Facebook Coin Reportedly Shopped To The Cryptocurrency Pages

Facebook, one of the leading social media platforms is trying to do something new in the crypto market. It is trying to succeed in areas where Bitcoin failed. The leading social media platform and the leading crypto coin are here to weight out their strengths.

The Project’s Contours

On the 28th of February 2019, a headline news was run in the New York Times – NYT. According to the article, Facebook has been reported to be moving the “Facebook Coin” to the Cryptocurrency exchanges. This is one of the most secretive crypto projects that has ever been undertaken in the market.

The New York Times has placed together all the contours of the alleged project. The news outlet, however, cited various anonymous sources who talked on the condition of anonymity. The main aim of the project is to basically integrate all the virtual coin payments into its main messaging services. There is also another very notable fact about this project.

Facebook also has great plans of rehauling its messaging infrastructure. It also plans to integrate and improve its three fully-owned applications. The apps include Instagram, Messenger, and WhatsApp. They are now placed under one canopy.

As noted by the New York Times, this is a way of offering a future Cryptocurrency token that has a wide exposure. The exposure will cover the total 2.7 billion users who apply the services offered by the three apps every month.

A Cryptocurrency-Powered Payments

There is also another idea that is also being explored by other leading messaging applications. This is a Cryptocurrency-powered payments methodology that would work from within a messaging system.

However, the idea is not only being pursued by Facebook. Other global messaging gurus that are following on the matter are the Japan’s Line, and the Kakao developed in Korea. It is also pursued by the Russian-created Telegram.

The launch of the Facebook crypto project was undertaken by Davis Marcus. Marcus is the former PayPal president. The launch came just shortly after $1.7 billion had been sealed by Telegram in two private ICOs – Initial Coin Offerings. These were done in preparation for its forthcoming blockchain platform and token known as Telegram Open Network – TON.

There are more than fifty engineers that have been employed by Facebook to manage this crypto project. However, the project has been greatly kept under arms since it was launched. It is alleged that the appointed team has been offered an office with different key-card access to ensure the details are kept in privacy.

The Centralization Question

There is one issue that has remained moot throughout the crypto project by Facebook. This is the issue of centralization. The other question is how far the social media guru will enable its digital coin transactions to be decentralized.

The news outlet has also cited some professionals who share a different view. They argue that Facebook might undergo the same regulatory difficulties and the technological limitations that have beset gurus such as Bitcoin.