It’s like the cryptocurrency fever is catching up with everyone—and not even Facebook founder Mark Zuckerberg is left out. The founder of the world’s largest social networking company has hinted that his company will be exploring the potential of the technology for Facebook.
Zuckerberg made this known while delivering his New Year message where he pledged to fix some of the problems that faced the social networking platform in 2017.
“A lot of us got into technology because we believe it can be a decentralizing force that puts more power in people’s hands. (The first four words of Facebook’s mission have always been “give people the power”.) Back in the 1990s and 2000s, most people believed technology would be a decentralizing force,” Zuckerberg said.
To put it mildly, Facebook was bedeviled with loads of problems in the year that just ended—fake news being one of us. The social networking problem also had to contend with other issues like revenge porn, clickbait and the rest of them.
“But today, many people have 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.”
One of the ways to solve these problems according to Zuckerberg is to decentralize power—and cryptocurrency easily comes to mind:
“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.”
Last November, Facebook announced that users of its messaging app Messenger, can now make P2P payment with PayPal. With PayPal’s presence already getting stronger on Facebook, this piece of news didn’t come to many of us as a surprise.