Tuesday, November 30, 2021

Why is Twitter not jumping the crypto train with other social media giants?

The Takeaway:

The news is inundated with the launch of new cryptocurrencies, every day, that assert their supremacy over the existing technology. Twitter breaks this norm as its CEO expresses disinterest in launching their own digital token. In this article, we cover large scale corporations and their participation in the crypto industry.

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Twitter is the rare bird both literally and figuratively in the crypto industry. Majority of technology and social media giants are eager to launch their own tokens or develop new use cases for blockchain and claim they’ve solved the limitations of Bitcoin. Whereas, Twitter has been an ardent supporter of bitcoin and has actively worked to develop the technology.

In a recent interview with The Sydney Morning Herald, Jack Dorsey – Twitter’s founder, asserted that they had no plans to launch their own token and hailed Bitcoin as the best. 

He also warned investors not to view Bitcoin as a currency but rather as an asset. In the same breath, he reflected his dislike for Facebook’s cryptocurrency- Libra

He has been an advocate of bitcoin and explained how Square Crypto aims to develop and strengthen the general crypto ecosystem mainly focused on Bitcoin. 

Cryptocurrencies are the trending mantra for investments.

Twitter is one of the few billion-dollar companies that are working towards the betterment of the Bitcoin network and existing ecosystems.

With every person diving into the pool of digital money, social media and tech giants have taken the crypto fever to another level. 

 

Facebook dropped the Libra bomb: Will it explode?

Facebook, the most adopted social platform, surprised the crypto industry when it announced the launch of Libra in June 2019. Although the launch was declared this year, speculations had erupted long before. In December 2018, Bloomberg reported that Facebook had started processing a crypto coin for users to transfer money on WhatsApp, primarily focusing on the Indian remittances market. Where Facebook’s cryptocurrency initiation was seen as a temporary wave of buzz at that time, today, the crypto world sees a threat in Libra. 

Facebook possesses a billion users, and commencing its digital currency will prove to be a revolution in the crypto world. Libra, if executed, will be accessible around the globe and might ascend the competitive behavior to a new height. Further, the currency plans on offering a limited transaction fee and higher mobility than other crypto coins. Libra intends to reach every corner of the world, thus imposing terror on the existing cryptocurrencies. 

The arrival of digital currency from a social giant altogether indicates the movement of cryptocurrencies into the mainstream. However, the declaration of Libra did not score appreciation as it expected. Why? Well, several reasons assist the unhappiness. First of all, the so-called cryptocurrency differs in the fact that it will be highly centralized. The virtual coins like bitcoin are an immensely transparent and permissionless system. Libra, on the other hand, is permissioned, meaning that only a few entities can track the ledger. Secondly, though the social platform attains a position of world’s fifth-biggest company by the market cap, it certainly holds the tag of the most controversial network. Where it is globally adopted, people’s suspicions over its tendency to misuse their data are also global. Thus, relying on Facebook for security and privacy rises to be a mountain between Libra and its success. 

To sum up the barriers in Libra’s road to victorious launch, the authorities rose as a significant contributor. Several governments have discarded Facebook’s coin right from its primary stages. Donald Trump openly framed his displeasure toward Libra. The German authorities have raised an opposing action as they opined that Libra could turn Facebook into a shadow bank. Currently, Libra owns a very little chance of coming into the light. 

If you think Facebook is the alpha and omega of social media crypto rush, let me brush that thought off. 

 

Telegram will soon release TON of GRAM tokens

Telegram, the encrypted instant messaging service is all ready to sail its cryptocurrency ship. On September 6, the network released its Telegram Open Network (TON) testnet explorer and node software and is all set to launch its Gram token in the next two months. TON is a blockchain platform that aims to change the way of exchanging data and preps up to compete Ethereum and EOS for the development and deployment of dApps.  

Telegram raised a total of $1.7 billion in its private ICO and ensured the issuance of its crypto coin by October. When they said October, we marked October because the deadline is real. According to the legal documents reviewed by The Times, October 31 is the latest date by which Telegram must make its Gram token a reality or otherwise, it will have to forfeit the ICO fundings. 

