The mainstream adoption of cryptocurrencies has been the rule of thumb for most developments coming out of the cryptoverse. That motto seems to have worked, with many established institutions such as JP Morgan and Banco Santander joining the field. Facebook is the latest to join this bandwagon.
The Mark Zuckerberg-led company is accelerating its move to enter the cryptocurrency market, and is presently searching for a Lead Commercial Counsel, Blockchain, who will be responsible for the integrations of digital assets into Facebook’s fold. The official release from the company stated,
“Facebook seeks a flexible, diligent, proactive, team player to serve as Lead Commercial Counsel to support its new initiative in the development of blockchain applications. You will be responsible for drafting and negotiating a wide variety of contracts related our blockchain initiatives, including partnerships needed to launch new products and expand such products internationally. You will also advise clients on the various legal risks, business strategies and other issues related to commercial transactions and general operations.”
Facebook added that the counsel will also be tasked with drafting contracts, and negotiating responsibilities for Facebook’s blockchain initiatives. Facebook’s venture into the cryptosphere is not something new however, as a report from The New York Times revealed that Facebook and Telegram were hoping to succeed where Bitcoin “failed.”
According to the report, Facebook was working on releasing a coin that users will be able to use on the company owned-Whatsapp. It has also been rumored that the upcoming token would be pegged to traditional currencies. This move was also adopted by JP Morgan recently, pegging the JPM Coin to the US Dollar.
Several analysts have also predicted the value of the social media giant’s coin, with a Barclays Analyst claiming it could potentially be worth $19 billion. Ross Sandler, an internet analyst with Barclays, predicted that with the launch of the digital asset, Facebook would see the value of its shares shoot up. He added,
“Merely establishing this revenue stream starts to change the story for Facebook shares in our view.”
He also said,
“Any attempt to build out revenue streams outside of advertising, especially those that don’t abuse user privacy are likely to be well-received by Facebook’s shareholders.”
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Zcash’s revolutionary blockchain hits first fork in the road; Adamant Capital Founder questions move
Zcash, the privacy-centric cryptocurrency project, swiftly stole the Libra’s limelight and switched the debate from payments and fiat-backing to blockchain technology and scalability. Lofty ambitions of Zcash aside, the Electric Coin Company’s [ECC] new blockchain has not convinced everyone in the community just yet.
Tuur Demeester, Founding Partner at Adamant Capital, shared his opinion on Zcash’s new crypto-adventure, much to the dismay of the larger ZEC community. He detailed a list of points surrounding the new project which, in his opinion, “sound horrible.”
Citing a report by Decrypt Media, Demeester highlighted flaws with respect to scalability, similarities in the crypto’s roadmap with other projects and the issue of “sharding.”
Nathan Wilcox, in the aforementioned report, had stated that the new blockchain was developed to make ZEC available to 10 billion customers by 2050; hence, the noted infrastructural improvements to the network. Coupled with the prospects of introducing sharding to “speed up transactions,” a switch was necessary.
Demeester’s primary issue with Zcash’s new blockchain is the introduction of a new coin, following the “implicit admission” that the coin they had, ZEC, was “never scalable” and a jibe at the privacy aspect of it, which the coin’s backers tout often. The lack of privacy transactions usage was described by many as one of the “biggest problems” for Zcash. This was because by default, transactions on Zcash are not set to “private,” unlike Monero [XMR]. In fact, less than 2 percent of all transactions are “fully anonymous.”
The Adamant Capital Founder highlighted its roadmap similarities with Ethereum, especially on the subject of sharding in the blockchain.
Finally, the report, citing Wilcox’s words, said that the ECC and the Zcash Foundation will stop receiving funding from mining rewards in 2020, while not mentioning how the development funding for the new project will come about. Demeester, in his final point of criticism, mentioned this as a “subsidy for ZEC Foundation.”
His full reply stated,
This sounds horrible to me:
– entirely new blockchain (new coin)
– implicit admission that $ZEC was never scalable, and that opt-in privacy doesn’t work
– roadmap has “a lot of similarities with ETH”
– “sharding” panacea
– subsidy for ZEC foundation https://t.co/R5vLXtKOCP
— Tuur Demeester (@TuurDemeester) June 23, 2019
Josh Swihart, VP of Marketing and Business Development at ECC, hit back at Demeester, calling the criticism “wrong and biased.” He said,
“Wrong and biased take. It’s a recognition that bitcoin doesn’t scale and that scalability and privacy are complimentary. Did you watch the session?”
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