Facebook's cryptocurrency will not see the light in the short term
Several technology companies have made it clear that they intend to issue their own cryptocurrency or digital token. Telegram has done it, LINE will, and now Facebook is apparently getting "very serious" about its own cryptocurrency. Although this idea has been proposed in the past, it remains to be seen if such a plan will provide any added value to the company.
Does Facebook need its own Currency?
Although Facebook continues to be a leader in social networks, the company has experienced some setbacks in recent weeks and months. The current situation is not so promising, especially in the wake of the Cambridge Analytica scandal. Recovering from such a massive problem is not impossible, but the company has many explanations to do.
For its part, Facebook recently shuffled some members of its staff. While the internal restructuring is not that exciting in any way, the firm has made it clear that it plans to move forward with its blockchain division. Since the news broke, enthusiasts have been speculating about what Facebook wants with blockchain technology and how it could incorporate it into their existing products and services.
A Cheddar report shows that the incorporation of a cryptocurrency on Facebook is one of the options that are being actively explored at this time. Such rumors have been around for a while, since Facebook has always made it clear that it could benefit from a native currency.
With an adequate division of blockchain, the creation of such an asset becomes much less difficult than most people would expect.
Harnessing the power of blockchain technology can be done in many different ways. Nobody is really surprised to know that Facebook, like other giants of technology, would take advantage of the financial aspect of Blockchain before investigating other areas. Despite current speculation, it seems highly unlikely that such a currency materializes in the near future.
Up to this point, Facebook has not actively explored blockchain technology. As such, the company still has a lot of work to do, especially when it comes to developing, testing and deploying its own currency.
That is, assuming there is some truth in these plans in the first place, which seems quite unlikely at this time. After all, the company already has enough headaches to face, and developing a currency is not necessarily a priority at this time.
For the time being, the world will have to wait and see how the social media giant plans to handle blockchain technology. Although it is possible to issue your own currency, it is not a short-term objective in any way.
Facebook must first return to the willingness of people before working on a project of this type. As it is proposed, it remains to be determined.