Facebook to Pay Salaries in GlobalCoin, Embraces Decentralization

Social media giant Facebook is expected to announce its cryptocurrency project to the public later this month and will allow its employees to get salaries in the digital currency.

According to a June 5 report by The Information, the digital coin will be used for transaction across multiple platforms of the social media company.

Moreover, the Menlo Park-headquartered firm is also planning to make its crypto decentralized as it is inviting third-parties to run entities on its network to process the transactions. However, Facebook is going to charge a fee from these node entities which might go as high as $10 million.

Rumors and reports, but nothing official

Though Facebook did not reveal anything about its Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term projects, many media reports confirmed that it is working on ambitious projects to bring crypto to the masses. The company is reportedly developing a stablecoin called GlobalCoin.

#crypto4all #cryptobank4all

So it looks like Facebook is entering the crypto space. I think it's just a matter of time till we see GoogleCoin, EbayCash, & AmazonBucks. Much like each store has their own line of Credit Cards. !!! — cryptobank4all.com (@cryptobank4all) June 6, 2019

According to the Financial Times, Facebook is already in talks with the Commodities and Futures Trading Commission (CFTC) to discuss regulatory needs for the digital currency. However, it is not yet decided which agency will oversee GlobalCoin.

Though the launch date of the coin is not accurately specified, one report detailed that the company might bring its coin to the market next year.

The Information also specified that Facebook would put up a dedicated portal to allow buyers to get their hands on the digital coin.

To increase the adaptation of the digital currency, the social media company also reportedly in talks with global payment providers, crypto industry players, and global regulators as well.

Last month, Finance Magnates reported that Facebook has set up a new fintech startup in Switzerland called ‘Libra Networks,’ to support its cryptocurrency Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term plan.