Facebook Is Moving Toward Blockchain

Last Modified:11 Apr 2021 19:30:35
Facebook Is Moving Toward Blockchain

Recently, the officials and managers of Ripple have expressed interesting views on the effective role of Blockchain in dealing with problems in payment systems of different social networks.

In their opinion, the possibility of using Blockchain in dealing with different problems and optimization of social networks is very high. Other sources indicate that Facebook is developing and designing an application that manages payment systems via Blockchain.

Where will the cooperation between Ripple with Facebook or other social networks get to?

What Does Facebook Do in the World of Blockchain?

Given the advent of new technologies such as Blockchain, the mechanism of social networks has also undergone changes.

The technology giant and one of the largest companies in the world in the field of communication and information, i.e. Facebook, has felt the need to change very well.

This company, in order to have something to say in the coming years as well, feels the need to align its activities with the new world and the new generation of technologies.

Ripple has some suggestions for Facebook in this regard. This company believes that it can be a good companion for Facebook in its new route.

Facebook has shown during its years of activity that it has a lot of interest in collaborating with different companies. Collaborating with Ripple seems to be logical and profitable as well.

Will Facebook Develop Its Own Stablecoin?

Facebook is negotiating with investors who can pay for the costs and needed budget for its recent projects. It is said that Facebook is looking into launching its own exclusive stablecoin.

Facebook intends to allow WhatsApp users to transfer money by developing and creating this stablecoin. According to reports by Bloomberg, the first trial and target market for this Facebook cryptocurrency is going to be India.

The mentioned cryptocurrency will be backed by real currencies in the world. David Marcus is in charge of managing this project. Marcus previously was in charge of managing Facebook’s messaging app and has gathered a team of most skilled employees for this new project in the field of cryptocurrencies.

In this way, Kevin Wale who previously was the product manager for Twitter and Instagram will help this team.

Will Facebook’s Stablecoin Replace Bitcoin?

Perhaps some think that Facebook’s stablecoin will be a replacement and rival for Bitcoin, but that is not the case. The aim and outlook of this stablecoin is to replace U.S. dollar.

Of course such demand and claim seems very big. Such a system has high capacities for success. Because it moves the U.S. dollar to an online and private payment system, and not only does it make possible financial transactions for users in an inexpensive way, but it also will circulate their assets in its network.

This will be in favor of all the people in the project. Facebook is one of the largest tech companies in the world. This company, with a hugely successful history in its years of activity, will not vacant the fighting ground for new and opportunity-seeking competitors.

In fact, in the future we should observe the vast activities of this tech giant in the field of Blockchain and new technologies related to it.