New studies show that Facebook Coin could lead to a mass adoption
Home News New studies show that Facebook Coin could be a mass adoption cause
Marcel Knobloch –
Stable coins are becoming more and more popular. So popular, that they could lead to the mass acceptance of Bitcoin, since huge preparing of financial companies such as Facebook and Samsung on the crypto-market.
A new report from Binance Research on the development of stable coins, which was the day before yesterday, published, underlines the growing interest of large companies to stable coins. Allegedly, these companies are already developing Stablecoins, integrate the Blockchain technology and to develop Wallets and payment systems. The study comes to the conclusion. that stable tokens that are issued by large companies such as Facebook, the payment and crypto industry could shake world significantly.
These non-financial companies (e.g., Facebook or Samsung) are likely to be less risk averse than traditional financial and have a greater incentive to disrupt the payment industry, with the additional ability to act faster and more scalable. […] As a result, these companies can contribute to be the future growth driver for the global payment as well as for the Digital Asset industry.
The report also stresses the critical shortcomings of this “large company-stable coins”. In contrast to the fundamental idea of the Blockchain technology, there will be a Central instance that designed the Facebook-Coin and in a controlled manner. The main book (will be) immutable. The user will be obliged, in addition, undoubtedly, to connect your Facebook identity with your Facebook Coin-Wallet so that all of the transactions of Facebook can be easily understood (and used for advertising purposes).
In this context, the report shows four scenarios of how the Facebook Coin could be developed:
- Private with a Central instance: The Blockchain would not be immutable (for example, Facebook, which controls the majority of the nodes) and would be used only as an accounting system to avoid double payment problems.
- Private without a Central Insanz: The Blockchain is immutable, but it would be an insurance mechanism, or a legal system to prevent fraud.
- Public with a Central instance: The Blockchain would not be immutable, but all transactions would be public.
- To the public without a Central authority: The Blockchain is immutable, since all transactions are public.
But regardless of the nature of the Blockchain, on the the Facebook coin is run, the report stresses:
This project could be a step in the direction of mass adoption for crypto currencies and other digital Assets and at the same time to “Un-Banking” of the payment industry.
Americans would prefer to Facebook Coin the Bitcoin
A more recent survey of LendEDU shows that adult Americans may be so much in the crypto market, as the Facebook Coin.
A New Jersey-based Website, which allows consumers to compare loans for different goals, has recently carried out an interesting survey. The LendEDU survey was conducted among 1,000 adult US citizens and found that around 7% invested by you ever in crypto like Bitcoin or other crypto-currencies. 18% are interested in investing in the “Facebook Coin”, since it “may have a great potential for practical application”.
In addition, 57% of the respondents said that they would trust Facebook more, to bring a better crypto-currency than the existing Coins (such as Bitcoin) on the market.
Finally, the LendEDU blog post says:
Facebook has the ability to open up a sizeable percentage of Americans (and their Bank accounts), the have playing the largest virtual currencies such as Bitcoin, Ethereum and Ripple of. Our data seem to indicate that this is due in large part to the strong brand of Facebook.
Featured Image: k. unshu | Shutterstock