Libra’s strength is its biggest weakness — Facebook.
Take One: Michael, Pillar Project CEO
So, it finally happened…
The Facebook cryptocurrency rumour has been making the rounds for a while. Since there was no official release from the company itself, I thought that either the media is speculating wantonly, or Facebook had a blinding pre-release viral campaign.
I have been asked, countless times, how we can compete against the likes of Facebook in creating an ecosystem where people owned their personal data and utilised all the benefits a decentralised blockchain offers. I usually respond by highlighting the business model of Facebook — an advertising/data provisioning company that relies on our data. Any attempt to deviate from this model can be likened to the difficulty a leopard would have in changing its spots.
Now the day has come. Facebook is launching its own cryptocurrency. How does this affect society, the blockchain world, and Pillar?
