What could Facebook coin do?
Let's get the facts out fast: Facebook's David Marcus used to run Facebook Messenger. He also used to run PayPal, after selling it to one of his startups. And now he is going to run the Facebook blockchain team. Did I mention he is on the Board of Directors at Coinbase? And did I mention that Facebook has a PayPal integration that lives inside Facebook Messenger?
So let's test out some ideas. Idea 1: Bitcoin as a native payments coin inside of Facebook. The social media network doesn't like ICO advertising because that implies promotion of financial products, Bitcoin is very much not a security and has financial industry maturity (see Goldman, CME, CBOE) like no other asset. If you're making an argument for payments or store of value for a Facebook wallet, why not start with Bitcoin and put it into Messenger as a form of payment. This would be the PayPal line of reasoning. Verdict: unlikely, commercially unnecessary and regulatory nightmare. Idea 2: Empower users with their data in response to Cambridge Analytica and GDPR. Create Facebook wallets and tokens, where the tokens hold all user data on a distributed ledger, and users can control granular permissions about how their data is used and monetized. Perhaps this merges with the Brave browser, such that attention tokens are backed by deep user data. Verdict: unlikely, undermines core model. Idea 3: Create unique digital collectables that are somehow tied to user profiles and interactions that can be purchased, shared or stored. Unlike selling digital goods from a central database (which can be wiped anytime), a Facebook version of CryptoKitties could work. Casual gaming like Farmville was practically born on the Facebook graph, and the customer segment is correct. The question is, will customers understand that blockchain-based tokens have real scarcity? Verdict: possible, easy experiment. Idea 4: Take the enterprise blockchain approach by finding an industry oligopoly and build common infrastructure. For example, create a common platform for advertisers, that uses smart contracts to execute workflows and is transferable between providers. Replace cookies on people's computers with tokens they are paid to hold, which will allow advertisers in the consortium to target audiences better. Verdict: possible, though coordination problems. Idea 5: Launch Facebook Coin, like Telegram did. Just copy/paste Ethereum and its top 10 apps into a white paper description, tell a story about how many users you have, and raise $10 billion from venture investors. Verdict: never going to happen, I hope.
Original article - https://next.autonomous.com/thoughts/what-could-facebook-coin-do
CEO & Managing Director at Fusion SD
6 年Ozel Djemal
Bitmarket CEO
6 年They can do a lot, sky is the limit, they have almost 2 billion people to convince them to use their coin, it is all in their hands, if they have the vision...omg
Certified Salesforce Administrator with 15 years of Global experience in IT Administration , Human Resources and Business Development
6 年All proposed solutions are more or less complex with unique issues like 1. scale 2. integration& 3. Adaptability. I don't about you, but banking or buying sneakers, perfume or candy on Facebook via Facebook Coin seems funny but something that's long due.
Senior Project Manager
6 年Idea 6: Tokenise the users data into smart contracts based off Ethereum platform, and then sell it to advertising businesses. Users are paid in Satoshi for releasing their personal information to Facebook.
New Construction Builder (Self-employed)
6 年Question: #1, who's really going to TRUST Facebook? a) consumers b) businesses c) none of the above Lepercy will soon set in thereafter.