Facebook will be the company that brings cryptocurrency to the masses by DelRayMan
Believe it or not, Facebook will be the company that brings cryptocurrency to the masses. Today the social network giant published detailed plans for a cryptocurrency called libra, backed by currencies from the most trusted central banks around the world, and accessible even without a bank account.
With plans to integrate its own cryptocurrency wallet in with Facebook-owned WhatsApp and Messenger when the cryptocurrency goes live in 2020, Facebook will instantly bridge the world’s largest social network with the brave new world of cryptocurrency. All that’s left is for users to use it. According to Marcus, who was previously president of PayPal, those assets will “likely” include currencies from the U.S. Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, at the very least. “With assets backing every single coin, you can extrapolate the currency itself will be very stable, low volatility, low inflation, and a good store of value and medium of exchange,” says Marcus.
In exchange for the the investment, companies will receive a form of cryptocurrency called a security token, which have yet to be created or issued. Once issued, the tokens will be used in much the same way that a token is used at a video game arcade to prove that real money was spent.
Click here to read more about Facebook and 50 other big companies using blockchain to improve operations. Instead of partnering with each other to improve existing infrastructures, this ecosystem of membership-based organizations, including Circle and Coinbase-backed Centre, and even more traditional banking payments platform Swift, are largely competing for the right to have their standards become the default global payments standard.
Each of these wallets can send and receive currency to any other wallet that supports libra, similar to how email from one provider, such as Gmail, can correspond to another provider, like Yahoo. While anyone will be able to build a wallet on the platform, all of the four founding blockchain members—Andreessen Horowitz-backed Anchorage, Mike Novogratz-backed Bison Trails, Coinbase, Inc., and Xapo Holdings Limited—provide either cryptocurrency software wallets or hardware-based custody solutions.
Facebook has traditionally made money by selling ads targeting specific individuals based on the personal information they share with their friends, last year generating $55 billion, or 98% of all its revenue from advertising.
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