How does Facebook's GlobalCoin work?

Facebook said it will launch its own crypto currency, "GlobalCoin" in about 10 countries in the first quarter of 2020. And the co...


Facebook said it will launch its own crypto currency, "GlobalCoin" in about 10 countries in the first quarter of 2020. And the company will provide more information related to this cryptographic currency this summer.

In the past few months, Zuckerberg has had meetings with Bank of England Governor Mark Carney to discuss the company's pre-coding plan. Zuck also met representatives from Gemini - the company founded by two names that were so famous in the pre-coding market, and also a longtime rival of Mark, were the Winklevoss twins.

Facebook wants to create an electronic currency that people don't need a traditional bank account can still use.

The company wants to partner with banks and brokers to allow users to switch from official banknotes to GlobalCoin. It is known that Zuckerberg's company also discussed with money transfer services like Western Union to search but the cheapest way to transfer money abroad.

And yet, Facebook also met online business companies to convince them to accept GlobalCoin as one of the payment methods. With lower transaction fees normally as a move to encourage users to use electronic money.


It sounds pretty simple, but there are a few big questions surrounding Facebook's cryptocurrency:

"First, how decentralized will this system be? (Decentralization and anonymity are two key features of pre-coding.) Second, how Facebook will use encryption to protect users' assets. Third, who will be able to view a user's transaction history? Fourth, who will control this system".

Earlier this year, the bank JP Morgan made the public buzz after announcing the first time to successfully use its digital token, JPM Coin. Next is the appearance of a series of reports saying that each token can be converted to traditional paper money, and this system is developed by the blockchain. JPM Coin looks like a crypto currency, but there is an important difference: in fact it is not pre-coding!

JPM Coin is only available to certain institutional investors, and runs on a completely private and licensed blockchain (ie "centralized").

Facebook can absolutely go in the same direction. Well-known blockchain, such as Bitcoin, have long had problems with scalability, and an easy way to overcome this problem is to institutionalize the blockchain and centralize its consensus mechanism.

In other words, to ensure the GlobalCoin transaction process is faster than the current payment systems, it is not surprising that Facebook must take control and authenticate transactions.

Thus, this platform can set usage rules and decide how users will use virtual assets. If the user does not cooperate, their account is at risk of freezing - and considering actions that impose recent users on their platform, this is certainly a foretold threat.

Anyway, we have to wait to see how strict the rules are.
Source TheNextWeb
Composed by Mr. Lucky

Visits for the day

Name

Advanced tutorial,6,Basic guide,8,Business information,32,Cuisine,48,Entertainment,164,Experience when traveling,4,Feng shui - Spirituality,29,Finance – Stock,115,Gamer,341,Games mobile,108,Games News,112,Games PC,71,Health,43,Information technology,123,Life,205,Make money online,14,Market analysis,19,Market news,31,News of life,66,Places to eat,1,Science,47,Software tricks,20,Stock market,57,Technology news,89,The memorable moments,4,Tourist,8,Tourist – Traveler,18,Travel destination,7,Travel services,2,Traveler,10,Virtual money,53,Virtual money information,34,
ltr
item
High Tech Brain: How does Facebook's GlobalCoin work?
How does Facebook's GlobalCoin work?
https://1.bp.blogspot.com/-GTDZFgtW02w/XPIaJZCOXqI/AAAAAAAAO8Q/ZJnjXA5s39UxP8kgVdKm9aU0MXsDhlpFwCLcBGAs/s640/GlobalCoin.jpg
https://1.bp.blogspot.com/-GTDZFgtW02w/XPIaJZCOXqI/AAAAAAAAO8Q/ZJnjXA5s39UxP8kgVdKm9aU0MXsDhlpFwCLcBGAs/s72-c/GlobalCoin.jpg
High Tech Brain
https://www.hightechbrain.com/2019/06/how-does-facebooks-globalcoin-work.html
https://www.hightechbrain.com/
https://www.hightechbrain.com/
https://www.hightechbrain.com/2019/06/how-does-facebooks-globalcoin-work.html
true
7716428879874315926
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy