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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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Political Ad Spend Hits Rs 27.7 cr on Facebook as Polls End

Facebook had said that it was removing 10 lakh fake accounts a day in India

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Facebook, photos
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

Led by the Bharatiya Janata Party, political parties in India spent a total of Rs 27.73 crore on Facebook for posting political ads on the platform as the seven-phase general election ended on May 19.

From February 19 to May 19, political parties posted 124,094 ads on Facebook to reach out to their audiences, showed the latest data on Facebook Ad Library for India.

On Facebook, the BJP alone spent more than Rs 4 crore – 200 per cent more than the Congress which spend about Rs 1.8 crore.

Other big spenders were regional parties such as the Telugu Desam Party (TDP), the YSR Congress and Biju Janata Dal (BJD).

Facebook’s Ad Library, a searchable database, includes ads related to politics and issues of national importance run on Facebook or Instagram.

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FILE – The Facebook app icon is shown on an iPhone in New York. VOA

Supporters and affiliates of political parties account for most of the spending on the social media platforms.

The Election Commission of India has announced that among the posts taken down by various social media platforms, Facebook took down 650 posts.

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Of the posts taken down by Facebook, 482 were political posts during the “silence period” – 48 hours prior to polling, 73 political ads during the silence period, two violations of the Model Code of Conduct, 43 cases of voter misinformation, 28 were against public morality and decency, 11 were exit polls, and 11 were related to hate speech and undue influence.

Facebook had said that it was removing 10 lakh fake accounts a day in India. (IANS)