Connect with us

Entertainment

Facebook is Planning on Creating Its Own Cryptocurrencies.

There’s a long road ahead, but this is proof technology is rapidly evolving through Facebook.

Published

on

On March 11th, Facebook revealed to Cheddar that they are in the beginning phases of developing a new cryptocurrency, which is a virtual token that would allow its billions of users around the world to make electronic payments.

Only one member of the corporate development team was devoted to studying blockchain, the digital and decentralized ledger that underpins cryptocurrencies like Bitcoin and Ethereum. Blockchain is the ledger system that underlies cryptocurrency, but it can have various uses. It doesn’t necessarily have to be used for cryptocurrency. However, earlier this week, the head of Facebook’s Messenger, David Marcus, announced he’d be leading a new group intent on exploring how to leverage blockchain technology across the platform

Recode reports “The blockchain, which serves as the technical foundation for all cryptocurrencies — like bitcoin — is all the rage. Facebook’s decision to pursue blockchain technology will most certainly add some validity to the crypto industry, which has been very chaotic. This doesn’t mean that Facebook will build its own cryptocurrency, but there are many ways that blockchain technology could be used that have nothing to do with cryptocurrencies, including encrypted data storage.”

Marcus is no rookie when it comes to this field because before he was working for the company, he was the president of PayPal, and was an early investor in Bitcoin. He is also on board of Coinbase, which runs one of the most popular cryptocurrency exchanges.

“Like many other companies Facebook is exploring ways to leverage the power of blockchain technology,” a Facebook spokesperson told Cheddar after this story was first published on Friday. “This new small team will be exploring many different applications. We don’t have anything further to share.”

Did you enjoy this article? Consider supporting College Media Network's mission to support the next generation of journalists. For as little as $2 a month, you can help keep our site ad-free and the future of journalism alive. Go here to donate.

Erin Whitten is currently CMN's Senior Correspondent and is currently a student at Arizona State University majoring in Mass Communications and Media Studies.

Sign up for the Morning Scoop

and wake up with us each day.

CMN Reports

National News1 day ago

UK Parliament Crash: Man Arrested, At Least 3 Injured

A car crash in Westminster is being treated as a potential terrorist attack.

by , Cal Poly SLO
National News2 days ago

Italy bridge: Genoa Motorway Collapse, Reportedly 22 Fatalities

Officials have confirmed that at least 22 people have died and another eight are injured.

by , CMN Senior Correspondent
Awww3 days ago

‘Queen of Soul’ Aretha Franklin is Gravely Ill, According to Several Reports

Aretha Franklin is surrounded by friends and family in a Detroit hospital.

by , American University
Equality4 days ago

‘Unite the Right 2’ Plans Rally Outside the White House

One year after the race-fueled violence in Charlottesville, Va. -- white supremacists' are producing an encore.

by , American University
Government6 days ago

Space Force is Happening. No, Really.

Science fiction turns into reality with "Space Force."

by , College of the Holy Cross
Equality1 week ago

Brawl in Brooklyn Nail Salon Sparks Racial Tensions

A bad eyebrow waxing turns into a racial dispute.

by , Cal Poly SLO
National News1 week ago

Alex Jones Banned by Major Social Media Platforms

The conspiracy theorist claims that "we are all Alex Jones now."

by , U. Alabama Birmingham
Equality2 weeks ago

Gay Valedictorian Kicked Out by Parents, Now Going to Georgetown Thanks to GoFundMe

Seth Owen has gone through a lot.

by , Cal Poly SLO

Top Reads