Facecoin – cryptocurrency of the future or another token with exaggerated significance?

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Last week news about Facecoin regularly filled the pages of the media as cryptocurrency, produced by Facebook, attracted the attention of many in cryptosuite. At the end of last year, the largest social network began to actively recruit employees with the technology block networks, for a “secret project”, and since then around it hovers a lot of rumors and speculation.

Recently, journalists from the New York Times reported that Facebook is developing stablein, a cryptocurrency whose value is tied to an existing Fiat currency. In addition, Facecoin will be directly linked with your account Facebook.

However, at the moment everything remains at the level of rumors, and many users began to wonder whether this is not only a deception.

Facecoin: why should we be skeptical?

Last week it became known that in the US, the number of Facebook users declined by 15 million, with most of the departed at the age of 12-34 years. This age group refers to those who are most likely to take and use digital currency. So the question arises: are the rumors about the “Facecoin” desperate attempt to retain users?

Another question – where will be used Facecoin? As a stable coin, it is useless for investment, such as Bitcoin (BTC). So it will be just promoted digital tokens that users can send each other through their various platform messaging. In addition to the trading platforms, from Facebook no way to buy anything on the platform.

Another problem is to protect user data and privacy. In the light of high-profile investigations Cambridge Analytica, many users have become cautious about Facebook. In our days most people don’t even trust their banks, not to mention the social platform, the defendant in the sink of data.

Will Facebook to create your own cryptocurrency

However, despite the lack of prospects or the reasons why a social media platform would have to create its own crypto currency, some believe that Facebook plans to invest billions in kriptonyte. Barclays analyst, Ross Sandler, suggested that the company may receive from the project up to $19 billion.

Changpeng Zhao, CEO of scriptgiant Binance, noted that the coin Facecoin can be a great idea for a more widespread adoption of the so-called corporate life-cycle. Whatever the outcome, many believe that Facebook in an attempt to penetrate cryptoprotection, reminds his uncle of old age, suddenly buying a Ferrari.

But perhaps Facebook is trying to develop really fair, decentralized social networking platform based on the blockchain, which actually took into account the interests of users. However, is it possible to regain the trust of users, after the recent scandals with privacy?

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Tags: Facecoin

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