The Facebook Coin

Imagine Facebook would introduce its own cryptocurrency.

It could be called the Facebook Coin, or just FBC.

It would not be fully decentralized as Facebook would not want to lose control. But it could be peer-to-peer and open-source.

Think of something like Ripple, but for social networks (remember that FB also owns Instagram & WhatsApp, and that is another 0.7 and 1.2 billion users).

Having more than 2 billion monthly active users becoming holders of FBC cryptocurrency, it could easily become the most valuable and most used crypto in the whole world.

Initially, every Facebook user could be given some amount of coins (be it 1,000 coins for everyone at the start) - for being part of the community. Further distribution would take place within the community.

Users could be given FBCs for watching ads, completing online surveys, doing product reviews. Content creators would receive FBC based on the engagement levels they get (comments, likes, shares).

This would not only foster the development of a stronger community, but also would encourage producing valuable content. Something that stands out and contributes for public good.

Useless, racist, destructive and harassing content would be punished. Financially, by deducting coins and/or increasing your fees.

In addition to that, FBC could also be used for P2P payments within (Facebook Messenger, Marketplace) and outside the network (log in with Facebook -> pay with FBC). Transactions should take seconds and have small to no fees.

To ensure FBC’s value, Facebook should buy and burn the coins yearly. The amount should be such that it would match inflation levels, hence, striving to keep the coin stable. Then it could be easily used as an alternative currency.

To ensure liquidity, the coin should be traded at all exchanges. That should not be a problem given the enormous holder/user base.

Such properties will drive network effects, and if acceptance would be worked out (at least with some major companies including utilities & retail), FBC could easily become the dominant global (crypto)currency.

Sounds unrealistic? Crazy?

Mark Zuckerberg yesterday said that Facebook will start looking at cryptocurrencies this year (but they could easily be doing this for several years now).

Hence, it most probably isn’t the question of IF.

What we should be asking is WHEN and HOW.

P.S. You might enjoy these as well:

?? FinTech Predictions for 2018

?? Blockchain Predictions for 2018

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About: I am a business developer, sales professional, FinTech strategist, as well as cryptocurrency and blockchain enthusiast. I'm highly passionate about Financial Technology and Digital Innovation, and strongly believe that it will change the world for the better. Apart from my daily job at one of the leading alternative banking providers in EEA, I'm an active member of FinTech community and a TechFin evangelist.

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