When it comes to developing a Cryptocurrency, Facebook's team is ‘very serious about it'
Facebook is currently considering developing and implementing its own form of cryptocurrency on its social media networking site. Those experienced with Facebook's business plans stated that the company was ‘Very serious about it' and the prospect of a completely digital currency for its users.
As a company, Facebook boasts billions of users, with the implementation of any cryptocurrency promising monumental returns on investment if it were to be applied.
The method of practically applying blockchain technology to the social media has only been taken from theory to application from last year. Before then, only Morgan Teller, a member of Facebook's corporate development team looked at how it could be implemented on the site to great effect.
A great deal of her work is being brought forward as Facebooks Vice President, David Marcus, who is in charge of the messaging application, expressed a strong interest in leading a project on applying it.
According to Marcus, the goal of the team is to “explore how to best leverage blockchain across Facebook, starting from scratch.” Before being made VP for Facebook, he played an active role as president of Paypal.
Despite hopes running high over the prospect of how this technology would be used. Mark Zuckerberg remained vague about details. With a spokesman relaying this on to news sites earlier this week.
“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.”
This isn't the first time a digital payments system has materialized as a potential addition to Facebook. The company had begun research for an online payments system in 2009 but failed to gain traction on it.
Any detailed reports from Facebook on what it may be looking at using blockchain for may take years to come to fruition. David Marcus has also stated that nothing is planned for the foreseeable future in terms of a cryptocurrency on Facebook.
“Payments using crypto right now is just very expensive, super slow, so the various communities running the different blockchains and the different assets need to fix all the issues, and then when we get there someday, maybe we'll do something.”
Would this be a game changer in the cryptocurrency world? For the social media giant to explore the option of opening up their own native token?
One thing is for certain, the world awaits as it seems it is only a matter of time before all of the major companies and players in the world turn to blockchain and crypto-assets as the way of the future no matter how big or small you might be today.