The Social Network was memorable in that it gave the billions of people who use Facebook a glimpse into its creation.
And while the movie showed fans how one small idea could grow so large, something that stood out was the fate of the Winklevoss twins. The movie alludes to the battle between Mark Zuckerberg and the twins, which occurred when they all attended Harvard as undergrads.
With any debate, there are those on both sides, some arguing that Zuckerberg overborrowed from the Winkevoss twins; while, many support Zuckerberg, arguing that the twins are just resentful.
No matter where you stand on the, “who really came up with the idea for Facebook” debate, you can’t deny that Zuckerberg has built the company to the massive powerhouse it is today. From billion dollar acquisitions to implementing revolutionary technology, Facebook has reached into every corner of the tech world.
As my recent post said, Facebook has recently announced the launch of Libra, its cryptocurrency that allows users to buy things or send money to people with nearly zero fee.
The launch of Libra is potentially a game changer in the crypto space, as the struggle for mainstream adoption of cryptocurrency is still looming over blockchain enthusiasts’ heads. What better way to bring crypto to the mainstream than through Facebook, quite possibly the most widely used social networking site, that spans different ages, genders, nationalities, and more?
Yet, there has been backlash regarding the launch of Libra. Most recently, the U.S. government got involved.
As reported on The Verge, Democrats in the House of Representatives asked last week that Facebook “halt development of its proposed cryptocurrency project Libra, as well as its digital wallet Calibra, until Congress and regulators have time to investigate the possible risks it poses to the global financial system.”
Nevertheless, no one can say that Facebook entering the crypto world is a bad thing, especially for blockchain’s image.
And now that Zuckerberg is publicly supporting blockchain, his old pals, the Winklevoss twins, are again dipping their toes in the blockchain waters (after reportedly making huge profits in the past).
Gemini, which is owned by the twins, is reportedly seeking to obtain a broker-dealer licence from the Financial Industry Regulatory Authority (FINRA).
If approved, Gemini will be the first Alternative Trading System, on which customers can lawfully swap digital securities, and trade securities listed on other platforms. Gemini also hopes to allow firms to trade and list digitized securities on its exchange.
While Libra is a cryptocurrency focusing on means of exchange, Gemini is dabbling in the world of tokenized and digital securities – where some crypto fans see a relatively bright future for blockchain.
Others doubt that such an abstract idea, like securitised assets, will bring about the “blockchain revolution”.
When we think of the mainstream adoption of cryptocurrency, many of us believe that it will be something we choose.
Your parents choosing to learn how to use bitcoin, your grocery store choosing to accept the local digital currency, your boss choosing to pay you in crypto.
However, with securitized assets, no one would really be choosing anything (to an extent of course). If securitized assets take off, they will become a part of the fabric of financial networks as we know it, something that we learn to use rather than choose to accept.
“Security tokens could offer issuers new and cost-efficient methods of capital formation, using digital communication, direct integration with emerging technologies and blockchain integrity and reliability,” adds Aaron Kaplan, Co-CEO of Prometheum,
“They can help eliminate many of the traditional expenses and pain points associated with capital formation, and let investors participate in a token-less economy.”
A recent Fortune article posed the perfect question: “Bitcoin has been around for more than a decade, yet the question still persists: ‘What’s the purpose of cryptocurrency?’ Even though people have bought and sold billions of dollars for the stuff, it has yet to find a role in everyday life.”
Time will tell whether any of these new concepts are of enough value to actually make a financial change in the world, and until then it’s not bad to see heavily funded companies put their efforts into the benefits of blockchain.