Social media giants Facebook and Telegram are currently developing a new cryptocurrency that let users send money on their messaging systems, like a PayPal or Venmo which can move across global boundaries.
“The most awaited but secretive project is under development at Facebook. The company is currently working on a coin that users of WhatsApp, which Facebook owns, can send to family or friends instantly,” the report mentioned.
Telegram, which has more than 300 million users across the globe, is also working on cryptocurrency. Signal, which is the most popular encrypted messaging service, has its own coin in the works.
With Facebook’s plan to combine its three platforms such as Instagram, WhatsApp and Messenger - the digital currency would grow nearly “around 2.7 billion users who use one app out of three apps each month”.
The previous year, David Marcus, Facebook Messenger In-charge, stated in a blog that he is planning to set a group to explore hoe to influence blockChain over Facebook, starting from scratch.
Facebook also encouraged its senior engineers Evan Cheng as the Director of Engineering at its Blockchain division, motioning the significance of the project.
According to Mark Zuckerberg, the users may login to with Blockchain-based authentication in coming days.
“I am thinking about going back to decentralized or Blockchain verification. Although I have not found a way that how this plan work out this is about authentication and primarily granting access to different services,” He told Zittrain.
According to Zuckerberg, Blockchain service can give users more controls when granting data access to unauthorized apps.