What would happen if the leading social media network and the fast-rising virtual technology join forces to decentralize power?
This is what Mark Zuckerberg, the Founder and CEO of Facebook, may have had in mind when he posted a personal status, saying that he wants to put more power in the hands of the people by decentralizing the role of technology in the society.
Critics were quick to say that the well-known social media CEO has a bold idea to introduce cryptocurrency to Facebook in 2018. The speculation was neither confirmed nor denied by Zuckerberg, but in his 2018 mission statement, he mentioned that there is a serious plan to fix and improve Facebook using cryptocurrency.
The platform of Facebook does not just experience great highs because it also has a fair share of major lows — like issues concerning fake news and the proliferation of hate speech. Zuckerberg believes that because bitcoin and other blockchain-based cryptocurrencies have the ability to decentralize power, the technology may offer a possible solution to the issues surrounding Facebook.
According to Zuckerberg, “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.
Why the Technology of Cryptocurrency Has What It Takes?
Cryptocurrency might be the newest player on the block but it definitely has the capability to compete with other technologies.
There is an obvious reason why people think that Zuckerberg’s post refers to the technology of cryptocurrency, and it is because of the impressive market capitalization growth each year.
In 2017, the industry gained a gigantic 810% market capitalization. The two biggest cryptocurrencies, Bitcoin and Ethereum have been performing greatly, reaching 400% and 4,737% market capitalization, accordingly.
It Will Not Be the First
If the bold idea to incorporate cryptocurrency with a social networking site –just like Facebook — will be accomplished, it will definitely not be the first of its kind.
Matchpool, a decentralized matchmaking and dating platform, has already been uniting social activity and the technology of cryptocurrency. Yonatan Ben Shimon, the Founder, and CEO of Matchpool, said that Mark Zuckerberg needs to consult with cryptocurrency experts before he makes a decision to enter the industry.
Aside from Facebook and Matchpool, there are other companies that are planning to bank on cryptocurrencies.
- Microsoft – A Washington-based company that creates, produce, licenses, and markets computer software, laptops, personal computers, and consumer electronics. Microsoft is headed by Satya Nadella.
- Google – A multinational technology company that is based in Mountain View, California. The company focuses on Internet-related products and services. Sundar Pichai is the CEO of Google.
Just like a fine wine, Facebook just keeps on getting better. Mark Zuckerberg and his team are doing a fantastic job, keeping the social media network unfazed.
The bold idea to have a Facebook cryptocurrency may sound really ambitious, but with a proper understanding of the technology, good things will surely happen.