Facebook is hoping to succeed where Bitcoin failed "in its highly secret crypt-value project, according to an article by The New York Times (NYT), published today, February 28.
Referring to some anonymous sources that said that the anonymity was "Times" combines the projected contours of the project, which reportedly aim to integrate crypto-currency payments into their messaging services.
It is noteworthy that Facebook plans to rebuild its messaging infrastructure and integrate its three fully-supported applications – WhatsApp, Messenger and Instagram ̵
A payment system with cryptographic control, which will work in the messaging system, said Times. an idea that is hotly pursued by several global giants such as Cocoa, Korea in Japan, and a telegram of Russian telegrams.
According to the NYT, Facebook launched its crypto project under the guidance of former PayPal president David Marcus – shortly after Telegram sealed around $ 1.7 billion in two private initial coin offers (ICO) for their upcoming markers and channel locking platforms Telegram Open Network (TON).
Facebook reportedly used more than 50 engineers to develop its crippling goods. NYT Two others told the newspaper that the importance of keeping the project in wraps is such that the group was provided with an office with separate access to key cards in order to keep details private from other employees.
In particular, the sources say that they were informed of the work of the team, which argued that the future coin would most likely be a fixed stable correction coupled to the cost of three different national currencies, and not only one
NYT Notes, citing anonymous sources, that Facebook has already begun buying "Facebook coins" around unnamed crypto exchanges
The question of centralization – and how far Facebook will decentralize its digital coin transactions remains controversial, according to the NYT. In addition, The Times cites experts who argue that Facebook is likely to face the same technological constraints and regulatory barriers faced by cybercriminals such as Bitcoin (BTC).
As reported, unconfirmed Facebook announcements on the integration of cryptography for WhatsApp users used to appear in December 2018. At that time, anonymous sources offered a stable code token in a similar way.
The leakage of project information is consistent with last year's list of jobs for the blockchain talent on the Facebook page as Cointelegraph