Trending

Stories

Facebook is Planning on Developing Its Own Virtual Cryptocurrency

Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

WP Rocket - WordPress Caching Plugin

Must Read

Facebook is reportedly planning on creating its own cryptocurrency, a virtual token that would allow its users worldwide to make electronic payments. Facebook, in this matter, is quite serious. Though the news is surfacing only now, they had started reading about blockchain almost a year back. It all started when a member of Facebook’s corporate development team, Morgan Beller, looked at new ways the social platform could be used for emerging technologies.

This week Facebook announced that David Marcus, the developer for the Messenger app, would head a new team “explore how to best leverage blockchain across Facebook, starting from scratch.” He will be leading a team of less than a dozen for this hermeneutic task. Plans for blockchain had been omitted from the 10-year-old roadmap the executives were trying to sell, and the executives have been tight-lipped about any plans regarding the cryptocurrency from then on.

Also Read

However, the Facebook cryptocurrency initiative was announced earlier this week in an internal post, but Zuckerberg did not explain what particular area the team would work on. A Facebook official has said, “Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team will be exploring many different applications. We don’t have anything further to share.” Facebook’s work on cryptocurrency would certainly take years to materialize. In order to develop its own virtual currency, Facebook would need to make acquisitions in the blockchain and cryptocurrency space.

This will not be the first time Facebook will launch its own virtual currency. Previously back in 2009, they had released Facebook Credits which could be used to purchase virtual goods in popular games like Farmville, but Facebook shut it down in two years because it did not gain any popularity among its users. One of the Facebook officials, Marcus, said, “Payments using crypto right now is just very expensive, super slow, so the various communities running the different blockchains and the different assets need to fix all the issues, and then when we get there someday, maybe we’ll do something.”

iThemes WordPress Hosting

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.
Elementor

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.

Kinsta

Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.

OptinMonster

OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.

Related

- Advertisement -
- Advertisement -
ChatGPT Reaches 100 Million Users in Two Months Microsoft’s Teams Get OpenAI-Based Features WhatsApp New Feature that Allows Users to Create Calling Shortcuts Instagram Working On Twitter-like Paid Verification Feature OnePlus Ace 2 Specs Exposed Online Realme GT Neo 5 Full Specs Revealed  Samsung Galaxy S23 Ultra: The New Android King Twitter To End Free API February 9 MLS Season Pass Now Available On Apple TV App Tesla To Increase Giga Shanghai EV Production to 20,000 Weekly 
OpenAI Releases Tool To Detect AI-generated Text Tesla Records Double Net Profit in 2022 India to Produce Upcoming iPhones: Trade Minister Japanese Professor Developed A Power Semiconductor made of Diamond Google Releases New Product for India’s Merchants Indian EV Startup Unveil Two AutoBalancing Electric Scooters OPPO Find X6 Pro Images Render via Weibo Sony Develops New Tech to Reduce Noise of Image Sensors