Uber, MasterCard, Visa and other companies back the secret project "Facebook" for blockchain – Smart Tech



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Facebook has persuaded several companies such as Uber, MasterCard, Visa or Booking.com to join its blockchain proxy and invest a few million dollars into this project, which the social network has kept secret but whose operation is known. a large IT team to launch it as soon as possible.

Over the past year, a team of dozens of Facebook employees have been working on blockchain applications, the technology behind Bitcoin and other cryptomonas, to find new ways to use Facebook with this technology. According to several reports cited by BusinessInsider.com, the company is working on the development of its own digital component and plans to officially announce it next week.

Uber, Stripe and other companies involved will invest $ 10 million in the development of this project that could launch a new virtual currency in the market.

A report released last week shows that Facebook is asking more organizations to become "network nodes" for better decentralization, as many companies are involved in currency control, not just Facebook.

Last week, Facebook created a new financial technology company in Switzerland, specializing in the development of technology underlying cryptomonas – blockchains and payments, as well as data analysis, according to the registry of the commerce of Geneva.

Facebook Global Holdings is listed as a Libra Networks shareholder, registered in Geneva on May 2, to provide financial and technology services and develop related software, writes Reuters.

Facebook, whose social media platform has more than 2 billion users, has not provided details on Libra Networks, which will focus on "investments, payments, financing, identity management, data analysis, big data, blockchain and other technologies".

The Blockchain technology is particularly used in the context of cryptomonas such as Bitcoin, but it is applicable in many areas. The blockchain has the advantage of being able to store a public database protected by cryptography. In short, the concept of blockchain is a distributed database that maintains a dynamic list of records in an efficient, verifiable and permanent manner.

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