Facebook Is Becoming the Next Big Company Integrating Cryptocurrencies into Their Platform

Everyone is welcoming in the new year in their own way; many are making new year’s resolutions to lose weight, gain weight, stop drinking, work out on a regular basis and maybe even, resolve to go on social media less. Those who run platforms like Bitcoin and Ethereum, in the crypto world, are looking into scaling and solving the issues that are plaguing them on a regular basis. They want to minimize their congestion and be able to have their systems breathe easier. Traditional companies that are introducing blockchain to the world are receiving a bump in their share prices. Retail investors are seeking to maximize their gains while biting their nails at regulation developments from several key countries. All in all, the new year is starting off with significant momentum in the traditional and crypto-based markets.

Facebook Announcement

Well, it looks like there is another potential major development, Facebook Founder, Mark Zuckerberg has posted via his Facebook page, that his famous social media company, will be looking into integrating cryptocurrencies into his social media platform.

Mark took some time out from managing the company and performing his duties as a father and notified the world of what he’s up to. He started off the post by telling people about how he challenges himself.

“Every year I take on a personal challenge to learn something new. I’ve visited every US state, run 365 miles, built an AI for my home, read 25 books, and learned Mandarin.”

Then he continued stating the divisions that he sees in the world from an ideological standpoint.

“The world feels anxious and divided, and Facebook has a lot of work to do — whether it’s protecting our community from abuse and hate, defending against interference by nation states, or making sure that time spent on Facebook is time well spent.”

Then continued to talk about his challenge for this year which will be to focus on fixing these crucial issues.

Centralization and Decentralization

This may have started as a post with a humblebrag but continued into something that the crypto community would care about.

The reason why these issues are important is because, as he states,  they, “touch on questions of history, civics, political philosophy, media, government, and of course technology. I’m looking forward to bringing groups of experts together to discuss and help work through these topics.”

Then one point stood out the most, that of centralization versus decentralization. Mark comments on how many people jumped into the technology sector because of a firm belief of decentralization and the fact that it brings the power back to the people.

He seems to present himself as also a believer in this idea, as he states that the first four words of Facebook’s mission was to “give people power.” The early years of the developing web had a lot of believers in this idea of decentralization. But as it progressed, something else happened. They stopped believing, “they lost faith in that promise.”

“With the rise of a small number of big tech companies — and governments using technology to watch their citizens — many people now believe technology only centralizes power rather than decentralizes it.”

He finally states the solution.

“There are important counter-trends to this –like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control. 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.”

Then concludes his post with how he will be approaching this year.

“This will be a serious year of self-improvement and I’m looking forward to learning from working to fix our issues together.”

His post implies that he will be doing research into the field and looking into the innovations of crypto but understands that there is a risk, lack of control. Therein lies the problem for a lot of traditional companies that are geared around a centralized setting, the transition is much harder. There may be integrations of cryptocurrencies, thus allowing them to take the first step without having to change a significant amount in how their platform is run.

By | 2018-01-05T01:49:21+00:00 January 5th, 2018|News|0 Comments

Leave A Comment