**The Blockchain, Social Media, and Facebook’s Future**
*The blockchain advocates*
Pseudonymous bitcoin creator, Satoshi Nakamoto, had a clear vision of utilizing the blockchain and peer-to-peer system to eliminate central banks and credit card companies. But the allure of blockchain extends beyond just financial matters. People in the blockchain space have long harbored dreams of decentralizing the web itself, envisioning a world where centralized technology platforms like Facebook and Google fall and give rise to online communities that allow users to connect without handing over their data to corporate middlemen.
*Blockchain and Social Media*
In April, former Cambridge Analytica director Brittany Kaiser joined IOVO, a blockchain venture that aims to give people on social media the ability to choose who they share their data with. Other blockchain-based social network projects have also been launched, such as Steemit, a platform where users are rewarded with cryptocurrency units rather than simply “likes.”
*Is Facebook contemplating blockchain?*
But the big question remains: is Facebook considering a move towards blockchain technology? While it may seem unlikely that Facebook would willingly embrace decentralization, they might be preparing for the eventuality of a real challenger. This view gains momentum when considering the involvement of top-notch personnel such as David Marcus, the man behind Messenger’s success, and Kevin Weil and James Everingham, who were senior members of Instagram.
So, why would Mark Zuckerberg have these talented personnel work on such an experiment? One theory suggests that both Messenger and Instagram might have improved too much, ceasing to provide an intellectual challenge for Marcus and his colleagues. By creating a new project for them to focus on, Facebook could have retained these valuable employees and given them a fresh challenge.
*The potential of blockchain*
David Marcus, a blockchain enthusiast and former PayPal president, has spoken in favor of blockchain technology and recently joined the board of cryptocurrency exchange Coinbase. With Marcus overseeing this new blockchain division at Facebook, it is possible that the company is turning to blockchain for potential solutions to their current problems. Despite Marcus’s denial in February of any cryptocurrency payments coming to Facebook, his involvement in this new project may hint at a change in Facebook’s mindset.
Whether Facebook will embrace blockchain technology fully, or launch its own cryptocurrency, remains to be seen. While the company may have a lot to gain from integrating blockchain, they also face regulatory challenges and the risk of backlash from governments. However, with influential figures like Marcus at the helm, it’s clear that Facebook is seriously considering the potential of blockchain. The battle for the future of social media may be just beginning.