Digital Currency Revolution Series: Facebook's Potential Competitive Advantage Citing Bitcoin's Hindrances

Of late, the globally reputed social media company, Facebook has been in the news for testing their luck in the buzz world. None in this world is sure, whether Blockchain as technology or crypto-universe as a currency system has allured the social media giant and why they intend to establish blockchain technology setup precisely and what are their prime objective. 

But evidently, they sought after techno-savvies to develop blockchain ecosystem, as per the Facebook’s official careers page so that the speculation arose Facebook could incept a stablecoin through which their clients can transfer money via WhatsApp.

Ever since then, we kept observing the mounting speculations over a baby even before mother incepted. 

Amid the grey shaded areas about facebook’s blockchain’s initiatives, we have been getting speculative commentaries, but on the flip side, we’ve figured out a blockchain developing team has designed and developed a digital wallet that enables their users to access crypto-assets and use services via their favorite messaging applications such as WhatsApp. Well, with that perspective, with a view of propagating the awareness of crypto adoption, Wuabit’sWhatsApp service is almost set to roll-out, followed by the similar efforts at providing functionality for Telegram, Facebook messenger, and Viber as well by their the developing team. With the help of Wuabit service, users most likely to exchange and trade pertaining to crypto-assets.

This service is reportedly illustrated by the AI-driven developers, which is exclusively meant to allow WhatsApp users for Bitcoin payments in its messaging application.

The social networking players, like Facebook and Telegram are intending to roll out new cryptocurrencies over the next year that are meant to allow users to send money to contacts on their messaging systems, like a Venmo or PayPal that can move across international borders.

Undoubtedly, much awaited and enigmatic Facebook’s project which is underway has created much of the hype as they seem to be working on a coin that may reach-out to the apprehensions of cryptocurrency aspirants and address their issues. 

The prevailing model is targeted for the electricity-guzzling when it comes to mining process of a bitcoin.

In addition, social networking companies will have to confront quite a few similar regulatory and technological obstacles that have restrained cryptos from entering into the mainstream. 

On the other hand, the governmental clarities or central authorities have all portrayed them as handy to the scammers as the computer networking designs aren’t robustly designed.

The chief executive of Quantstamp, who provides security audits for new cryptocurrencies Richard Ma, says “they are all going to run up against these same types of technological limits.”

While the networking companies can fill in these gaps with abundant resources into their projects, reportedly, facebook has numerous engineers entrusted exclusively on this particular project.

Facebook is planning at multiple levels to optimally utilize the blockchain as technology launchced by many cryptos that enables to store shared records of financial transactions, rather than relying solely on a single central player. The troop of this project who ran through on the Facebook’s project says the company’s debuting with a most likely coin that could be pegged to the value of fiat currencies, as Bloomberg first reported.

Thereby, one should grasp, apprehend and realize a digital token with a stable value is not going to conducive to scammers and speculators.

In other cases, we have recently reported in our earlier posts that the concept of stablecoins pegged to the value of the dollar, just like JPM coin. One may argue with this but Facebook seems to be eyeing on pegging the value of its coin to a basket of other major currencies as well. 

The company is likely to ensure the indemnity as they are revamping its networking infrastructure that interfaces between its properties within its community. Well, such integration is likely to enhance Facebook’s cryptocurrency to reach out billions of users across the globe, though it is time-consuming.

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing 58 (which is bullish), while hourly USD spot index was at 95 (bullish) while articulating (at 07:57 GMT).

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