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In 2015, Zhang, Liu and Xu extend Metcalfe's results utilizing data from [[Tencent]], China's largest social network company, and Facebook. Their work showed that Metcalfe's law held for both, despite the difference in audience between the two sites; Facebook serving a worldwide audience and Tencent serving only Chinese users. The Metcalfe's functions of the two sites given in the paper were <math>V_{Tencent}=7.39\times10^{-9}\times n^{2}</math> and <math>V_{Facebook}=5.70\times 10^{-9}\times n^{2}</math> respectively. <ref>{{Cite journal|title = Tencent and Facebook Data Validate Metcalfe's Law|last = Zhang|first = Xing-Zhou|date = 2015|journal = Journal of Computer Science and Technology|volume = 30|issue = 2|pages = 246–251|doi = 10.1007/s11390-015-1518-1|pmid = |last2 = Liu|first2 = Jing-Jie|last3 = Xu|first3 = Zhi-Wei}}</ref>
In 2018, [[Peterson]] applied Metcalfe's law to the [[cryptocurrency]] [[Bitcoin]], and showed that Metcalfe's law determined over 70% of Bitcoin's value.<ref>{{Cite journal|title = Metcalfe's Law as a Model for Bitcoin's Value|last = Peterson|first = Timothy|date = 2018|journal = Alternative Investment Analyst Review|volume = 7|issue = 2|pages = 9-18|doi = 10.2139/ssrn.3078248}}</ref> Peterson subsequently published a mathematical derivation that linked traditional time-value-of-money concepts to Metcalfe value, and used Bitcoin and Facebook as numerical examples of the proof.<ref>{{Cite journal|title = Bitcoin Spreads Like a Virus|last = Peterson|first = Timothy|date = 2019|journal = Working Paper|doi = 10.2139/ssrn.3356098}}</ref>
== See also ==
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