In line with a recent article ‘published‘ by NYT [New York Times]’, global social media giant Facebook is hoping to ‘succeed in the place‘ where the major cryptocurrency Bitcoin [BTC] failed with its extremely secretive crypto currency project.
Citing a number of anonymous sources who spoke on the condition of obscurity, the NYT placed together the illicit contours of the project, that can reportedly aim to integrate ‘cryptocurrency‘ payments into its messaging services.
Reportedly, Facebook plans to rehaul its electronic messaging infrastructure and integrate its 3 wholly-renowned application — WhatsApp, Messenger and Instagram — beneath one cover. As per NYT, this could offer a future crypto token with exposure across the combined 2.7 Bln individuals who use the three services monthly.
A cryptocurrency powered payments system that is expected to operate from within the messaging system, the NYK added, is a thought being heatedly pursued by many world-wide messaging giants, like Korea’s Kakao, Line in Japan, along with Russian-developed Telegram.
Facebook also ‘launched‘ its cryptocurrency project – under ex-PayPal president ‘David Marcus’ – shortly when Telegram had ‘sealed close to $1.7 Bln‘ in two private initial coin offering [ICO] rounds for its forth-coming token and ‘blockchain‘ platform Telegram Open Network [TON].
Facebook reportedly deployed over fifty of its leading engineers to develop its cryptocurrency, three anonymous sources told NYT. While other two told the newspaper that the importance of keeping the project beneath wraps is such that the relevant team has been given a work-office with separate key-card access to keep their details personal from the other staff.
Moreover, five sources claimed to have been briefed on the team’s work alleged the forthcoming coin was presumably to be a standard fiat -pegged ‘stablecoin‘ — tied to the worth of three different national fiat currencies, instead of solely one.
The NYT adds, citing the anonymous resources, that Facebook has already begun purchasing the ‘Facebook coin’ around several crypto-exchanges.
The question of centralization — and the way far Facebook can permit its digital coin transactions to be decentralised, remains moot, in step with NYT. Moreover, NYT cites leading industry specialists who argued that Facebook is probably going to face the identical technological limitations and restrictive hurdles that have beset major cryptocurrencies like Bitcoin [BTC].
As ‘reported‘ earlier in Dec. last year, unofficial reports of ‘Facebook’s‘ plans to integrate a cryptocurrency for WhatsApp users antecedently surfaced, earlier in Dec. last year. At the time, anonymous sources equally urged that the token would be a stablecoin.
The trickle of data concerning the project aligns with the last year’s ‘job listings‘ for blockchain talent on Facebook career page, as reported earlier.