Facebook’s stablecoin that we are expecting to be launched soon, will supposedly compete with major financial players such as PayPal and Credit Cards. The coming altcoin news will give you some more info on the subject.
Crypto enthusiasts are wondering whether the social media giant will create a real crypto asset or just a version of PayPal or credit cards. Some are even wondering if Facebook is really getting into the crypto space or is it just moving into traditional fintech industry.
All indications show that Facebook just wants to enter the fintech industry. This is not a bad thing but it won’t bring us some valid use. The company is also looking to launch a new venture in India which is not surprising since India is the home to a large population that has no bank account. They could eventually deliver user-friendly financial services and this will be a major improvement for Facebook’s stabelcoin use.
However, Facebook’s stablecoin is not competing with cryptocurrencies. Initially, the social media company has nothing to do with Bitcoin or the concept of decentralized digital currencies. The entire concept of bitcoin is that there is no need for intermediaries or custodians. This way, users can have direct ownership of their assets without anyone interfering.
What is also important to know, Facebook’s stablecoin will likely be controlled by the company which makes it extremely centralized. This principle crushes the one of decentralization and censorship which is what crypto is all about. Facebook will provide payment services for customers and by doing so there has to be a custodian for every payment that goes over the platform.
Finally, unlike bitcoin, Facebook’s stablecoin could be manipulated by the management for their benefit. The company already proved to be a decision-making platform after the many bans, accounts blocked and having users’ funds frozen. This is another slap in the face since crypto users are the ones that decide what to do with their assets.
As it was reported in the best cryptocurrency news sites, Facebook could manipulate its coin by re-allocating funds for undisclosed purposes. In addition, Facebook will control the coins as a custodian and can end up using them to back their own stablecoin.
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Deloitte Left Ethereum For VeChain, Made 20+ Smart Contracts Per Second
‘’We wrote more transactions than Bitcoin over the weekend by migrating our client work from Ethereum to VeChain – we managed to execute 20+ smart contract transactions per second.’’Deloitte left Ethereum a week ago after the company explained they will be moving onto VeChain. Also, BMW joined the VeChain network as well and the transaction news comes after the announcement by Jaguar Land Rover where they also announced utilizing the IOTA blockchain as a crypto solution. Many significant companies are starting to build on less-popular platforms such as VeChain, EOS, and Tron. VeChain is an enterprise-ready solution as per their description. VeChain managed to process about 396,000 transactions on Sunday compared to Bitcoin’s 359,000. As per the best cryptocurrency news sites, the total value of VeChain transactions is less than the one transferred to bitcoin. The price of VET is currently at $0.006417 with about $11.5 million in trading volume for the past 24 hours. Smart contract platforms such as Ethereum require a small amount of the token base to execute transactions. The news is interesting since only one company was able to push the transactions of VeChain ahead of Bitcoin. You can only imagine what could happen if 20 more companies did the same. It also sparks the question of providing a scaling solution for the most valuable blockchain. The limited capacity of the BTC blockchain asks the question how big of a role will scaling solutions play down the road. VeChain processed fewer transactions than Tron and EOS on Saturday since both of the blockchain process millions of transactions daily. The demand for the VET token is generated organically when large partnerships happen. Companies are then willing to demand tokens in order to conduct their daily businesses. On the other hand, VeChain is seen as an enterprise alternative for the products but it still flies under the radar given its trading activity and price.
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