Facebook’s plan for a new cryptocurrency has the potential to change entire industries. A more likely outcome is that the technology transforms the social media giant’s own business.
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Much of the commentary about Facebook’s proposed libra coin has focused on its defects as a cryptocurrency. It’s more interesting to examine the process for creating libra rather than specific technical features.
Facebook failed to fend off a lawsuit over a data breach that affected nearly 30 million users, one of several privacy snafus that have put the company under siege.
Facebook was hours away from the formal announcement of its ambitious foray into financial services, but French finance minister Bruno Le Maire was already broadcasting his discontent.
Naspers CEO Bob van Dijk believes cryptocurrencies could have a huge and positive impact on societies by allowing for frictionless and costless transfer of value between people.
In the podcast this week, Duncan McLeod and Regardt van der Berg chat about the looming layoffs at MultiChoice and what precipitated the move.
Facebook’s plans to create a new cryptocurrency that can be used for everything from commerce to money transfers is facing pushback from angry US lawmakers.
View the latest contribution from TechCentral cartoonist Jerm.
Facebook, a centralised corporate giant with a history of customer data-use controversies, is an unlikely candidate for bringing cryptocurrencies to the masses.
Facebook hopes its new cryptocurrency will one day trade on a global scale much like the US dollar. But to come anywhere close to matching the dollar for utility and acceptance, Libra will need to be widely trusted.