Facebook, Telegram, and Signal are reportedly planning to mint their own digital coins for their platform. But their centralized nature means that they won’t be censorship-resistant, decentralized and secure by design, unlike Bitcoin.
Nice Try Facebook But FaceCoin Won’t Be a Cryptocurrency
Social media giants are now jumping on the cryptocurrency bandwagon with plans to introduce a cryptocurrency to their billions of users. According to tech journalists Nathaniel Popper and Mike Isaac,
The internet outfits, including Facebook, Telegram and Signal, are planning to roll out new cryptocurrencies over the next year that are meant to allow users to send money to contacts on their messaging systems, like a Venmo or PayPal that can move across international borders.
To this end, for example, Facebook has recently been recruiting blockchain experts, including a Technical Program Manager, Marketplace Payments Blockchain.
Facebook’s plans to introduce a digital coin meant for WhatsApp’s billions of active users might be…