Facebook vs Telegram: Is a new Facebook crypto launch in the works?

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Facebook vs Telegram - Is a new Facebook crypto launch in the works

Is Facebook About to Battle Telegram With its own Cryptocurrency Launch?

The crypto token race is on between the world’s internet and messaging monopolies. Telegram currently has a head start with a successful multi-million dollar ICO however Facebook will not be left behind and is extremely most likely introduce its own cryptocurrency this year.

Will ‘Face Coin’ be the Next Big Thing?

There is very little chance that Facebook will be embracing or partnering with an existing crypto project. It has already broadened its own blockchain department when it acquired the team from London based Chainspace previously this month.

According to the New York Times Facebook is currently dealing with a crypto coin for users of WhatsApp to send and get payments to each other. The report included that the project is so far along that Facebook has currently approached a variety of crypto exchanges with regards to listing the new coin. WhatsApp is most likely to be the digital guinea pig for a bigger scale rollout of a crypto coin integrated into Facebook itself.

Is Facebook The Digital Antichrist?

The principle of this alone raises plenty of questions regarding Facebook’s performance history. The platform just cannot be trusted with personal information, not to mention people’s money. Privacy problems have actually plagued the business for the past year or more and it deals with several accusations of information manipulation, phony news dissemination, censorship, security breaches, and farming and benefiting from personal data. It is the Antichrist of crypto however that will not stop the business profiting even more from its own digital coin.

facebook cryptocurrency launch

Facebook is not alone with its crypto aspirations. Telegram raised an additional $850 million in the second round of financing in 2015 and is reported to be launching the Telegram Open Network (TON) by October this year. Sources likewise declare the launch might be impending as it is supposedly 90% complete.

The company added that purchase arrangements for Telegram’s Gram tokens will be terminated if TON does not launch by the end of October. Messaging company Signal is also reportedly dealing with its own crypto coin as are the most significant messaging applications in South Korea and Japan, Kakao and Line. In China, a payment system runs within the WeChat platform however it is not a cryptocurrency as such.

Billions of Instant Users

Facebook has the upper hand though, with the greatest user base; it can instantly expose its brand-new crypto to over 1.5 billion active day-to-day users. Co-founder of crypto focused equity capital firm, Primitive Ventures, Eric Meltzer, stated the battle is warming up;

“It’s pretty much the most fascinating thing happening in crypto right now. They each have their own advantage in this battle, and it will be insane to watch it go down.”

Facebook has been very ‘Apple like’ in its approach with maximum secrecy surrounding its brand-new crypto coin. It is throwing resources at the project though and has more than 50 engineers working with it according to reports. According to 2 employees, blockchain specialists have a separate key card to access their laboratory that the remainder of the employees is left out from.

It is likely that Facebook will use a permissioned private blockchain to control its new crypto which will make it completely centralized and owned by the company much like all of the information that its billions of users post to the platform every day. By doing this it can make money from transactions on the network as it does from individuals’s personal details. The brand-new crypto is likewise likely to be a stablecoin, most likely pegged to the dollar. The fight is warming up and the web monopolies don’t like coming last.

Image from Shutterstock

 

The post Is Facebook About to Battle Telegram With its own Cryptocurrency Launch? appeared first on NewsBTC.

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