META Will Create Virtual Token for Platform Creators

META Will Create Virtual Token for Platform Creators – META Will Create Virtual Token for Platform Creators

Meta Platforms Inc is preparing plans to introduce virtual tokens and cryptocurrencies into its applications with the aim of using the virtual tokens to reward creators and loans and other financial services.

The move is reportedly in its early stages as Meta increases its focus on services centered on the metaverse sector.

If the virtual token is actually implemented, it could give Meta a new revenue channel and control over transactions within its suite of apps and services, which includes Facebook, Instagram, WhatsApp and virtual reality platform Meta Quest.

The Meta cryptocurrency, internally dubbed “Zuck Bucks”, is meant to be metaverse and may not be based on blockchain technology, the Financial Times report said, citing people familiar with the matter.

Meta can introduce in-app tokens that will be centrally controlled by the company and these tokens can be used to pay favorite creators on Instagram or reward people who make meaningful contributions to Facebook groups.

“We don’t have any updates to share today. The company is focused on building for the metaverse and that includes what its payments and financial services look like,” said a Meta spokesperson, quoted by Channel News Asia, Tuesday (12/4/2022).

In addition, Meta CEO Mark Zuckerberg said last month Instagram will introduce a Non-Fungible Token (NFT) feature in the near future.

Earlier this year, Meta also joined the Crypto Open Patent Alliance (COPA), a group of companies led by Jack Dorsey’s Block Inc that have pledged to promote open access to cryptocurrency technology.

Meta Facebook Bans Sharing of Private Home Addresses Even If It’s Known To The Public

META Will Create Virtual Token for Platform Creators

Previously, Meta announced that they were officially banning users from sharing someone’s residential address that was “publicly available.” This policy follows the recommendations of the company’s Supervisory Board.

Previously, the Supervisory Board asked Meta to consider its handling of personal residence information.

Last February, the Council asked Meta to tighten its policy on sharing private home addresses, due to their concerns about the doxing phenomenon.

Quoting The Verge, Tuesday, April 12, 2022, Facebook and Instagram already have rules that prohibit users from sharing someone’s home address or place of residence.

However, Meta’s two social media platforms have no action against posts containing “publicly available addresses.”

According to the Meta standard, a publicly available or publicly available home address is an address that has been published in five or more news outlets, or has become available in public records.

Exceptions to the rule are said to end at the end of 2022.

Risk to Privacy

META Will Create Virtual Token for Platform Creators

Meta said removing exceptions for publicly available private home information could limit the availability of this information on Facebook and Instagram, although they are still publicly available on other platforms.

“However, we recognize that implementing these recommendations could strengthen privacy protections on our platform,” wrote the company, which is led by Mark Zuckerberg.

Citing its official website, Meta admits that access to a residential address can be a good tool for journalism, civic activism and other public discourse.

“However, exposing this information without consent may also pose a risk to individual safety and violate privacy,” the company explained.

Outdoor Photos Upload

META Will Create Virtual Token for Platform Creators

Meta also changed their response to posts that included photos of the outside of private homes.

Meta says it will not take action if “the property depicted is the focus of a story” unless, “it is shared in the context of organizing a protest against occupants.”

Apart from that, it also allows users to share the exterior of a public residence belonging to a high-ranking official.

Even so, Meta is not yet fully committed to implementing tools that make it easier for users to report privacy violations.

The company said it was testing ways to make its Privacy Breach reporting options easier to find.

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