What can Facebook and Telegram where the failed Bitcoin?

Despite the collapse of the prices of cryptocurrencies, a number of large technology companies are working on their own digital tokens that can be used in messengers. Some of the largest companies with the messengers hope to succeed where failed CryptoStream. Anything is possible, given the advantage of hundreds of millions active users. Company type Facebook, Telegram and Signal planning during the next year to launch a cryptocurrency that allows users to send money to any country like Venmo or PayPal. Only the payment functionality will be built into the messenger.

The most anticipated, but a top secret project developing Facebook. The company is working on a coin that users of WhatsApp messenger can instantly send to friends and relatives. Work on the project Facebook gone far enough because sotssetevyh giant already at the stage of negotiations with cryptobinary about selling Coin Facebook users.

The digital coin is also working Telegram, the number of users which is estimated at 300 million. Own coins and develops a Signal service encrypted messages, which are popular among it people and supporters of privacy.

Audience messengers far superior to the current audience of cryptocurrency. Facebook and Telegram can create cryptococal that will instantly be available to hundreds of millions of users. All of these new projects came after the market proved popular with consumers. Service Venmo has become popular in the US, allowing you to send payments from your mobile phone. But in China, many consumers use the payment system right inside of the popular messaging WeChat. Co-founder of the company cryptobinary Primitive Ventures Eric Melzer said.

This is the most exciting what is happening with cryptocurrencies. Each project in this battle has its own advantages, so the failure is impossible.

None of the companies did not disclose the details of their cryptocurrency projects. Apparently, the most elaborate coins that can exist in a decentralized computer network, in varying degrees, regardless of the company-founder.

Like Bitcoin, the new cryptocurrency will make it easier for international remittances, especially in developing countries, where ordinary people find it difficult to open a Bank account and make purchases online. In current projects not using energy-intensive mining process, which relies on Bitcoin. However, the developers of instant messengers can meet the same regulatory and technological obstacles that prevented reaching the masses BTC. The absence of a Central authority to control the cryptocurrency, be it the government or the Bank, made them comfortable for criminals and fraudsters, and the architecture of the networks has complicated the processing of a large number of transactions. According to the head of the firm cryptoanalytical Quantstamp Richard MA, “they will all meet the same technological constraints”.

Source: Coinivore

Companies invest in their projects a lot of resources, despite the fact that the price of the cryptocurrency over the last year has fallen by 80 percent or more. Only on the project Facebook is working more than 50 engineers. A project Facebook under the leadership of former President of PayPal David Marcus was launched last year after Telegram to the ICO gathered $ 1.7 billion. The development of Facebook is surrounded by secrecy: the team works in the office with access via a special card, and getting there can be only selected.

Facebook is considering several ways to use the blockchain instead of relying on a Central player, like PayPal or Visa. Judging by available information of Bloomberg, the native cryptocurrency Facebook will be presented in the format stablein, backed by at least 3 major Fiat currencies.

Stablon will not attract speculators, but consumers will be able to keep it and pay, without worrying about growth or fall in the value of the coin. A number of other companies recently introduced the so-called stabilini tied to the value of the dollar. For example, JPMorgan has launched the JPM Coin cryptocurrency designed for the acceleration of payments within the company.

Now Facebook is upgrading the messaging infrastructure and tries to combine the three service Messenger, WhatsApp and Instagram – in one of the payment network. Such integration may take years, but it will increase the audience of Facebook Coin to 2.7 billion people every month using one of the three applications.

Before Facebook there’s a great question about the extent to which the company will control the digital coin. If Facebook will be responsible for confirming each transaction, and tracking each user, it is not clear why we need the blockchain instead of the traditional centralized system like PayPal.

Cooperation with cryptomerias at least partially relieve Facebook from regulatory burden, as for the storage of digital coins and checking customers will be responsible of the exchange. But if Facebook will not fully control a coin, then the company will be difficult to earn a Commission, and the criminals will be easier to use a coin for illegal purposes.

Employees of Facebook informed the exchanges that they hope to release the product in the first half of the year.

And how are the others?

Source: Shutterstock / Mike Trukhachev

Coins of other companies – owners of messengers, are likely to more resemble a traditional cryptocurrency with staggering cost and a decentralized structure that will give users more control.

The Telegram company long known for his disregard for the governments. Not so long ago the company sent its investors a letter stating about the readiness of key network components for digital token Gram 90 percent. Representatives of the company believe that a particular version of the system will be launched in the coming months.

Focused on app privacy for messaging Signal, which is its Foundation, a project Mobilecoin. Last year it grossed 30 million and are now trying to collect as much again.

Although the founder of the Signal moxie Marlinspike acts as a consultant on the project, the project itself is developed regardless of the Signal. He is a favorite of many of the old supporters of privacy that give cryptocurrency. However Mobilecoin along with others developed the project will have to solve the problems that prevent many crypto-currencies to meet the expectations. According to Richard MA of Quantstamp, they have yet to prove their effectiveness. More data look at cryptodata.

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0 Comments on “What can Facebook and Telegram where the failed Bitcoin?”

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