FaceCoin: Is Facebook hopping on the crypto bus?
With each and every technology emerging, you find Facebook searching for a way to explore it and enhance its business.
What does this social media giant have up its sleeves now?
Facebook has revealed a new division dedicated to blockchain technology this week, led by David Marcus, the very same person who oversaw Facebook’s Messenger app.
A small team with a huge task will explore and find out the best ways for the company to use the technology.
In a Facebook post, Marcus revealed the new development: “I have decided it was time for me to take on a new challenge.”
“I’m setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch.”
Beyond that, details are still vague regarding the company’s thrust into blockchain, according to Forbes Middle East.
Is it surprising?
Since its introduction, blockchain has been luring all kinds of industries and investments.
It was only a matter of time before Facebook joined this uprising digital turbulence.
The move to create a division for blockchain research comes a few months after CEO Mark Zuckerberg said in a Facebook post that he wanted the company to take a close look at cryptocurrencies.
“I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services,” wrote Zuckerberg at the time.
Marcus is the right fit
Forbes was optimistic about Facebook choosing Marcus to be the head of this division.
Most importantly, he’s on the board of cryptocurrency exchange Coinbase and is a self-described “cryptogeek,” according to Forbes.
In addition, before joining Facebook Messenger, Marcus led PayPal, which means he has an experience with payments.
He also led Facebook Messenger to a huge success: “Messenger had under 300 million people using it every month when he joined but has since added more than a billion users,” Marcus explained in his Facebook post.
Now, Stan Chudnovsky will be taking over the messenger team after Marcus.
What is Facebook up to?
Futurism, a tech-savvy website, published a couple of predictions for Facebook regarding the creation of this division, and here they are:
– Facebook is getting ready for the day when blockchain is a crucial part of the Internet.
Facebook has done whatever it can to prevent people from using other services, according to Futurism.
It has purchased dozens of other companies, either to acquire their IPs or to keep its audience from even having the choice to go elsewhere.
Some of these include Instagram, Oculus VR and WhatsApp (plus some other services you might not have heard of, such as a check-in service called Hot Potato).
If or when blockchain becomes integral to how we regularly use the Internet, Facebook will want to make sure it doesn’t get left behind a potential competitor, says Futurism.
– Facebook wants to make everyone’s data blockchain-level secure.
The public is still skeptical of Facebook and how it handles all our private information.
One of the big selling points for blockchain technology is that it decentralizes all of the information held on it, keeping it out of any one organization’s hands.
According to Futurism, some people have speculated that a blockchain social network, or integrating blockchain into how Facebook stores our information, could make our data much more secure.
Facebook could make its own cryptocurrency, says futurism.
Cryptocurrency trading integrated with Facebook’s growing marketplace, which would immediately bring cryptocurrency to fingertips of a huge proportion of the world’s population, Futurism explains.
It might even get all our parents on the crypto train.
But since Marcus is still involved with Coinbase, it’s unlikely that Facebook would endeavor to make a competing product (or would it?), Futurism speculates.