Category Archives: GlobalCoin

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Facebook’s Libra White Paper Claims Blockchain, Crypto After All

Facebook's Libra White Paper Claims Blockchain, Crypto After All

The highly anticipated Facebook Libra crypto project has finally been demystified, with the social media giant releasing the Libra white paper today.

Conveniently touted as the platform to provide a simple global currency and financial infrastructure accessible to billions of unbanked people, the Libra project will eventually be a cryptocurrency, built on a blockchain and having properties sampled from both the Ethereum and Bitcoin blockchain frameworks. According to the white paper, the Libra project is being developed to be:

“A new decentralized blockchain, a low-volatility cryptocurrency, and a smart contract platform that together aim to create a new opportunity for responsible financial services innovation.”

Contrary to critical opinions before the unveiling — and especially of those who opined that Facebook’s GlobalCoin, officially referred to as Libra, has nothing to do with blockchain — the white paper has clearly identified the project as one to be built on the backs of permissionless consensus. It appears the Libra coin will be a stablecoin of a sort, backed by real-world assets in a reserve.

The Libra team believes there isn’t any solution among the 2,000 cryptocurrency or so projects in existence today that is of a permissionless nature that could serve a global scale. It notes in the white paper that:

“The challenge is that as of today we do not believe that there is a proven solution that can deliver the scale, stability, and security needed to support billions of people and transactions across the globe through a permissionless network.”

This invariably puts Libra in the class of most cryptocurrency projects offering financial services in the decentralized space and may, in fact, prove to be a formidable competitor, should the underlying apprehension due to privacy concerns — given the history of the parent company — be easily dismissed.

However, on the bright side for Facebook, along with its allies, they have a composite huge and possibly interwoven user base, making it convenient for user-transition between platforms through the cryptocurrency. According to the white paper, over 29 business mammoths with trillions of US dollars in valuation were listed as Founding Members of its Libra Association — the governing helm of the project. It further plans to increase this figure to around 100.

Facebook has also revealed the launch of a cryptocurrency wallet Calibra in 2020 which will invariably give over 2.38 billion monthly active users access to use the Libra cryptocurrency for transactions across its messaging infrastructure.

Now the world will just have to wait and follow the developments of the Libra project closely, as there may, in fact, be a huge adoption potential for the cryptocurrency yet. Meanwhile, it is of global interest in the crypto ecosystem to consider how the eventual launch of the Libra coin may impact the overall community. As of the yet, there was no plausible change in the crypto market upon the news of the release of the much anticipated Libra whitepaper.

 

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Roubini: Nothing Crypto or Blockchain about Facebook’s GlobalCoin

Notable Professor of Economics, Nothing Crypto or Blockchain about Facebook's GlobalCoin

In what seems like a crucial moment for the cryptocurrency industry as Facebook’s GlobalCoin project takes center stage in the media, speculation on the eventual product has spurred heated debate among spectators creating a distinctive divide.

Many, especially from the cryptocurrency niche are of the opinion that the GlobalCoin is no way anything like an actual cryptocurrency. Conveniently, another controversial element who shares a similar train of thought is a notable professor of economics at the New York University, permabear Nouriel Roubini, who is popularly known for predicting the last financial crisis.

In a sit-down with CoinDesk, the crypto-critic shared his opinion about Facebook’s latest foray, which he strongly asserted is going to be something unlike what many in the industry have speculated, suggesting “it has nothing to do with blockchain”. He also says that while it would be a “fully private, controlled, centralized” system, possibly a distributed ledger, it would resemble nothing like the blockchain or a cryptocurrency in design.

Moreover, Roubini reiterated that he had previously downplayed classing of enterprise distributed ledger technology as blockchain suggesting it is “name only”, to which he attests that some industry folks may agree. However, he strongly believes that “public decentralized trustless blockchain is a pipe dream”.

Facebook has reportedly been lobbying for backers for its forthcoming GlobalCoin, an action which has seen giant payment processors such as PayPal, Visa, and Mastercard, as well as a dozen others from across various industries looking to support the project with a minimum of USD 10 million, thereby creating a formidable consortium.

The uncertainties about the nature of Facebook’s GlobalCoin centers around how it might impact the industry, considering its past data scandals. While some have been of the opinion that the endeavor brings exposure to the crypto industry, which has been somewhat linked to the recent rise in Bitcoin’s price, others, however, have suggested it has a perverse structure to the ideals of decentralization.

Regardless, the white paper is expected to be released sometime today and hopefully, it will answer long-standing questions as to reveal the intentions of the social media giant, as well as unveil to the world the reason they secured partnerships from competing payment processor giants.

