ICO NEWS: FACEBOOK TO LAUCH OWN COIN VIA HUGE ICO
Social media giant Facebook will launch its very own cryptocurrency via an ICO that will put even the likes of Telegram to shame, Finance Magnates reports. An ‘exclusive source’ told the news outlet that the company plans to launch a coin called Facebook Coin (FBC).
Transactions will be anonymous but users will first have to register to use the coin. Whether or not Facebook would enter the crypto-sphere has been the topic of hot debate for some time now. Many were doubtful because of negative comments founder Mark Zuckerberg has made in the past.
Though yet to be officially confirmed or announced, the source claims Facebook’s ICO will launch on the Ethereum network within the next two weeks. This seems unlikely as it would not allow the social network much time for promotion. However, some would argue that a coin from a company as influential as Facebook wouldn’t need much pushing.
Watch out, Telegram!
Information regarding the ICO’s funding goals is yet to emerge, however given the status of Facebook as an industry leader and a member of the group of tech titans dubbed FAAMG (Facebook, Amazon, Apple, Microsoft, and Google) it is likely that Facebook will rival Telegram.
Telegram currently hold the record for highest-grossing ICO to date, having raised an estimated $1.7 billion from its two ICO pre-sales. This is especially impressive given the fact that the main round of the ICO hasn’t even started yet.
The messaging service has already far surpassed it’s original funding goal of $1.2 billion and there are rumours of a third pre-sale in the works. However, Facebook is a far bigger name than Telegram so time will tell whether Telegram clings on to its admittedly impresive record.
Changing the conversation
Facebook has endured a barrage of bad press recently thanks to reports that the company knowingly sold the personal info of more than 50 million of its users to third-party organizations. The info was allegedly sold to Cambridge Analytica, a political data analysis firm.
Cambridge Analytica then illegally used that data to influence the public in the run up to both the UK’s Brexit referendum and the 2016 US presidential election.
Zuckerberg stated in response: “You may have heard about a quiz app built by a university researcher that leaked Facebook data of millions of people in 2014. This was a breach of trust, and I’m sorry we didn’t do more at the time. We’re now taking steps to make sure this doesn’t happen again….Thank you for believing in this community. I promise to do better for you.”
Facebook has often been accused of using its algorithms to influence election results, along with public opinion on various hot button issues. The company is also known to demonetize channels and videos it disagrees with, politically.
As such, Zuckerburg is no doubt keen to change the conversation, so to speak, regarding his precious creation. Entering the cryptocurrency world via an earth-shattering ICO will no doubt achieve this goal.
If a native currency is created for Facebook, it will likely function in the same way as other social coins, I.e., allow users to tip content creators with actual currency rather than simply liking and sharing.
A native coin would allow Facebook to become a genuine ecosystem, wherein the company has less hold over what thrives and what fails.
Users would decide what gets promoted and what doesn’t, rather than background algorithms. If all this is true, the platform is in store for a major shift in operations. Watch this space…