Facebook, the leading social media network is planning to amaze its users by uncovering the long-awaited cryptocurrency by this month end. The new updates published by The Information on June 5th.
Facebook in its motive to encourage the digital payment system already seen communicating with various financial institutions, government executives, and several other technology firms to join the social media giant and contribute in an effort to make the digital payment system stronger than ever. To grow exponentially the establishment is also planning to open up the physical ATM-like machines through which customers can buy the digital currency ostensibly named “GlobalCoin”, as per the report.
Allegedly, Facebook is specifically targeting the developing nations like India, where the user base is strong enough to experiment and where the government-backed fiat currencies are more volatile like Venezuela.
As per The Information, in order to solve the crucial mathematical problems, which are required in the transaction validation process, Facebook is collaborating with famous and well established third-party firms who would perform the action of nodes to justify the transactions and contribute in the decentralized cross border payment project. The privilege to get associated with the project would not come in free. The third-party has to pay a sum of $10 million if they want to empower the cryptocurrency ecosystem.
Facebook is set to market its own token in a full-fledged swing, however, the spokesperson of the firm has declined to comment as of now for the upcoming strategies.
It is also revealed that Facebook employees working on the project who want to be paid their salary in the new digital currency are welcome with their consent. With the launch of the Facebook-owned cryptocurrency, users can easily transact with the social network platform for various good and services without any transaction fee.
Here, the question is, what would be the response of the Indian government where the cryptocurrency state of affair is still hazy and precarious?
Possibly, Mark Zuckerberg the founder and CEO of Facebook already in talks with the Indian government executives for which the information is still not disclosed in public.
Interestingly, EOS the arm of block.one has already announced the blockchain powered social media platform Voice which has proposed the complete transparency on how it operates, without hiding out any content-pushing mechanisms or any algorithm of which the user is unaware unlike other social media platforms who are making a billion bucks by selling out the personal data of the users for advertising.
Tags: Facebook, Mark Zuckerberg, Cryptocurrency, New Updates, The Information, GlobalCoin, Borderless Currency, Transaction Fee, Financial Institutions, Government Executives, a Technology firm, Nodes, Validation, India, Venezuela, Decentralized, Cross-Border-Payment, The Information, EOS, Block.one,Social Media Platform Voice