Robert Chernish, TransMedia Group Blockchain PR Division
Facebook’s new cryptocurrency, the Libra, will change the world by validating the blockchain and cryptocurrency industry. Many describe the blockchain as a disruptive industry, but fail to see how disruptive Facebook was before social media was an industry.
There is no better way to describe this so-called marriage of innovations, which evolved from the development of the internet, and the whole concept of networking and digital connectedness. Facebook’s currency will be a popular perk for Facebook users, since many of its users often send and receive money using 3rd party services.
The other thing it will do is allow for personal information and data to become bought and sold using the Facebook currency. This goes across the board from posting ads, to earning coins from content, as well as affiliate income. Bringing the world’s largest social network and converting into a bank that deals and issues its own cryptocurrency also makes a statement about the innovation of Facebook to break down borders using business.
As time goes on, more people will use the cryptocurrency, and in doing so, many other businesses who are on Facebook will also begin using the coin, and ultimately, we will see a paradigm shift in the currency itself.
In a recent book being developed by Coin Currency News, which studies the evolution of currency from it’s early stone tablet and later bronze and metallic coins, to paper money and plastic cards, one of the emerging themes is how digital currency seems like a natural path of evolution for not only currencies, but also civilizations. Since civilizations have evolved into technological societies, often based on digital, and social networks, it is no wonder that Facebook will bring a ton of attention to the cryptocurrency industry, and also become one of the largest and most dominant networks not only in managing information, but also quantifying information on the blockchain to power its cryptocurrency.
Will Libra be the Most Powerful Coin?
Cumulatively to date, Bitcoin has been the most powerful and dominant coin amongst a growing sea of altcoins (alternative cryptocurrencies). As a result, consensus has rarely been achieved on which coin should be used for what business, and since 2015 the industry has grown with an increasinly number of competitive projects issuing cryptocurrencies. Facebook’s Libra has the potential to change the whole gamut of dominance because it is bringing a potential user base that is larger than the existing cryptocurrency user base. In doing so, Bitcoin’s price will likely increase due to a new level of hype around cryptocurrency, and it will usher in a new age of technological dominance in the banking and commerce sectors, making traditional banking a thing of the past. More industries will likely become centralized and increased artificial intelligence mapping using social networks will help define where the flow of currency is.