There's been numerous speculations about the conceptual reasoning and purpose of Facebook’s planned digital coin. As things get wilder, Ignoring key features like independence and decentralization, a crypto analyst predicts that ‘Facebook Coin’ would look more like Bitcoin or Ethereum than your Starbucks reward points.
FACEBOOK COIN LIKELY TO SUPPORT VIEWING ADS
Many are trying to envision Facebook’s planned ‘FaceCoin.’ Lacking specifics from Facebook, speculations abound about everything from the coin’s name to what it will be used for.
Under the code name “Project Libra,” tech journalists say, Facebook, Telegram, and Signal are devising their own digital token, which would allow their billions of users to exchange money across the Internet, through their payment systems.
While others argue that Facebook’s coin will be more like one of the major cryptocurrencies. In effect, crypto analyst, Lisa Ellis, a MoffettNathanson partner, predicts:
"The Facebook (FB) coin (Facecoin, perhaps?) would actually look more like one of the large public cryptocurrencies such as Bitcoin or Ethereum and less like the internal-payment or loyalty systems that companies like Starbucks(SBUX) use."
She adds that FBCoin will likely be a more-public coin that’s governed by an independent board such as Ethereum and its foundation.
SAVE IT WON’T!
But regardless of the type and number of predictions put forward, one thing is certain. Facebook’s digital coin won’t be anything like Bitcoin.
It will be issued, developed and controlled by a centralized authority. Its ledger will not be immutable, and access will likely require your Facebook account.
VISA, MASTERCARD WOULD WELCOME A ‘FACECOIN’
"If Facebook(FB) launches an open digital wallet and checkout button, the company will need to collaborate with Visa and Mastercard(MA) to enable a variety of card-based funding methods in its wallet (similar to Apple Pay, PayPal(PYPL), or Google Pay)."
However, the social media giant Mark Zuckerberg, has not explicitly denied or acknowledged any of these speculations too. The latest statement on the subject from the company was issued to Barron’son May 10, 2019,
"[Facebook is] exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share."
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