Facebook has been known for its stringent and somewhat unstable stance towards cryptocurrencies. In January 2018, the social media giants placed a ban on cryptocurrency-related ads running on its platform. This was a sensible move considering the proliferation of scam projects following the massive bull run of late 2017. In June 2018, Facebook reviewed its policy to allow ads from pre-approved advertisers, while prohibiting ads that promote ICOs.
The company has once again updated its advertising policies while ramping up its crypto efforts. Quoting an official post from last month, Facebook stated that:
While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.
Mark Zuckerberg, the CEO of Facebook has been quite vocal about his belief in blockchain tech. At some point, he indicated his interest in putting Facebook login on the blockchain.
The largest social media platform in the world, Facebook is expected to unveil its cryptocurrency later this month. The digital asset which has been dubbed “GlobalCoin” will allows users on the Facebook Messenger and Whatsapp send and receive payments across the globe. This could be a total game changer considering the userbase of Facebook.
Although this could spell a new era for digital assets, the most interesting aspect of their upcoming “GlobalCoin” is the collateral they have set for operating a masternode. Facebook has hinted that hosting a masternode will cost $10,000,000. Definitely not for small-time investors.
Masternodes have been touted as a passive way of earning from cryptocurrencies. There are a plethora of masternode coins with varying masternode collateral requirements in the crypto space. Dash is currently the most expensive masternode requiring collateral of 1,000 Dash ($144,000). At nearly 70 times the price of Dash, Facebook’s coin will be the most expensive masternode in the world.
The price tag for operating a Facebook masternode reveals that Facebook is arguably out for business and not interested in small fries. Their target market is without doubt institutional investors. Whether this will spiral towards a centralized system is still uncertain. Facebook has not also revealed the reward investors will get for operating masternodes on its network.
Do you think $10,000,000 is an outrageous amount to pay for a masternode?