Facebook with Cryptocurrency – on Tuesday, a major renovation of the Facebook management and create a new Blockchain Division. Facebook has yet to provide details about the precise work of divisions or special projects. But for good reason, the social media giant may have their eyes on cryptocurrency.
Blockchain and Cryptocurrency
Bitcoin may have attracted the attention of the world from the great books didesentralisasi but this is blockchain — which has now seen to have many other applications outside of cryptocurrency — which is mostly adopted by businesses.
Many startup blockchain have sprung up to develop applications with Blockchain. But not only the startup that make the effort; the Government and the established companies like IBM have made great progress in the field of blockchain.
Facebook may not be noisy about blockchain or cryptocurrency in the past, the creation of a separate Division for blockchain shows intent and may precede the announcement of the major blockchain in the near future.
Let's learn cryptocurrency deeper – Mark Zuckerberg
Since 2009, founder and CEO of Facebook Mark Zuckerberg took a personal challenge whether it's reading a number of books or the like running on a certain distance. However, this year, he announced a personal challenge which didn't really look too personal and not as experienced others in the past — and he admits it.
In loose terms, Zuckerberg wrote that he will explore the benefits and disadvantages of the technology cryptocurrency and blockchain. "My personal Challenge for 2018 is the focus on repairing these important issues," said Zuckerberg refers to abuse, hatred, and Government intervention in community on Facebook.
I am interested to learn more and study the positive and negative aspects of this technology, and the best way to use it in our services. – Mark Zuckerberg (founder and CEO of Facebook)
The Ethos Of Decentralization
Last year on Facebook Communities Summit for the Admin group, Mark Zuckerberg announced a new mission statement for the company. In his words, "our complete mission statement is: give people the strength to build a community and unite the world. It reflects that we can't do this alone, but only by empowering people to build community and unite the people. "
New focus to give power back to people when the old mission versus focusing on the creation of a community more or less reflect the ethos of decentralization. At the event June 2017, Zuckerberg said that the mission was not the philosophy guiding but the goal really is.
Back to the post March 8, Zuckerberg identifies cryptocurrency as a tool to empower the community. "There is a tendency of cons-important for encryption and cryptocurrency like this – that takes the power from the centralized system and return it to the hands of the people," he said while denouncing the fact that many people have lost confidence in decentralization is right.
"Many of us get into technology because we believe it could be the power decentralization that puts more power in the hands of [...] But these days, many people have lost faith in that promise "– Mark Zuckerberg
David Marcus – the man for the job crypto?
The appointment of David Marcus may be a sign that the company is moving toward creating a virtual currency. Marcus has experience from his days as Vice President and then President, PayPal payments platform. On Facebook, he oversaw the development of P2P payment system Messenger.
In December 2017, Marcus was appointed to the Board of Directors of the Exchange cryptocurrency currency Coinbase due to his experience with digital payment at PayPal and Facebook. Marcus has been referred to as the initial promoter of cryptocurrency.
He seems an ideal candidate for pushing through the agendas of cryptocurrency on Facebook.
What Facebook will do with his own Cryptocurrency?
The original token would fit in with the Facebook service. This could be a uniform means for users to pay for things like Facebook ads and it can also use this token to encourage users to create and post content on the platform. This eliminates problems encountered by some users in the country which is economically unstable and currency conversion issues faced in the past.
Another interesting aspect is the new Facebook dating services and strong relationships with services and this token. Most applications have a dating system that gives the user the token ' special powers ' or to chat with other members using digital giveaways. If the company goes in this direction, having the coins themselves will serve well.
One thing that seems to be done for Facebook is uniting their communities so that uniform token that can be used across all platforms is not going to be a strange idea. Actually, it will be very interesting to see.
What happened to the ban on Facebook Cryptocurrency
Facebook's policy has not been hospitable to cryptocurrency activity. The company is updating its policy to ban ads for deals Coins early on, activities relating to Cryptocurrency quoted as deceptive. Google and Twitter followed suit.
UK Independent reported that Rob Leathern who was the Director of the Facebook advertising policies say that the ban will be reviewed after the company had a better understanding of cryptocurrency.
Conclusion
If Facebook does indeed get into cryptocurrency, it will definitely have a big impact inside and outside of the community of cryptocurrency. With more than 2 billion users scattered all over the world, cryptocurrency Facebook is bound to affect the adoption of cryptocurrency around the world. But it is unlikely this will happen soon. Understanding the cryptocurrency just means understanding the cryptocurrency. With the uncertainty of the regulations and the current market turmoil, Facebook like the Nasdaq may wait until the market matures and better defined regulatory standards before entering the cryptos.