Categories: AltсoinsBlockchainBusinessGlobalMediaNews

Facebook Is Not Building A Cryptocurrency On Stellar (XLM) Protocol

The social media giant has denied rumors that the task force formed to look into Blockchain is planning to launch a digital currency project through a partnership with Stellar (XLM). A Facebook spokesperson clarifies that the company is not planning to build on Stellar Protocol. Furthermore, Facebook has not even held a discussion about forking Stellar to create an independent blockchain.

The spokesperson noted that, “We are not in any discussions with Stellar and neither are we planning to build on their technology.”

The reports started when Business Insider reported that Facebook, through its cryptocurrency division, was looking at the Stellar Protocol in its efforts to build a proprietary digital currency. If the rumor had been true, Facebook would not be the first company Stellar is helping to fork its blockchain. Stellar already helped Kin (KIN), the digital currency released by chat application, Kik.

The story of the social media platform launching its own digital currency became intense after David Marcus resigned as a director at Coinbase, citing conflict of interest. Marcus noted that, “I am setting up a new group in Facebook working on blockchain. To avoid conflict of interest I have decided the right thing is to resign from the Coinbase board.”

Immediately after the resignation of Marcus, Facebook announced that he will be the head of the blockchain division. This led to speculation about Facebook launching a digital currency. So the question has remained if they are not using Stellar, then what are they planning to work on?

Stellar (XLM), Facebook, And The Crypto Sector

Even though Stellar (XLM) is trying to hold up, this year has been hard for most digital currencies. The market has lost more than half of its value. The most popular digital currency, Bitcoin, is currently trading around the $6,000 mark, dropping from its all-time high achieved in December 2017.

Facebook has been having problems with the privacy of data of its clients. Companies working with the social media company easily view client’s information without authorization. This could be one of the reasons Facebook is working on a blockchain platform, since blockchain is secure, fast, and convenient. Major social media platforms like Telegram are also working on blockchain technology. Earlier this year, Telegram issued two ICOs collecting more than $1 billion. Blockchain is seen as the future of internet and industrial revolutions, therefore it’s attracting many organizations.

 

Join our Telegram Group To Stay Up To Date With Crypto News

 

Jeffrey McGovern

Jeff is a cryptocurrency supporter and shares great admiration for both blockchain tech and Bitcoin. Originally from Charlotte, NC, Jeff graduated from North Carolina State University, but now resides in South Florida. With a background in English Literature, he never believed his 10 years of writing experience would be used towards creating and editing important crypto/blockchain related news.

Share
Published by
Jeffrey McGovern
Tags: BitcoinBlockchainblockchain technologyBTCCoinbasecryptocurrencyFacebookKikKinStellarTelegramXLM

Recent Posts

  • Altсoins
  • Bitcoin
  • Exchange
  • News

Top Running Cryptocurrencies January 4th, 2019

One of the top performing cryptocurrencies of the day is REPO. REPO (REPO) is currently up 72.75% compared to USD…

6 years ago
  • Blockchain
  • Business
  • News

Gaming Giant Atari Plans to Bring Its Popular Games on Blockchain Platform

As the world is moving towards Blockchain, gaming giant Atari too wants to dip its toe into the emerging technology.…

6 years ago
  • Altсoins
  • Blockchain
  • Business
  • Exchange

Overstock’s tZERO Working on a Crypto Token to Trade Cobalt

Private equity firm GSR Capital has hired tZERO, an Overstock.com subsidiary, to develop digital token for trading cobalt. Overstock said…

6 years ago
  • Blockchain
  • News
  • Regulation

UAE Banks’ Advisory Council Consider Blockchain Adoption

On Monday, December 17th, Gulf News reported that the advisory council of the United Arab Emirates Banks Federation (UBF) can adopt blockchain use…

6 years ago
  • Ban
  • Business
  • Controversy
  • News
  • Regulation

French Financial Regulator Blacklists Four Crypto Websites

France's financial regulatory watchdog - Financial Market Regulator (AMF) is working aggressively to bring down unauthorized crypto companies. The AMF…

6 years ago
  • Altсoins
  • News

Digix Stablecoin (DGX) Comes With the Backing of Gold

There's a flood of new stablecoins hitting the cryptocurrency space in the last few months. A stablecoin is basically a…

6 years ago