Blockchain is slowly taking over the world. Gone are the days when cryptocurrency was considered to be an alien concept. Now, it has become quite acceptable all across the globe, and the basic reason for its popularity is the blockchain platform it is based on. Blockchain is an innovative concept that showcases new ways of performing activities to the experts. Recently, it is the social networking platform Facebook has decided to capitalize on the benefits offered by blockchain technology. Click this image below to start bitcoin trading.
In this article, we shall discuss how Facebook has started using blockchain and in what capacity it plans to expand its services in the future.
Table of Contents
Creating Own Cryptocurrency
Though Facebook has not revealed completely how it is going to use blockchain in the future, there are rumors that it will be creating its own cryptocurrency. Just like Bitcoin and Ethereum, it would offer its users a new cryptocurrency exclusively working on its platform. This social media giant would let traders manage their payments through digital currency efficiently. There is a great chance that they could use Bitcoin training software to make transactions faster.
Back in the year 2019, Facebook came up with an official announcement where it revealed to the world the launch of a new cryptocurrency named Libra. This announcement enthralled the world, especially those who love using Facebook as their favorite social media platform.
Soon after this announcement, Facebook also created an extensive Libra Association, which was basically a group of companies that would keep in check the working of this new digital currency.
Despite the fact that Facebook had come up with this announcement many years back, it has still not been launched, owing to the extensive regulatory scrutiny connected to it. Alongside this, governments have been pushing this project back, which is why it has not been brought into the availability of the users.
Authentication Through Blockchain
Another way through which Facebook has been exploring the unit of blockchain is by capitalizing on the high level of security it offers. As a matter of fact, the biggest issues faced by the social media platform are connected to the security and protection it offers to users’ data. By using the high-level and top-notch authentication process involved in the working of blockchain Technology, Facebook could offer users a higher level of security system.
With the help of a Startup known as Chainspace, Facebook got its hand on blockchain technology back in the year 2018. This was done with the aim to come up with an extensive decentralized platform that would ensure the highest possible security of transactions and other processes.
Launching A Digital Wallet Called Novi
Cryptocurrency exchanges offer their clients digital wallets using which they can secure their cryptocurrencies. These crypto wallets are both hot and cold, considering whether they are connected to the internet or not. Facebook also came up with the idea of launching its own digital wallet, known as Novi.
Novi basically aims to help the users send and receive Libra whenever it gets launched. The users would also be able to hold this currency in their wallet for as long as they want. This way, it would make trading and transactions of cryptocurrencies much easier and safer for the new people entering the world of cryptocurrency.
Blockchain To Secure Users
Another way through which Facebook could augment the security of the billions of users using its platforms is by offering them a higher level of control over their personal data. This would happen by blockchain actually working towards proving each user’s identity. This would augment the security of users to a greater level. Alongside this, there would be contracts that Facebook would create to send and receive specific information across the platform. Being a self-executive system, it would save a lot of time for Facebook management.
Final Thoughts
Facebook has extensive plans of using blockchain in its favor and offer extensive security and safety to the users. At the same time, it plans to come up with its own cryptocurrency called Libra with a supporting digital wallet called Nova. It’s only the government regulations that are pushing the project back. Once these regulations are met, there would be a huge breakthrough in the world of social media platforms.
