Will Facebook Issue a Cryptocurrency in its True SenseMay 7, 2019
Facebook will be recruiting financial firms to develop their crypto. It has been stated from reliable sources that the product name is Libra. Sources claim that the cryptocurrency project is secretive.
The United States Patent and Trademark Office released a few documents in June 2018, which shows evidence for the company to have acquired rights to the trademark name “Libra.”
While the name of Facebook is not directly evident in the records, the owner of the filing is a limited liability company with the name JLV. The address for the LLC is the same as the address which is indicated for the official Facebook communications.
A crypto tax company previously held this trademark name, and now it has changed the name to Lukka.
Sources report that Facebook is looking at investments worth $1 billion for its rumored stable coin.
Reports also state that Christian Catalini, Professor of Massachusetts Institute of Technology is working on the development of the Facebook coin. The report also says that the professor is currently on leave.
The overall cryptocurrency market believes that for the token to become mainstream, it needs the support of major corporations. Very soon, major companies from across the world will put cryptocurrency firmly on the map.
Despite all these revolving opinions, there is a strong suspicion considering the existing reputation of Facebook on whether the giant will issue a cryptocurrency in the real Sense.
Even if Facebook or any other major giant corporation will not issue a real cryptocurrency, the venturing of these companies into the blockchain industry will contribute to a game-changing situation, for not only the cryptocurrency industry but for other sectors as well.
There are inherent dangers to absolute decentralization in that nearly 95% of the volumes in the cryptocurrency exchanges are either fake or are driven by bots.
Reliable details about the market makers are not available at the market is not regulated, and there are no official definition, regulation or licensing of the exchanges.
Several unfair features of the market should be fixed before we can see mass adoption of the cryptocurrency.
Grassroots-led participation in the cryptocurrency market is the key to benefiting the legitimacy of the industry as a whole. It is only with regulation, and a level playing field will be provided for both institutional and retail investors.
Facebook realizes the limitations of, and we need to see if we are missing significant information about the coin from Facebook and about whether it will be genuinely a cryptocurrency.