If Bloomberg and the New York Times are gonna be trusted, afterwards this year Facebook will introduce a cryptocurrency which will allow WhatsApp consumers to communicate money instantly. Yes, that’s right: Facebook. Cryptocurrency. Earthquake! Revolution! The macrocosm is tilting on its axis! The tip days are cometh!
Except- um- what exactly are people going to do with FaceCoin, formerly they receive it?
This is not Facebook’s first dare into virtual monies, remittances, or peer-to-peer pays via messenger app. Remember Facebook Credits, its previous virtual currency, launched in 2011 and sunset 2 years later? Remember Facebook Gifts, launched in 2012 and sunset 2 years later( there’s a theme now) in part because, to excerpt the redoubtable Josh Constine,” Facebook never felt a mode solve interval and localization problems to see Gifts work internationally “? And of course Facebook Messenger Payments launched in the US in 2015 and expanded to Europe two years later.
But FaceCoin is different ; FaceCoin is on a blockchain .( As a longtime blockchain enthusiast I feel I have earned some right to be a bit cynical now .) And FaceCoin is reportedly a stablecoin backed by a basket of fiat monies, a la the SDRs of the IMF.
So it’s on a blockchain. What does a blockchain give you? Well, conceivably, smart contracts, but if it’s a backed stablecoin used for P2P transfer, it’s hard to see how those are relevant. Too, conceivably, privacy. Right now the crypto life offers stablecoins( Dai, Paxos, etc .) and privacy coins( ZCash, Monero, Grin) but — weirdly — none offers a private stablecoin. If Facebook were to do so, that would, in fact, has become a genuinely big cheese. Not least because 😛 TAGEND
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