Financial management posted on : May 17,2018

Facebook plans to launch crypto currencies like: Bitcoin

Social media giant Facebook is planning to bring its own cryptocurrency. According to the information given by a Facebook official, Facebook has created a blockchain division.
At present, the company has not shared much information about it. After Facebook cryptocurrency report, the company has said in a statement given to an American media organization, "Like other companies, Facebook is also looking for possibilities in Blockchain Technology. There is a small team for this, which is exploring it. At present we do not have to share more about this'

According to various sources, Facebook does not have a plan to offer something like a coin at the moment. It is worth mentioning that the blockchain team will work under new platform and infra under the guidance of company's Chief Technology Officer Mike Schroepfer. Currently, he is handling Facebook's Artificial Intelligence and Virtual Reality department.

What is Blockchain?
Blockchain technology is a record of the transaction list (digital ledger) which is linked and secured by cryptography. Every block has a hash pointer that connects it with another block. This technology can record transactions that are taking place between two people. One of its features involves that the information of the record cannot be copied. This database is saved on the cloud so that no forgery can be done nor the problem of space arises.
Blockchain enables transaction on a peer to peer basis, without the need of a centralized body to monitor processes, thereby increasing efficiency and cutting down time and cost. It has given rise to anonymous payment systems, created currencies that exist outside of traditional banks, and has enabled drafting of contracts without the need of a legal professional. In simple terms, Blockchain is the technology through which Bitcoin functions.


Cover photo credit: Redmond Pie

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