Social media giant Facebook is preparing to bring its own cryptocurrency. According to the report, Facebook has created a Blockchain division, which was told by Facebook official David Marcus.
At present, the company has not shared much information about it. Facebook has said in a statement given to The Verge after the report of Facebook CryptoCurrency, “Like other companies, Facebook is also looking for possibilities in Blockchain Technology. There is a small team for this, which is exploring it. At present we do not have to share more than this’
According to the people of this case, Facebook does not have a plan to offer something like quoine at the moment. It is worth mentioning that the blockchain team will work under new platform and infra, which is given to the company’s chief technology officer Mike Shoroffer. Currently Mike is handling Facebook’s Artificial Intelligence and Virtual Reality Department.
According to the report, David Marcus was a part of the PayPal before the Facebook. One of the world’s largest online transaction companies. In December 2017, he also joined the board of American Kryptonian Currency Exchange Coon Base.
The question is, if Facebook brings crypto taxation, then how will it benefit the company and the users and how it will work. This will be clear in the coming days.
What is blockchain?
Blockchain Technology is a record of a kind of transaction list (Digital Laser) which is linked and secured with cryptography. Each block has a hash pointer which connects it to the other block. This technology can record transactions between two people. The record information can not be copied in This database is on cloud so that it can not be tampered with and there is no shortage of space. Simply put, blockchain is a technology that works for Bitcoin too.