Update (28/06/2018) -> Facebook lifts cryptocurrency ban amid rumors of Coinbase Bitcoin exchange takeover. Read the whole story here.
During the last years, the world’s largest social network and its founder, Mark Zuckerberg, have been harshly criticized for a large number of Facebook’s drawbacks. In response, Facebook’s founder wrote a post in which he recognized the problems and said that he is striving to find solutions for them. Mark Zuckerberg also mentioned that he is pondering about the use of the blockchain technology, including the idea of creating a Facebook cryptocurrency.
When one looks more into details, the founder of the world’s largest social network admitted that Facebook has become a way too decentralized, and it is possible to make use of the blockchain technologies in order to decentralize the network. In the blog post he wrote on his website, Zuckerberg recognized the problem that the internet becomes controlled by a couple of tech giants, including his social network itself. He also pointed out that the present status quo is different from the vision of the majority of users how the web could be a good tool for decentralizing and distributing power.
Mark Zuckerberg is pondering about creating a Facebook cryptocurrency
Following describing those facts, Mark Zuckerberg recognized that, instead of giving more power and opportunities to the people, the web is controlled by a handful of companies and is used by the governments to spy on their own people. He stressed that he wants to take advantage of blockchain technologies in order to counteract that. He also mentioned that, unfortunately, “such [blockchain] technologies also come with a risk of being beyond anyone’s control. But I am interested to research more and in details about this topic.”
Cryptocurrencies and the blockchain technology (which stands behind them) allow to distribute the information across a network of computers, scattered around the globe, rather than being centralized in one place. A number of tech experts have expressed opinions about the future of the blockchain technology in general, stating that this could possibly lead to revolutionary changes. For example, these technologies would allow storing different types of information, which will not be controlled by a particular company (like Facebook in this case).
Yet, decentralize the information storage in this way also poses a large number of risks. For example, tisre it a doubt how actually harmful and unacceptable information (like internet abuse, the information that violates privacy, leaked personal information, etc.) should be countered. Considering that the power will be decentralized, it may become a direct threat to the numerous internet users, whose personal information will be shared or published without their consent.
This blog post by Mark Zuckerberg has also prompted many observers to suppose that Mark Zuckerberg is pondering about creating a Facebook cryptocurrency. The Economist, the most influential economical and political newspaper, also mentioned about the developments of Telegram messenger and Facebook in the world of cryptocurrencies. The article’s authors summarized that if Facebook and Telegram were to create new cryptocurrencies, the days of bitcoin are numbered (read the article on the page of The Economist).