Lately Facebook announced about issuance of its own cryptocurrency.
As it was informed in multiple sources Facebook’s cryptocurrency will be named “Globalcoin”, with its issuance being realized by a subsidiary named “Libra” that is based in the historically crypto-friendly Switzerland. The launch of Libra/Globalcoin is expected to be in Q1 of 2020 at the earliest.
What is bitcoin, cryptocurrency, blockchains, miners.
Bitcoin (BTC) is the first open-source, peer-to-peer, digital cryptocurrency and it was designed and released by various independent programmers - Satoshi Nakamoto in 2008.
Cryptocoin uses a distributed network public database technology named blockchain (with no centralized server involved), which requires an electronic signature and is supported by a proof-of-work protocol. Thus, it provides to its users security and legitimacy of money transactions.
It looks like Globalcoin is going to be something more global than just cryptocurrency - the sources reportedly revealed that Globalcoin will be “bigger and more open” than just a payment method for purchases on Facebook. As previously reported, Facebook allegedly plans to integrate its three fully-owned applications — WhatsApp, Messenger and Instagram — to deliver its massively exposed cryptocurrency project. Whatsapp, which sports two billion active users, and will be a payments mechanism and a medium of exchange for the social media ecosystem.
How it can affect financial system and Facebook itself
We believe it is going to be a globally dominant product that changes the way people lives, because we are talking about transition from a social platform to a finance institution. It can give to a Facebook another opportunity to earn from commission from each transaction and not to be dependent on ads anymore.
What do you think about Globalcoin and how it can affect financial system in global world? Share your opinion in the comments below! If you have your question, I would be glad to answer it or to introduce your project to my team at Astorts Group to be evaluated
Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the CEO of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.