In Facebook has finally admittedthat work on their own digital currency GlobalCoin. Without a doubt, the cryptocurrency ‘s largest social Corporation with a couple of billions active users, will become widespread and popular. Money can be sent as easily as messages and photos. But my head is spinning a very important question: do GlobalCoin can be a good cryptocurrency? Unlikely. Let’s just cut the shit and find out why the Facebook project fundamentally contradicts the principles of a good cryptocurrency.
Cryptocurrency has no boundaries
First of all, a good cryptocurrency needs to be limitless.
It should work wherever you want to throw some money to the neighbor, to send assistance to impoverished relatives in a closed totalitarian country, is not important. In turn, Facebook plans to launch GlobalCoin only in those regions that meet specific regulatory requirements. Initially about a dozen countries will be able to use this cryptocurrency inside the WhatsApp messenger. Maybe soon the list will be complemented by India and China. But somehow just do not believe that social network is able to ensure the smooth transfer of money from USA to Venezuela, for example.
See also: Lightning the torch made it to Iran, despite sanctions and government censorship.
Bitcoin does not need the sanction of a third party
What other characteristics indicate a good cryptocurrency? Of course, it should be permit-free, inclusive.
We don’t want to go to the banks and sign a stack of papers, to be able to send bitcoin, litecoin , and esters. In the case of GlobalCoin users likely will have to prove their right to the use of cryptocurrency. First and foremost, you must have the corresponding citizenship.
However, some countries may not get permission to use. In the end, the users will be at the mercy of Facebook and any regulatory standards applicable in the region.
Cryptocurrency — bestoverall system
Good cryptocurrency needs to be based on bestoverture system.
You should be able to authenticate transactions, not trusting it to a third party. As, for example, Facebook in the case of GlobalCoin. Facebook is unconditionally closely – very closely – to monitor all transactions in GlobalCoin. As already known, it will be stablein, backed by Fiat currencies such as the Euro, the yen and the U.S. dollar. But it is undeniable, the Corporation is accountable to the state.
Cryptocurrency is decentralized
One of the most important attributes of a good cryptocurrency that is completely absent from the GlobalCoin is decentralization.
This digital coin is the most centralized of the centralized. Well, we finally stop complaining about XRPas a ball will rule Facebook. There will be no more on decentralized networks of nodes, which allow to authenticate the transaction using free market mechanisms. No more racing for hasraton, which is necessary to maintain the security and integrity of the blockchain. Now for all will respond only in Facebook.
By the way, if Facebook suddenly decides to close the project, boom! and GlobalCoin will disappear.
The time has come #DeleteGlobalCoin?
This situation is really sad, because this is an obvious massive popularity GlobalCoin. Social network to convince the billions of users that gave them completely free cryptocurrency and access to revolutionary technology. They are a bit more advanced and special. Now in the hands of Facebook will not only be your personal data, pictures, selfie, friends lists and habits, but also your money.
As you look at plans of Facebook in the roadstead of cryptocracy? Whether it will give a new impetus to the development of or completely destroy the idea of digital money, which is not subject to government control and censorship? In our cryptodata get to share their opinions, and find lots of other useful information.
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