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Several cryptic enthusiasts have pointed out that Facebook's social media giant may not have time on its side in terms of creating its own blockchain network from the ground up to fuel its stablecoin project. Others have also said that Facebook can do the extraordinary in a few days because it has adequate funds to accelerate this effort. For this piece of writing, we will explore the possibility that Facebook does not have time to create its own blockchain. In this case, the social media company has the possibility to build on already available platforms such as Ethereum (ETH), Tron (TRX), Zilliqa (ZIL) or EOS.
Therefore, let us first examine the speculation that Facebook is developing on the Zilliqa network and how it might work.
Rumor that Facebook is building on Zilliqa (ZIL)
Crypto Twitter has fluctuated in recent hours the theory that Facebook will opt to adopt the highly anticipated blockchain network of Zilliqa (ZIL) rather than create its own. The facts that were used to connect the points in determining that the two teams are probably working on a common project are as follows:
- Facebook and Zilliqa have a common partner in Mindshare's global marketing and media company
- Evan Cheng is both an adviser to Zilliqa and director of blockchain on Facebook
- ZIL is included in Coinbase, serving as a precedent of something bigger in the blockchain world
- David Marcus apologizes from the board of Coinbase to avoid conflicts of interest while working on Facebook
The above facts have been highlighted courtesy of @ Oly245 as you can see in his tweet below.
Rumor around regarding the construction of Facebook $ ZIL:
• Evan Cheng: Zilliqa consultant and head of blockchain at FB
• Mindshare partnership: FB is a Mindshare partner
• Ex-Facebook blockchain leader abandons Coinbase to avoid conflicts of interest: ZIL is listed on Coinbase– Oliver Bell (@ Oly245) 22 December 2018
What differentiates Zilliqa from other networks
With the launch of ZIL mainnet scheduled for January 31, 2019, many crypto enthusiasts and developers of the blockchain have postulated that the entrance of Zilliqa in the ecosystem will completely change the game. This is mainly due to the following reasons:
- Implementation of sharding in the mining sector that has been found in scale while other miners join the Zilliqa network, thus increasing its throughput. The team demonstrated 2,828 transactions per second with only 6 fragments. This opens up the possibilities for higher transaction speeds as the network grows
- The new programming language of Scilla that was designed exclusively to avoid vulnerabilities previously identified with smart contracts based on Ethereum
- The ZIL project is driven by research and by a team with experience in the academic world
- Appropriate funding for DApp developers through the Zilliqa ecosystem grants program, which is currently worth a total of $ 5 million
- Anticipation of the platform by crypto investors and developers
Why would Facebook choose Zilliqa?
In order for Facebook to handle cryptocurrency transactions for users approaching 1.5 billion monthly users on WhatsApp, it needs a fast and secure blockchain network. Zilliqa has proven to provide both of these benefits. What remains to be seen, is whether the speculation that Facebook using the ZIL network will become a reality in the coming days, weeks or months.
What are your thoughts on the speculation that Facebook could build on the Zilliqa network? Let us know in the comments section below.
Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.
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