The Blockchain project from Facebook

According to reports coming from The Wall Street Journal(WSJ), Facebook has been busy working with financial firms and online merchants in order to aid in the launch of its blockchain project called Project Libra, a project that the company wants to integrate with its project on its platform

Project Libra is on a mission for Facebook and will be similar to what Amazon is doing with its credit card as well as Apple Pay.

Facebook now wants to challenge the success of these services an alternative developed on the Blockchain technology. The company is also said to be planning on creating its own cryptocurrency, Facebookcoin.

Many websites use the platform to sign-up or sign-in to accounts and considering that the platform boasts around 1.56 billion in daily logins.

Other companies have joined in on the Libra project including MasterCard, First Data Corp and Visa. These companies see this project as creating an easy to access option for financial transactions and will be a cryptocurrency with characteristics of a stable coin.

Facebook and decentralization

The company also has an interest in further utilizing the Blockchain, than just creating its own cryptocurrency. According to a spokesperson from Facebook:

“Like many other companies Facebook is exploring ways to leverage the power of Blockchain technology.”

While also saying that:

“This new small team is exploring many different applications. We don’t have anything further to share.”

Some think that Facebook will bring a service that is the antithesis of a Blockchain, and what it can do. Facebook is not a community-driven organisation but is rather based on a centralised and hierarchal structure as a social media platform.

The FacebookCoin (project Libra) is scheduled to be due within the first half of 2019.

What are your thoughts on the Facebook project? Please feel free to leave a comment down below.

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