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Social Media Giant Facebook Working Hard to Launch its own Bitcoin

It has set up a group within the company to explore Blockchain technology and its potential use for the platform, headed by Messenger chief David Marcus

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This photograph taken on May 16, 2018, shows a figurine standing in front of the logo of social network Facebook on a cracked screen of a smartphone in Paris. VOA

Facebook is working hard to launch its own bitcoin for cryptocurrency-based payments on its platform that has 2.38 billion users.

According to a report in The Wall Street Journal on Friday, the social media giant is “recruiting dozens of financial firms and online merchants” towards this goal.

The cryptocurrency-based system would use a digital coin similar to bitcoin.

Facebook, on its part, has said it is exploring ways to leverage the power of Blockchain technology.

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

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FILE – An Indian man surfs a Facebook page at an Internet cafe in New Delhi, India, Feb. 9, 2016. VOA

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

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Facebook last year promoted one of its senior engineers Evan Cheng as the Director of Engineering at its recently launched Blockchain division.

It has set up a group within the company to explore Blockchain technology and its potential use for the platform, headed by Messenger chief David Marcus. (IANS)

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Facebook Loses its Place Among the World’s 10 Most Valuable Brands

Only 28 per cent of Facebook users believed the company is committed to privacy, down from a high of 79 per cent

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Corporate, America, Climate Change
FILE - In this April 30, 2019, file photo, Facebook stickers are laid out on a table at F8, Facebook's developer conference in San Jose, Calif. The Boston-based renewable energy developer Longroad Energy announced in May that Facebook is building a… VOA

Hit by privacy scandals and year-round investigations, Facebook has lost its place among the world’s 10 most valuable brands in global brand consultancy Interbrand’s annual ranking of best top 100 brands.

Facebook fell to the 14th spot. Two years back, the social networking giant was at the eighth spot in the list, billed as a “rapidly appreciating” brand.

Apple led the top 100 best brands’ list, followed by Google and Amazon. Microsoft was the fourth, Coca Cola fifth and Samsung came sixth on the list.

The seventh spot was grabbed by Toyota, Mercedes was the eighth, McDonald’s ninth and Disney was at the 10th spot.

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. Benioff said that the company must be held accountable now.

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

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The Facebook mobile app on an Android smartphone. Wikimedia Commons

Nearly 40 state attorneys general in the US have decided to join probe against Facebook’s anti-competitive business practices.

Facebook this year agreed to pay $5 billion as a settlement to the US Federal Trade Commission (FTC) over privacy violations.

According to a survey by independent research firm Ponemon Institute in 2018, users’ confidence in Facebook plunged by 66 per cent after Cambridge Analytica data scandal involving 87 million users.

Also Read: Apple Users can Now Report Accidents, Traffic on Google Maps

Only 28 per cent of Facebook users believed the company is committed to privacy, down from a high of 79 per cent.

“We found that people care deeply about their privacy and when there is a mega data breach, as in the case of Facebook, people will express their concern. And some people will actually vote with their feet and leave,” Ponemon said in a statement. (IANS)