Facebook step closer to create its own cryptocurrency

1 Mar 2019

By the new report from the New York Times, companies FaceBook and Telegram, are step closer to the launching of its own cryptocurrency that will be used on Telegram, Facebook and his related service WhatsApp chat platform. Facebook is hoping to bring in-app payment to the reality for its massive user base. Proposed cryptocurrency would be used for online e-markets and bypass the third-party payment processors used for online transactions.

If successful, Facebook will become the online retailer with the biggest consumer outreach. Messaging platform Telegram is known for imposing strong encryption to his service and focus on privacy of its users. Telegram, raised USD 1,6 Billion in its Initial Coin Offering earlier in 2018. Initial Coin Offering (ICO) is a process of funding from public used by online tech companies. Company Facebook pushed the research in blockchain development center, and announced the possible creation of its own cryptocurrency in the late 2018.

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The digital currencies story is a continuation of the long-running saga of economics, markets, and commodity exchange in human society. With the constant rise of the global network, we have witnessed many global services becoming widely accepted and in a way changing (by adding to) our experience of mutual interaction.

 

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