 

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Can Facebook’s Latest Project Re-Invigorate the Crypto Space?

Can Facebook's Latest Project Re-Invigorate the Crypto Space_

With Facebook about to enter the cryptocurrency arena, the industry is awash with opinions about how exactly the arrival of the much-discussed coin will impact on all aspects of the digital currency market, and whether these impacts will be negative, positive or a mixture of both.

Facebook’s original vision, created by a small group of enthusiastic students, was pretty profound. They created FaceMash in July 2003 which was to morph into Facebook under the supervision of Harvard students Mark Zuckerberg and roommate Eduardo Save a year later. They put their plan for social media networking into a few words:

“Facebook’s mission is to give people the power to build community and bring the world closer together. People use Facebook to stay connected with friends and family, to discover what’s going on in the world, and to share and express what matters to them.”

Before examining whether Facebook will impact the likes of Bitcoin and its now numerous altcoin alternatives, it may be worth considering just how much impact it has had on populations around the globe, long before it decided launches into its next major reincarnation as a cryptocurrency player.

Across the globe, Facebook now has over 2.38 billion monthly active users as of 31 March 2019. Some 1.56 billion people on average log onto Facebook daily. As of 2014 On average, the Like and Share Buttons are viewed across almost 10 million websites daily. In Europe alone, over 307 million people are on Facebook, and worldwide every 60 seconds on Facebook 510,000 comments are posted, 293,000 statuses are updated, and 136,000 photos are uploaded.

These statistics are outstanding, and it is worth looking at who these users are in terms of a crypto demographic which has proven that millennials have made cryptocurrency their home when it comes to how they arrange their financial lives. The prime target audience for Facebook is Age 25 to 34, representing 29.7% of users; a demographic which also matches that of the majority of today’s crypto users. 50% of 18-24 year-olds, another prime cryptocurrency audience, log on to Facebook when they wake up each morning. One final statistic; Facebook claims that 2.7 billion people use Facebook, WhatsApp, Instagram, or Messenger each month and more than 2.1 billion people use at least one of the Facebook family of services every day on average.

With an estimated 1.6 billion people logging on to Facebook each day and almost twice that amount using Facebook services each month, this creates a market which Bitcoin could only dream of. The impact on Bitcoin could be profound, and in a highly positive way, as billions of users within the 18-34-year-old user group now begin to become aware of a new mode of payment; cryptocurrency. Amongst this huge demographic will be those who may have had little prior knowledge of cryptocurrency or its workings, or simply not trusted it. Facebook’s entry into the market will change that perspective, that lack of knowledge and hesitance in using crypto will change.

That is to say that the potential for millions to simply discover Bitcoin “accidentally” or now take interest due to becoming familiar with Globalcoin through their daily FB log-ins becomes a huge prospect. Altcoins can expect to gain exposure too as more eyes shift towards the crypto market, potentially boosting mass adoption of cryptocurrencies across the board.

This is highly unlikely to happen overnight, but more of a drip feed as Facebook users gradually gain confidence in using a stablecoin and begin to take an interest in the market, and particularly the potential of Bitcoin. Facebook can, therefore, become a route to the cryptocurrency market for billions, and potentially in doing so become Bitcoin’s greatest ally.

 

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Facebook’s GlobalCoin Hires British Banking Lobbyist

Facebook's GlobalCoin Hires British Banking Lobbyist

Facebook’s crypto GlobalCoin looks set to benefit from banking expertise as it has now hired a senior bank lobbyist from the UK in the shape of Standard Chartered’s Europe head of corporate and public affairs, Edward Bowles.

The news broke on Financial Times (FT) that Bowles will join in September to be Facebook’s director of public policy in London. This is only a week away from the much-awaited release of the detailed plans for GlobalCoin, which is scheduled to operate in 2020. Neither employers nor Bowles himself had responded to FT for comment.

Bitcoin News reported last month that Facebook CEO Mark Zuckerberg had held meetings with Bank of England governor Mark Carney to discuss the crypto project and assess the risks of the new payments network and digital currency.

Although there has been little formal disclosure from Facebook, it is widely believed that the crypto project would most likely resemble an iteration of a crypto stablecoin, allowing users to send each other money and to make payments across the suite of applications under its ownership, including Facebook, Instagram and WhatsApp.

FT does note of the concern from regulators on whether the social media giant would be able to comply with strict anti money laundering (AML) and KYC regulations that are imposed on financial institutions — since this is what GlobalCoin would be. The worry is particularly because Facebook’s recent scandals over user data are still fresh in the memory

European Commission director-general for financial stability, Olivier Guersent, had in fact claimed to be unaware of any discussions between Facebook and EU regulators and commented:

“Facebook has a right like anyone else to launch itself on the market. But the issue is really the connection with the rest of their activities and the collection of data. That’s the angle through which we could tackle it.”

