Will A Facebook Facecoin Cryptocurrency Become A Real Blockchain Revelation Given Their Recent Moves?
There has been a lot of buzz around Facebook trying to develop their Blockchain infrastructure. Although we can see them do the groundwork, we still are not sure about the company’s intentions for it.
According to Facebook’s Careers Site, there are 13 different blockchain-related jobs opened. This shows that there is a real interest for Facebook to develop new blockchain-related solutions. They might be interested in creating a new stablecoin for WhatsApp users in India that would work specifically for remittances. WhatsApp is being used by over 200 million individuals in India, thus, the implications for the crypto market could be very important.
Just yesterday, we reported a story on how the company’s CEO Mark Zuckerberg had hyped the benefits for Blockchain-based user login. Facebook currently allows users to sign into the social network using something called Facebook Connect, which is the platform’s gigantic single sign-on (SSO) application. It’s the part of Facebook that authenticates you every time you log in on a desktop or mobile device. In the future, however, Facebook Connect and other SSO technologies could be replaced by blockchain technology. A blockchain-based login system would theoretically be advantageous for software developers and users because they would not need to rely on corporations to control access to a program.
Earlier this month, Facebook acquired Chainspace, making it the first blockchain purchase of the company. However, this was not the only company to potentially be purchased. In fact, the final deal actually followed multiple discussions with 12 different startups. The acquisition “hunt,” involved firms like Basis, a stable coin project that is not very active now. Algorand, a project founded by cryptography pioneer and Turing award winner, Silvio Micali, and Keybase, an encrypted messaging app, were also candidates.
Facebook’s blockchain team is adding up quickly, presently including 40 people with David Marcus leading the way. Marcus was formerly a board member for Coinbase and the president of PayPal.
In the light of JPMorgan creating JPM Coin, we can expect other established companies to do the same to tokenize their products and services. The sudden interest of Facebook in Blockchain technology might be signs that Facebook will soon launch their own crypto.