Facebook's Secret Blockchain Group
Facebook has been making headlines in crypto circles since earlier this year. They seem to be working on a project designed to allow users on their WhatsApp messaging application to transfer money to each other.
This isn't necessarily going to be a innovation in terms of cryptocurrency technology itself, as it will most likely be another stable-coin such as Tether or USDC, which is tied 1:1 to the US Dollar. Though, with Facebook's size and outreach, it does make sense for them to try to limit any volatility with their coin by doing so.
The integral factor for this project is the sheer size and vast user-base of Facebook. It is safe to say a lot of people are going to use it, even if they aren't familiar with or dislike crypto. It wouldn't be surprising for them to incorporate their ads with the coin as well, either with product purchasing or participation rewards. But seeing it used as a peer-to-peer payment system should be the main focus of the utilization. Using this combined with the existing store of value that Bitcoin provides could open up a substantial new catalyst for mass adoption. At the very least, we'll hopefully end up with another solid path to buy Bitcoin and other cryptos.
If the cards are played right, and Facebook is truly in it to "scale and improve the lives of billions of people around the world", we have some exciting times ahead. The underlying goal of cryptocurrencies and blockchain technology, at least as it was original conceptualized, is to liberate the world from economic hardship by creating a globally accessible system that cannot be control by any one entity. And what better way to accomplish that then to attach blockchain tech onto the most widely used global social media platform? It is still not certain how soon these things may come to pass, but we will definitely be keeping our eye on Facebook next year.
The project gained significant momentum in May after building the ranks of the "blockchain group" to 40 members, with David A. Marcus (former PayPal president) heading the team.