Rumor Patrol: Is Facebook Actually Launching Their Ain Cryptocurrency?

Having seen the buzz around this popular upward inwards several cryptocurrency groups/channels i'm business office of this week, I decided to dig inwards together with come across what is exactly hype together with speculation, together with what's truly true.

This floor truly started at the outset of this twelvemonth - amongst Mark Zuckerberg only stating inwards Janurary that he wanted to 'study decentralizing technologies similar encryption together with cryptocurrency'.

Until this calendar week that was all nosotros knew - thence on Tuesday Facebook officially announced their plans to practise a squad dedicated to Blockchain technology.  The squad is headed past times none other than David Marcus, who is non exclusively manager of Facebook Messenger, but sits on the board of Coinbase.

So nosotros know this for sure: a blockchain squad has been created at Facebook - but nosotros practise non know it's purpose, yet.

It's of import to recall - blockchain engineering tin dismiss locomote used to popular off along records of whatever form of transaction or information - those of us inwards the cryptocurrency Blue Planet exactly come about to utilization that tech to facilitate together with shop records of the transfer of virtual currencies.

Bridget van Kralingen, IBM’s senior vice president of global Industries, platforms together with blockchain spoke to Fortune Magazine this calendar week amongst a theory that Facebook could utilization blockchain tech to scrap criticism of how they handgrip user data, saying:

"What they are grappling amongst is securing data, together with making certain that if people desire privacy or trackability of their information they tin dismiss truly secure that—whether it’s on the advertizement side or the personal side. So I intend it’s a engineering that fits really good amongst some of the work concern model challenges that they’re truly facing, together with I intend they’re really correct to conduct maintain this really seriously.”

While it's exactly a theory, i'm leaning inwards this direction every bit well.

So why are people proverb "Wow I heard Facebook is coming out amongst Facebook Coin!"? 

It started amongst this article on Cheddar.com which claims they conduct maintain anonymous sources within Facebook telling them “They are really serious" most starting a cryptocurrency.  Then, other sites felt this was plenty to larn off, together with wrote their ain articles speculating on an official Facebook coin.

Sure, mayhap their hush-hush insider truly exists - but every bit a resident of Silicon Valley myself, I conduct maintain to a greater extent than friends working at Facebook than I tin dismiss count (largely because it's quite a revolving door over there) - so, from my sources - i of them absolutely inwards a seat to know - they conduct maintain heard cypher most a Facebook money coming.

Either agency - I applaud Facebook for at to the lowest degree taking these foremost few steps to come across how Blockchain could amend the service for everyone. It's exciting - but let's dissever the facts from the speculation - whatever they're upward to is nonetheless inwards it's really early on phase.

There's a existent a jeopardy Facebook doesn't fifty-fifty know how Facebook is going to utilization Blockchain yet.

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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk