Privacy Forward Vision Might Be Centered Around Facebook CryptocurrencyMay 5, 2019
The market penetration plans for Facebook cryptocurrency is happening to make the coin come true.
The spokesperson for the company stated, “Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications.”
The term blockchain was reportedly absent in the F8 developer conference this week. Sending money according to the founder is going to become as easy as sending a photo, which he states thus:
“I believe that it should be as easy to send money to someone as it is to send a photo.”
The privacy forward vision of the founder features “simple and secure payments.” The current focus revolves around reorganizing Facebook experiences which involve money transactions within the family.
The new payment system apparently might extend beyond the peer-to-peer payments available on Venmo.
The focused commerce improvements are recurring with Facebook developmental plans. The platform which is currently discussed is not based on blockchain currently and has been designed mainly for peer-to-peer payments.
The first test will focus on helping workers from India to be able to send home money from overseas.
It has been projected from reliable sources that this coin will be integrated into to lucrative Ad systems of Facebook. The merchants looking to advertise will be able to use the coin to pay for the advertising efforts. Thus, facilitating a growing trend where users get paid for clicking on advertisements.
Facebook is thus looking to improve on the privacy-first concept of the company, by defining the vision of how their advertisements and people driven business might progress. The core idea is about involving Facebook coins, thus keeping people committed to the platform.
Joshua Gans, Professor at the University of Toronto stated that “Sending money to businesses presents a challenge.” He opined that businesses might dump Facebook coins at the end of the month in favor of real money in an attempt to liquidate.
Gans is not in agreement with the fact that Facebook might pay its users for viewing ads. He calls that it can be an immensely tricky system. This can be a possibility only if it is a kind of rebate for buying a particular product through Facebook advertisement.
The idea of businesses paying for ads and services on Facebook is a method to prevent the flow of the money out of the system. This appears like a loyalty system, but a similar pattern is not new, and it has several precedents among the technology companies.