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Facebook Plans Own Currency

Mark Zuckerberg one of the founders of Facebook announced that they will be introducing a form of online currency soon. I have to say that if this was April 1st I might have thought this was an April Fool joke, yes that does sound cynical but I have seen online currencies before. Called Facebook credits, this has been tried recently by Microsoft to mixed reaction, mostly negative but with some takeup from Xbox Live. Remember Beanz from the pre dotcom bubble crash?

Beenz was originally founded in 1998 and allowed consumers to earn ‘beenz’ for performing activities such as visiting a web site, shopping online etc. The Beenz e-currency could then be spent online with participating Web merchants around the world. Another currency that existed around the time was Flooz.

Flooz partnered with companies included Tower Records and Barnes & Noble.  All these online ‘currencies’ suffered from back-office technology issues for example some third-party fulfillment service and Flooz had problems authorising and settling payments using Flooz. Beanz, Flooz and other alternative online currencies could not gain wide acceptance at the time. But what goes around comes around, and looking at the spectacular return of 3D, you just never know.

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