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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

Facebook Rolls Out an Update to Rank Comments on Public Posts to Make Conversations Meaningful

The users can moderate the comments on their post by hiding, deleting or engaging with comments

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Facebook will now start showing comments on public posts more prominently when the comments have interactions from the page or the person who originally posted or from friends of the person who posted. Pixabay

In a move to make conversations on public posts more meaningful, Facebook has rolled out an update where it will rank comments to promote those that are most relevant to users.

Facebook will now start showing comments on public posts more prominently when the comments have interactions from the page or the person who originally posted or from friends of the person who posted.

“We will continue to take other signals into account so we do not prominently show low-quality comments, even if they are from the person who made the original post or their friends,” Justine Shen, Product Manager at Facebook, said in a statement on Friday.

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FILE – The logo for Facebook appears on screens at the Nasdaq MarketSite, in New York’s Times Square, March 29, 2018. VOA

The users can moderate the comments on their post by hiding, deleting or engaging with comments. Ranking is on by default for Pages and people with a lot of followers, but Pages and people with a lot of followers can choose to turn off comment ranking.

ALSO READ: Facebook Now Expands Ad Breaks to Marathi, Punjabi, Kannada and Telugu

People who don’t have as many followers will not have comment ranking turned on automatically since there are less comments overall, but any person can decide to enable comment ranking by going to their settings.

“We want people to see safe and authentic comments. If a comment violates our community standards, we remove it. “We also take into account other signals, like engagement-bait, to address the integrity of information and improve the quality of comments people see,” said Facebook. (IANS)