Facebook May Be Looking to Create Their Own Cryptocurrency
For a significant period now, it has been known that Facebook has been investing a lot of money into research development of blockchain technology. For those unaware, the blockchain is the part of cryptocurrency that in its simplest terms means that money can get moved from A to B and those with mining systems can earn a small slice of the pie for helping that happen.
I’ve always considered how cryptocurrency and mining work to be one of the harder things to explain to someone with no knowledge of the process. It’s hard enough when you do know a little about it.
With all this investment into blockchain technology though, it has gone many wondering why. Well, in a report via the Independent, some think that Facebook might be planning to launch their own cryptocurrency.
An interesting, but an unusual idea
While it isn’t impossible for Facebook to be considering this, there are certainly interesting factors to consider. One of the main ones being that the social media site recently conducted a major crackdown on the advertisement on ICO’s and Exchanges.
Despite this though, Facebook, however, could be one of the best platforms to do this from. Off the top of my head, here are a few of the benefits I could think of;
- Facebook has the financial clout to get any cryptocurrency off the ground.
- It has the massive exposure to be able to advertise it on their social media platform. Particularly since all other adverts are banned on their website.
- Facebook users could be incentivised to make it work by forming part of the blockchain. The incentive is that you mine coins while checking your social media. This could easily be achieved with a desktop application.
- Since people could earn money, it has the potential to bring back former members.
This is, of course, all entirely speculative. That being said though when based on these points, it doesn’t seem like a bad idea to me to help revive their flagging platform.
What do you think? – Let us know in the comments!
