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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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Before its collapse, Cambridge Analytica insisted it had indeed wiped the data after Facebook's erasure request in December 2015. Pixabay
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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)

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Facebook Fails to Stop Users from Sharing Pirated Movies

According to the recent Facebook transparency report, it took down 2.8 million pieces of content based on approximately 370,000 user copyright reports in the second half of 2017

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In its battle against pirated content, Facebook last year acquired a US-based startup Source3 to help it weed out pirated videos and other content that users share without permission. Pixabay

Several Facebook groups are sharing pirated Hollywood movies to hundred of thousands of users and the social media giant’s automated software are unable to stop copyright infringements, the media reported.

According to the Business Insider, these Facebook groups make no attempt to conceal catalogs brimming with the latest blockbusters like “Ant Man and the Wasp” and “A Quiet Place.”

“These groups, some of which are years old, exist despite Facebook’s army of human content moderators and automated software meant to detect copyright-infringing content, raising questions about the effectiveness of Facebook’s content-policing systems,” the report said on Sunday.

Some of the group’s titles are “Full HD English Movie” which has more than 134,000 members and “Free full movies 2018” that has 171,000 members.

A Facebook spokesperson was quoted as saying that “it wasn’t the company’s responsibility to take down such content unless asked to by the content’s rights holders”.

Facebook mobile app
Facebook mobile app. Pixabay

In its battle against pirated content, Facebook last year acquired a US-based startup Source3 to help it weed out pirated videos and other content that users share without permission.

“We’re excited to work with the Source3 team and learn from the expertise they’ve built in intellectual property, trademarks and copyright. As always, we are focused on ensuring we serve our partners well,” a Facebook spokesperson said at the time of the acquisition.

Facebook has been struggling to crack down on pirated content for a long time.

Also Read: Facebook will not Remove Fake News – but will ‘Demote’ it

The company had in past announced “Rights Manager” technology to detect and remove video clips shared by people who do not have rights to the video.

According to the recent Facebook transparency report, it took down 2.8 million pieces of content based on approximately 370,000 user copyright reports in the second half of 2017. (IANS)

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