Will Facebook launch its own cryptocurrency?

Will Facebook launch its own cryptocurrency?

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An exceptional source confirmed by Finance Magnates that the besieged giant of social networking sites Facebook is diversifying its product line with the help of cryptocurrency – Facebook Coin (FBC). Users will have to register to use the coin, but Facebook ensures that wallets and transactions are completely anonymous.

Official development information was not officially announced, but it is reported that the coin should be launched into the Ethereum blockchain via the ICO within the next two weeks. Given the size and availability of Facebook, it seems safe to assume that the ICO will compete with the $ 1.2 billion that Telegram raised in its own round of funding.

Recently, Facebook has been in all the news for all the wrong reasons. It was recently revealed that the company sold personal information to more than 50 million of its users in an analysis company called Cambridge Analytica. Cambridge Analytica illegally used this data to influence the public in the process of building on the Brexit referendum in the UK and in the last US presidential election.

After the scandal became public, Facebook CEO Mark Zuckerberg sent this statement to the major newspapers of both countries:

“Perhaps you’ve heard of the quiz app developed by a university researcher who leaked into Facebook from millions of people in 2014. This was a breach of trust, and I regret that at that time we did not do more. We are now taking steps to make sure that this does not happen again …. Thank you for believing in this community. I promise to do better for you.”

Unfortunately, for Zuckerberg, faith in the community is falling. Millions of users closed their profiles after the scandal, and Facebook’s market capitalization fell from 538 to 464 billion dollars.

But what will bother Facebook more is financial punishment, which it will have to pay. In 2011, Facebook signed a decree agreeing with the Federal Trade Commission after allegations that it had not fulfilled its promises regarding the privacy of its users. It was found that the most recent violation of this agreement is a violation of this law, and a fine in accordance with US law is $ 40,000 for violation. Since data from 50 million people were used improperly, the total penalty would exceed trillions of dollars.

It seems that the days of Facebook as a platform for social networks can be numbered, so the company’s board of directors has reportedly decided to ramify.

Technical details are still being developed, the FBC will be an anonymous coin on the Monero line. To hold a coin, users will need to provide data such as name, address, telephone number, mother’s maiden name and the name of the first pet. This is for security reasons; the confidentiality condition recorded in the smart contract ensures that all transactions are completely anonymous and not fully monitored.

Facebook will advertise ICO on user feeds on Facebook. This is interesting, because the company recently banned all the cryptocurrency advertising on its platform. At that time, his product manager said that Facebook wants to avoid “fraud and deception,” and the decision to ignore this new rule for its own cryptocurrency naturally caused eyebrows.

“Facebook banned crypto-advertising, because too many of these companies were scammers. It’s completely different – Facebook’s ICO is a legitimate way to get more data that is needed to power an innovative new anonymous digital coin-it’s not fraud, so there’s no reason that it does not appear on the platform. “

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