Will Facebook Have The Most Expensive Masternodes?
Despite Facebook’s rather stringent stance towards cryptocurrencies and running ads on its platform, the social media mogul has been exploring the possibility of integrating blockchain-based payments on its social media channels. The company welcomed David Marcus, a former executive of PayPal about a year ago to explore blockchain opportunities. Since then, there have been unconfirmed rumors that Facebook is working on its own cryptocurrency which would allow its users to send, receive, and store its digital asset on apps like Messenger and Whatsapp.
An article on CNBC reveals that the largest social media website in the world will be announcing its cryptocurrency later this month. ‘GlobalCoin’, as it has been dubbed will allow over 2 billion Whatsapp and Messenger users exchange money across the globe. This move will help the company diversify its revenue stream beyond advertising, which currently accounts for a large percentage of its income.
The most interesting aspect of Facebook’s cryptocurrency is arguably the fact that validator nodes will have to pay $10 million for the privilege. It could be considered that Facebook will have the most expensive masternode in the world at almost 70 times the price of DASH (running a DASH masternode cost around $144,000). Facebook will be soliciting for third-party organizations to operate validator nodes.
Hosting a masternode typically comes with a form of reward. However, there are no concrete details on how validator nodes will be selected or rewarded.