Facebook Coin: Emin Gün Sirer claims it's a big step for decentralization

01 Mar, 2019 | Updated: 01 Mar, 2019
by David Robb
Opinion
Facebook Coin: Emin Gün Sirer claims it's a big step for decentralization

As the New York Times published a widely-shared article about Facebook's new cryptocurrency, the community has reacted in a variety of ways. Blockchain expert Emin Gün Sirer believes that this is a significant development in the broader social narrative.

Most likely a type of stablecoin that will be backed by a basket of fiat currencies, Facebook's upcoming crypto token is designed to be compatible with WhatsApp, Telegram and other social platforms. 

Read more: 'If Facebook Coin is listed on exchanges, we're on for a helluva ride'Facebook Coin: 4 most interesting details from the NY Times report

The level of centralization in the new Facebook token's eco-system is unclear as yet, but Sirer has identified this new crypto as a significant step forward for the general ideology of decentralization.

As concerns persist regarding the amount of control that big platforms like Facebook have over society and people's day-to-day lives, crypto is heralding the move towards the new "peer-to-peer service architecture". Its model is changing how businesses operate, as well as how technology develops.

Regardless of how successful Bitcoin or any individual crypto project turns out to be, the fact that a company as influential as Facebook is following its lead proves that a radical shift is already underway.

Read more: 9 Bitcoin price predictions for 2020 by crypto experts

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