Facecoin? FBcoin? Facebook is working on its own cryptocurrency

Facebook has recently created their blockchain team, and are apparently looking to start off their very own cryptocurrency. Mark Zuckerberg, CEO of Facebook, has suggested that they are open to integrating blockchain technology previously, so this isn’t a surprise. Facebook is also known to not shy away from the cutting edge, dabbling in AI, virtual and augmented reality technologies.

Apparently the cryptocurrency will be used to pay for its various services. Facebook has had a go at creating their own virtual currency — anyone remember Facebook Credits? While it never really took off, it was used to pay for in-game items on the biggest social network. Facebook’s ad revenue runs into the billions, so they will take their time to establish a cryptocurrency, if they really are going to do it.

Facebook is definitely looking into blockchain technology seriously, and creating a new cryptocurrency might just be one of the many ways to implement the new technology. Considering how blockchain technology is probably our best shot at privacy and security on the internet now, we can see why Facebook is interested.

Source: Cheddar

Pokdepinion: Would we be able to mine the Facebook cryptocurrency by spending time online? Since Facebook already takes up a huge chunk of my online time, wouldn’t mind earning a bit out of it.