The social network holds around 300 million users. Though the evolution of the Gram token signifies the chance of using crypto daily, yet, it is still veiled how the platform plans on assuaging the regulatory analysis. According to research by the Washington based MEMRI, Telegram was highlighted as the major platform being used by terrorists to raise funds in cryptocurrencies. With such ill-acts accompanying the image of the social media network, it would undoubtedly be challenging to appease the authorities.

 

Alipay brings blockchain your way

AliPay, China’s online payment platform is more than just a payment method; it is a developed blockchain tech network. The China giant processes health insurance claims within no time through the blockchain system. It also proffers free health insurance products as a part of its reward system. AliPay also assists people with a blockchain-based prescription service. 

In November 2018, the payment network acquired a stake in Pakistan-based bank which resulted in Pakistan’s first-ever blockchain cross-border payment service. 

In January this year, AliPay surpassed 1 billion users on a worldwide scale and visions to serve 2 billion people in the next ten years with the aid of the blockchain technology. 

 

LINE crosses the finish line to support a global crypto exchange

LINE, the Japanese messaging app launched its native cryptocurrency LINK along with its blockchain network, LINK Chain in 2018. In July of the same year, LINE launched BITBOX, a global crypto exchange. Japan’s regulations denied its citizens the usage of this trading platform.

But on September 6, 2019, Japan’s financial regulator granted a crypto exchange license to the messaging giant for the launch of BITMAX. BITMAX will allow Japanese LINE users access to cryptocurrency trading.

 

Klay all set to play

Ground X, the blockchain subsidiary of Kakao which is the largest internet corporation of South Korea, has launched its own blockchain platform named Klatyn and virtual coin, Klay. Last month it also released a teaser page for its upcoming cryptocurrency wallet, Klip. Besides this, the platform is reportedly scheming to list Klay on a Chinese crypto exchange and one local exchange. 

Samsung, the electronics giant of South Korea, has recently collaborated with Ground X to launch a blockchain-based smartphone. The customers will receive a certain amount of Klay coins as they purchase the phone. 

 

Amazon amazes with blockchain

Amazon, the favorable app for any purchase didn’t hold back in adopting the latest tech trends. The platform supports its own blockchain to simplify transaction tracking. Amazon Managed Blockchain is a complete managed service that uses blockchain to scale to meet people’s demand automatically. However, there are no plans for Amazon’s cryptocurrency yet. 

 

Microsoft goes soft on blockchain 

Microsoft and JP Morgan, two of the world’s biggest firms have initiated a partnership to integrate their blockchain platforms. Microsoft is forming JP Morgan’s 4-year-old blockchain platform, Quorum. The company has been accepting bitcoin for digital goods since 2014 and has also invested in Bakkt

 

Mastercard and Visa keeping their crypto enemies closer

MasterCard and Visa are the big payment companies. It is quite obvious if Libra comes into execution, it can disrupt the two firms. However, the firms are smarter as they have already partnered with Libra. MasterCard, on the other hand, is believed to be putting together its own cryptocurrency team. It has also joined blockchain software company R3’s Marco Polo network for trade finance. Visa also commenced its blockchain-powered business-to-business payments services. It will serve businesses to make payments to the market. 

 

Walmart breaks the crypto walls with blockchain and a stablecoin

Walmart has also jumped into the cryptocurrency pool. 

The retail giant has applied for a virtual currency patent similar to Libra. Walmart is already accessing the blockchain. It has been working with IBM on food safety solutions. It has also joined MediLedger to track the origin of pharmaceuticals. 

Out of the following two, which is the best method for the development of the financial systems?

  1. Development of new digital currencies that claim to solve the limitations of the existing ones?
  2. Or work with the existing ones for their advancement?
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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Ramon AnderSon
Ramon AnderSon
Ramon is a senior market research analyst who is very passionate about bitcoin. He has a degree in Applied Science from Assumption College, Worcester.

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