 

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Facebook Stablecoin Dips into Visa, Mastercard, Paypal and Uber Pockets

Facebook Stablecoin Dips into Visa, Mastercard, Paypal and Uber Pockets

Facebook’s stablecoin project dubbed Libra has reportedly gained the support of some big players in the payment gateway industry to include Visa, Mastercard, PayPal Holdings as well as Uber Technologies, among a dozen other companies, who will each invest at least a sum of USD 10 million, reports the Wall Street Journal.

The Libra project may yet be one of the most formidable cryptocurrency projects till date, considering the number of traditional firms heavily invested into the project – forming a governing consortium; a feat unlike anything experienced in the cryptocurrency industry so far, especially when factoring in the number of competing mainstream payment gateways willing to stake with the project.

In May, the social media giant was reportedly in talks with prominent industry stakeholders Coinbase and Gemini, to help with the launch of the coin. Its recent stride includes pooling financial and adoption support from reputable mainstream companies from the financial, e-commerce, venture capitalists and telecommunication industries.

The social media behemoth isn’t holding back as it pushes for a hard launch of its much-lauded GlobalCoin cryptocurrency which, after much secrecy in its development, is expected to be unveiled next week in preparation for a public launch in 2020. The stablecoin will supposedly be backed by a number of fiat currencies and for use only across its messaging infrastructure – WhatsApp, Instagram, and Messenger.

According to Facebook, it began developing its stablecoin in December 2018, despite having shown interest in the emerging asset class since 2017. It appears the project developers are leaving no stone unturned to ensure the cryptocurrency matches the rallying-hype of being the Bitcoin slayer.

 

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Facebook Reveals Radical GlobalCoin Plans to Defeat Bitcoin

Facebook Reveals Radical GlobalCoin Plans to Defeat Bitcoin

Social media mammoth Facebook has set out daring plans to launch its new cryptocurrency, GlobalCoin, and has apparently detailed its strategy to beat Bitcoin as the world’s most popular and most used cryptocurrency, according to Forbes.

It has been reported that Facebook will not directly manage this latest rival to Bitcoin. Instead, “an independent foundation” will be the one controlling GlobalCoin, a move likely to deflect centralization concerns and improve their compliance with financial regulators.

Bitcoin News has written about Facebook’s busy work in discussing and negotiating with financial and tech institutions over the past months. Its founder, Mark Zuckerberg, had been in a meeting with Bank of England governor Mark Carney in April to talk about the risks and opportunities of launching such a crypto. They later even met with Coinbase and others, trigerring all kinds of speculation about possible partners. Then, it was planned to launch GlobalCoin in 2020 but things have seemed to been sped up.

All this news came on the back of Facebook recently registering a new financial tech firm, Libra Networks LLC, in Geneva, which will offer financial services such as payments, identity management, financing, big data, data analysis, and blockchain.

The cryptocurrency is said to appear much like Bitcoin, but is linked to a Facebook project codenamed Libra and is thought to be focused at developing countries, where national currencies are less stable and its people will use the crypto as a “borderless currency”.

It is also accepted that GlobalCoin will be a so-called stablecoin pegged to the US dollar, and is widely expected to a payment option, integrated into Facebook’s popular messaging app WhatsApp and Messenger, as well as on photo-sharing app Instagram.

 

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Facebook Targets 2020 for “GlobalCoin” After Bank of England Meet

Facebook Targets 2020 for

A BBC business report has just released fresh details on near-finished plans by social media giant Facebook to launch its own cryptocurrency next year; the coin has been dubbed internally as GlobalCoin.

According to the report, Facebook’s founder Mark Zuckerberg had held meeting with Bank of England governor Mark Carney last month to talk about the opportunities and risks associated with launching such a currency. The company also met with the US Treasury to seek advice on regulatory and operational issues, alongside discussions with money transfer institutions such as Western Union in a bid to find solutions for transferring money for people without bank accounts.

More details have been promised this summer, but GlobalCoin testing has been scheduled for the end of 2019 and digital payment systems will be installed for around 12 countries by early 2020.

Dubbed Project Libra, the plans for Facebook’s digital currency, nicknamed Facebook Coin, first surfaced late last year. Much speculation had surrounded its use and extent, but it is now understood that GlobalCoin will work together with banks to help people transfer dollars and other international currencies into a digital network for further use. Some co-founders are expected to launch the new association based in Switzerland in the coming weeks.

Venture capitalist Tim Draper is thought to be in discussions with Facebook to consider possible investments into the crypto project.

 

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