Mark Zuckerberg determined to study cryptocurrency to decentralize Facebook
Mar 04, 2018 Posted / 3544 Views
Just like other traditional non blockchain platforms, the social networking site Facebook has been attracted to decentralized technologies used in cryptocurrency and some blockchain projects. This came after the CEO of Facebook Inc, Mark Zuckerberg Revealed in a Facebook post that he intends to study cryptocurrency and apply decentralization on Facebook.
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Facebook has the biggest user base with hundreds of millions of active accounts and several millions of businesses running on its network. Facebook gains millions of dollars yearly from ads revenue from the millions of adverts streaming in the site daily. A move to adapt blockchain and decentralization for a site of Facebook’s caliber could increase the revenue of the company up a 10-fold.
Although there are already existing social network running on blockchain technology and are decentralized, Facebook still have a higher edge because of its huge user base and current high user ratings it has so far received. Adapting decentralization would not make Facebook lose its users but rather gain new users interested in blockchain.
Meanwhile earlier this year Facebook slapped a ban on all cryptocurrency and ICO related ads running on the site claiming the legal status of cryptocurrencies is not yet clear in many countries. In 2017 many countries flex their financial regulation authority over cryptocurrencies majorly bitcoin causing many platforms to abolish cryptocurrency to avoid a head to head crush with the government.
Some countries however refused to comment on the possibility of regulating cryptocurrency with others claiming that the cryptocurrency industry is still too small to call for a government intervention in terms of regulation. This caused a very high level of uncertainty to traditional companies in dealing with cryptocurrency making many businesses to remain quiet on issues regarding cryptocurrency adaptation.
The move Facebook made to shunt cryptocurrency and Initial Coin Offering ads further deepened the already existing disbelief many crypto non-users had on bitcoin and related cryptocurrencies. Leave alone obstructing information from the millions of possible ICO investors within the Facebook users Community.
Decentralized is most common within Fintech Companies only a few social networking and content sharing platforms uses decentralized blockchains in their systems. It is 100 percent feasible for Facebook to deploy and used blockchain and decentralized its contents. Some would argue that blockchain technology has not yet been time tested in terms of its ability to resist hacking attempts. The fact is for all the time blockchain has so far lasted no major security breach of the core blockchain system has ever been registered.
Although we can be sure that our data in a blockchain run platform is as secured as it should be, the blockchain development team need to take appropriate measures to maintain that status quo. This can be done through early identification of potential future threats the technology could face one of them being the development of computers that can be used to derive private keys from public keys.
With a decentralized Facebook many cryptocurrency and blockchain platforms would shift to Facebook as a new market and in return Facebook user base will increase by more than 40%. Facebook could develop a blockchain run applet that allows users to build their own tokens and use it to conduct transactions on the site. Such tokens would be convertible to Facebook’s own Currency of the main net.
Other possibilities which come with decentralizing Facebook include a reward program for paying Facebook users according to the level of activities on the site. This can be done using a native FB token which should trade on all the major cryptocurrency exchanges across the world.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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