Hisham Sarwar
According to CoinDesk, Facebook is set to roll out its own cryptocurrency dubbed “GlobalCoin” in 2020. This is going to be extremely interesting considering just over a decade ago, Facebook started as a social networking website to connect friends and families. The world’s biggest social networking website has grown into multi-facets in recent years and no one knows where will it stop.
As Facebook is working on rolling out its own cryptocurrency, it would be interesting to see if Facebook would ever pay users in digital coins to use the platform and engage.
The BBC has also reported already that Facebook is planning to launch the cryptocurrency-based payments system in “a dozen countries” by the first quarter of 2020 and is looking to start trials by the end of the current year, 2019.
Facebook has recently started a discussion with the U.S. Commodity and Futures Trading Commission (CFTC) over Facebook’s Crypto stable coin initiative.
How does Facebook Crypto future look like?
It will depend heavily on the mining and the chain this is built on. If they are building on EOS there will be a good deal of backing by the Dapps, and this will surely be a very interesting coin to watch. It also depends on how they are planning to offer it. Will it be an STO?.
The biggest aspect to watch out for is how this coin is able to make a more mainstream offer?.
Additionally, this will heavily depend on the education of the consumer. It would be interesting to see if Facebook is going to offer their own cold wallet for storage or will this be stored on the interweb is very important.
Facebook already had tons of security issues in recent years. How secure the new crypto will be and what will happen in case of any leaks or potential hazards with storage. What will happen if there is a potential hacking attempt like we have seen in the Cambridge leak episode?
Another important question would be, is Facebook going to offer their own exchange for this as well? It is premature to speculate right now but it seems like Goldman will be at the forefront of this offer.
It would also be interesting to see the chain on which the new crypto is being built and the Dapps this coin will offer (if any). right now we do not know if this is regarded as a currency under the Act and if so, will the custodian(i.e., House) also be trading and how will they get that approved by the SEC.
How will users get paid?
Thinking out loud as we do not know have any details right now but what if Facebook is going to offer some crypto coins value for the post engagements? If that happens, it will attract billion more users to its platform.
Till now FB users got ‘LIKES’ and FB made $. Seems like that time could well be over soon, how about they’ll share with you some @facebook #crypto coins love?. Early days, but you never know. After all, Facebook wants to become next Google.
