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According to a Bloomberg Report, Facebook is exploring avenues to explore in the blockchain industry. The new year’s resolution comes after the Social media giant reshuffled its executive structure and included a blockchain team. The report claims Facebook will launch the cryptocurrency with massive ICO.In addition, funds will be exchanged via the WhatsApp chat platform. Meanwhile, cryptocurrency users will register with a Facebook wallet and Facebook will ensure an end to end encryption of wallets and transactions. Conclusively, Facebook will ensure that transactions are in line with Facebook’s privacy policy.

The Technology Behind Facebook Coins (FCB)

While the value of cryptocurrency continues to diminish, the issue of volatility has been hot. As if Blockchain is worth the dream, corporates still believe like the internet of the nineties, Blockchain is here to stay. In order to curb with coin volatility, Facebook envisions that its cryptocurrency will be a new variant of digital currency. The digital currency dubbed, stablecoins will be pegged to the US dollar.

The technical details of the coin are still on the preparation table. Facts to note, however, are, that users will register into the system using a load of security details. The details include name, address, mother’s maiden name, first pet name, and phone number. To curb security scandals and privacy issues, the coin will include a privacy clause written into its smart contracts. The privacy clause will ensure all transactions remain anonymous and completely encrypted

What makes India special?

The company, however, stated that the currency’s initial target could be the Indian market. India was considered because of its massive population of WhatsApp users. Incredibly, the country boasts a WhatsApp user base of over 200 million people. Furthermore, Wikipedia ranks India as having the second largest freelancer workforce after the United States. Therefore, India could be on the global map for the highest number of international money transfers. However, the world bank also ranks India as the highest in remittance. Apparently, the Indian market is a favorable avenue for future Blockchain opportunities.

As of now, the launch is yet to be, but the technology is in the development phase.

Conclusion

The future seems worth and promising. In fact, Statistica puts it that 2.3 billion users are active on Facebook every month. It is with no doubt that once Facebook puts its final signature into the coin, Facebook will command a huge blockchain following from its user base.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.

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