As the latest possible step in Mark Zuckerberg’s continued efforts to take over the world. It appears that Mr. Facebook might be considering making a play at controlling the ever growing Crypto market as well. In a recent post made by the man himself on Facebook. Zuckerberg stated he believed Cryptocurrencies represented a powerful tool for people to take back power that is currently being held in more centralized systems. The more interesting part came near the end however when the tech mogul stated he was going to, “go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”
Which begs the question is Crypto integration coming to Facebook sometime soon? Or possibly even more ambitious, could Facebook use its enormous clout to simply launch its own Cryptocurrency in 2018? Think about what an advantage a currency accepted and integrated into Facebook would have. If the platform were to push the coin heavily, it might well be the breaking point that finally floods the market with regular people. No longer a niche concept, a Facebook coin would almost instantly mean Crypto exploding into the mainstream proper.
Adding a bit more fuel to the speculation fire, is the fact that just recently when an official company spokesperson was asked about the chances of Facebook launching its own currency. The representative merely stated “they couldn’t say anything about this topic just yet.” Opting to indicate that it was merely too soon for a formal announcement, rather than state no such efforts were underway.
So how might a Facebook based currency operate? One suggestion is that the company might reward users creating original content on the platform with this new incentive. With the company working harder then ever before to try and keep users off of competing social media platforms like Youtube, and Twitter. An exclusive Cryptocurrency might just be an enticing way of keeping people on Facebook longer.
As Zuckerberg doesn’t seem the type to let new technologies come along and make his company irrelevant like so many now faded tech giants of the past did. The question really becomes if this push into Crypto and related technologies won’t ultimately be used to subvert the overall trend towards more encryption and privacy currently growing in the tech space. As upstart rival social media sites continue to make increasing use of new encryption technology, it’s unlikely that Facebook doesn’t want to find a way to reverse this trend and stay in control of that precious user data it sells to fund the bulk of its operations.
Worth noting is that the company already has some level of familiarity with both blockchain and Cryptocurrencies. The company after all did famously acquire the encryption based WhatsApp Messenger service for 19 billion back in 2014. A service that in India at least, just launched a peer-to-peer payment option in December. Indicating if nothing else, that the company is certainly interested in facilitating direct financial transactions between people, the very idea at the core of Cryptocurrencies.
With over 2 billion active monthly users Facebook could easily force the mass adoption of almost any new technology they chose to integrate into their popular platform. What such an influx of new users would mean to the Crypto community remains to be seen. Especially because we don’t know what percentage of these users would use a FBCoin as a gateway to others, or would just happily stay in a walled off Facebook Crypto garden. Which leaves us for now, with the question of whether the integration of blockchain into Facebook will actually serve to decentralize the service to some degree or rather if Zuckerberg will merely find a way to corrupt the technology instead for his own personal ends.
If you enjoyed this article please share and follow @Jack_Kenrick. If you want to help ensure more similar content, please consider clicking this button and supporting directly. Everything helps!