According to reports, social media giant Facebook will announce its cryptocurrency later in June. The company will also charge $10 million to third parties to become a verifier node.
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Facebook will charge the certifier node $10 million
According to reports, Facebook, one of the world's largest social media sites, will announce its cryptocurrency later this month. The upcoming digital currency "GlobalCoin" is designed to allow users to store, trade and redeem this currency through Facebook applications such as WhatsApp and Messenger.
In addition, the report also pointed out that Facebook will extend the olive tree to third-party organizations, let them act as verifier nodes, and charge 10 million dollars for this.
Currently, there is no further information about any requirements needed to become a certifier node, nor is there information on how to reward these third parties. In any case, GlobalCoin seems to have become the opposite of Bitcoin. Unlike GlobalCoin's expensive node cost, in a bitcoin network, anyone can run their own nodes with relatively few resources.
In other words, Facebook's "cryptocurrency" will not be peer-to-peer, but more like point-enterprise-point. Given that Facebook has 2.6 billion users worldwide, GlobalCoin may be the currency competitor of the first company ever issued for the national currency.
Some online commentators have pointed out that this will actually make Bitcoin an advantage as a neutral currency exchange alternative because Bitcoin will not be reviewed and traded at the design level.
Today, every government in the world has an incentive to support Bitcoin, the sole purpose of which is to block Facebook. By adopting, protecting and legalizing bitcoin, they can make the market against Zuckerberg and prevent him from taking over their economy. This is the victory of BTC. – Beautyon (@Beautyon_) June 6, 2019
Employees can pay in cryptocurrency
The National Broadcasting Corporation's Financial Channel (CNBC) quoted a report in the above information outlining Facebook's plan to install an ATM-like device where users will be able to purchase the new cryptocurrency.
Another interesting point is that Facebook is reported to allow employees to get paid using the new cryptocurrency.
Recently, it has been reported that Facebook CEO Mark Zuckerberg has contacted his old rivals Cameron and Tyler Winklevoss.
Winklevoss Twins is the founder of the Gemini cryptocurrency exchange. Facebook is known for being highly regulated in the US, and because it will remain within the jurisdiction of the regulator, it may be attractive for Facebook's new dollar-linked cryptocurrency.
On this basis, Zuckerberg has also been negotiating with the US Commodity Futures Trading Commission (CFTC) to explore whether GlobalCoin is in compliance with the committee's regulatory responsibilities. Zuckerberg also contacted Mark Carney, the governor of the Bank of England.
GlobalCoin is responsible for Russian oil payments
Another interesting development around GlobalCoin comes from Russia. Igor Sechin, chief executive of Russia's largest oil company Rosneft, said his company does not rule out accepting Facebook's cryptocurrency to pay for oil.
When talking about this matter, Xie Qin said:
“Another phenomenon to watch out for is the growing importance of technology leaders, and most of them have American roots – Google, Apple, Amazon and Facebook – beginning to infiltrate oil and gas. Industry. Perhaps in the near future, we will all use "Facebook GlobalCoin" to pay for every barrel of oil, which at least proves that some of you are doing the wrong business."