsApp and Messenger.

According to Recode, the company has made long-time executive Chris Cox in-charge of Facebook, Instagram, WhatsApp and Messenger — now called a “family of apps”. (IANS)

Next Story

Salesforce CEO Calls Facebook as ‘New Cigarettes’ for Kids

Zuckerberg, however, has promised his employees to "fight and win" if Democratic presidential hopeful Warren wins the 2020 election and moves forward with her stated plan to break up the big US tech firms

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FILE - Attendees walk past a Facebook logo during Facebook Inc's F8 developers conference in San Jose, California, United States. VOA

Pitching for breaking up Facebook, US-based software giant Salesforce CEO Marc Benioff has called the social networking platform “new cigarettes” which are making kids addictive.

Responding to Facebook CEO Mark Zuckerberg’s announcement that he will make a speech about his views on free expression, Benioff said the company must be held accountable now.

“Facebook is a publisher. They need to be held accountable for propaganda on their platform. We must have standards & practices decided by law. FB is the new cigarette – it’s addictive, bad for us, & our kids are being drawn in. We need to abolish section 230 Indemnifying them,” he tweeted on Wednesday.

Section 230 of the US Communications Decency Act of 1996 gives automatic liability protection to social media firm for any content posted by their users.

In an interview with CNN later, the Salesforce chief pushed for the breakup of Facebook.

“They’re also acquiring other companies and co-mingling (data)… they probably should be broken up because they’re having an undue influence as the largest social media platform on the planet,” he was quoted as saying.

Fake, News, WhatsApp, Facebook, India
The Facebook mobile app on an Android smartphone. Wikimedia Commons

Zuckerberg was scheduled to make a speech on free expression on Thursday.

“Why I believe voice is important, how giving people voice and bringing people together go hand in hand, how we might address the challenges that more voice and the internet introduce, and the major threats to free expression around the world,” Zuckerberg posted.

Several US lawmakers like Senators Kamala Harris and Elizabeth Warren have been pitching to break up Facebook.

Also Read: NASA Making a ‘Rigorous’ Search for Vikram with Fresh Lunar Pictures

Warren in fact successfully run a fake ad on the social media platform that claimed “Mark Zuckerberg and Facebook just endorsed Donald Trump for re-election”.

Zuckerberg, however, has promised his employees to “fight and win” if Democratic presidential hopeful Warren wins the 2020 election and moves forward with her stated plan to break up the big US tech firms. (IANS)