Are Facebook And Stellar Aligning?J. Todd Ring
There are certain developments that are taking place and points towards all kind of possibilities. The culmination of such a possibility is Facebook and Stellar could strike a partnership deal though nothing could be guaranteed since both the firms have not come out in public to confirm it. This development happened due to some executives of blockchain division of social media firm meeting the digital currency firm for a possible tie-up. The discussion might have been on the role that Facebook could play for its payment system.
Interest in Crypto-Associated Technology
Aside from this, Facebook founder and CEO, Mark Zuckerberg, declared in the past that the company is keen on exploring digital currency-associated technology. Until now, the company has not come out openly on the progress it could make either in cryptocurrency space or blockchain pilot. It is in this context that the meeting between the two companies has assumed significance since the social media firm is keen to deploy distributed ledger technology, particularly for its payment means.
Coinspeaker.com reported that the discussion centered on how Facebook could use blockchain of Stellar enabling it to fork and create its own digital coin. This would look like similar to that of the chat app Kik that was created in a native blockchain for its Kin crypto tokens. This will avoid deploying Stellar blockchain on its platform. Though the social media firm is yet to announce any major announcement in respect of blockchain, Zuckerberg is expanding his strategy on the most disruptive technology of a decade.
The interest of Facebook is quite evident when it listed job openings that focused on its attempt to have a startup within the company. Its aim is to do the new age technology work at scale and enhance billions of people lives throughout the globe. At the same time, the social media company has denied any relationship with Stellar. The company also denied any project of digital currency.
A spokesperson for Facebook has reportedly said that it is not “engaged in any discussion with Stellar, and we are considering building on their technology.” Incidentally, Davis Marcus, VP and former head of Messenger, has resigned from Coinbase exchange board. The reason given by him was the conflict of interest triggering a lot of speculations since these developments could have some kind of relationship with events that are unfolding.
Native Digital Coin
Marcus was entrusted with the responsibility of handling blockchain strategy after Zuckerberg declared the company’s intention of foraying into the blockchain. Reports also indicated that the company was trying to create its own native cryptocurrency. There is some skepticism that is still going on even with big firms on the blockchain since their pilot programs are yet to deliver any significant developments.
For its part, Stellar Lumens price reached new highs after a series of fresh developments last month. For instance, the company was awarded a Sharia certification offering direct access to the UAE’s financial banking sector. It would also use its own blockchain to create Sharia-compliant apps specifically for Islamic financial institutions as part of the certification.