The Facebook social network, with more than two billion users, can establish the first real mainstream of cryptocurrency in the world. Hiring new employees, it has recently increased speculations in onward-movement of this social networks giant to launch its own cryptocurrency. This employment plan occurred some months after the greatest management evolutions in Facebook in its history. In this important event David Marcus, former PayPal electronic payment system executive, undertook Blockchain research team management.
David Marcus, former Facebook Messenger vice president, has disclosed little about the research project and stated that he will announce more details to Chief Technology Officer (CTO), Mike Schroepfer. In his blog post, Mr. Marcus announced the purpose of this research team finding the best method of Blockchain use in Facebook. According to him, this research team will work fundamentally one this issue.
Having more than $2.2 billion active users in a month and billions of Whats app and Instagram users, this company owns needed infrastructures to establish the greatest crypto-market. According to the published reports, about 40 people are working in Mr. Marcus’s research team today. According to Cheddar, team members are not understood about strategies and their details completely. Many team members are former executives and staff in PayPal electronic payment service. It can obviously show Mr. Marcus’s team focuses on financial systems. Among other well-known people in this team is Ben Davenport, co-founder of BitGo company. BitGo is an active company in the field of Blockchain security. Former employees of big financial companies such as Google Pay and Samsung Pay can be observed in this team.
In reaction to the news published by this team, the Facebook spokesman told that: “Like many other companies, Facebook is searching for a method to use Blockchain technology power. This small team are investigating different applications of this technology. Presently, we have no more details to share.”
Mark Zuckerberg, Facebook founder, and the chief executive wrote his idea about cryptocurrency technology in a post he published in January: “Now, the most important challenge of technology is centralization against decentralization. With the emergence of a few big technology companies, many people believe that technology leads to power centralization rather than decentralizing it. There are effective ways, like cryptography and cryptocurrency, to cope with this phenomenon, this power should be taken from centralization points and given to the people.”
In 2009, Facebook had made possible selling virtual goods in popular markets of the time through designing Facebook Credits virtual validity; however, this project was not welcomed, and finally, Facebook announced its termination.
Decentralized nature of cryptocurrencies and Blockchain means that everyone engaged in this industry look suspiciously to the centralized companies like Facebook. For a large company like Facebook, Blockchain doesn’t work just as a cryptocurrency and its research team are seeking for applications beyond payment. According to the specialists, Facebook Business Model will be improved by decentralized technologies in the future; although, it cannot definitely be said that how much will Facebook include Blockchain technology in business and what will the result of this project be?