GlobalCoin, Social Currency

Facebook, the social networking site, to announce a new form of cryptocurrency? Not only that, but apparently they plan to make physical ATMs so that one would be able to buy or exchange currency there. The currency shall be known as GlobalCoin; people will be able to store, transfer, and even exchange it for regular currency through WhatsApp & Messenger.

So why would they get onto the cryptocurrency train now? Things considered, Facebook has been hounded by privacy advocates and lawmakers regarding their advertising business, the GlobalCoin would be a new way for them to expand their revenue streams.

Facebook has also reported that they are now in talks with third-party organizations to act as nodes for them. Nodes are used so that they would be able to complete complicated mathematical equations. They are usually decentralized, however, Facebook plans to create a foundation with their newly named partners to handle the new cryptocurrency.

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