When Will Facebook Move to the Blockchain?

As the CEO of the world’s largest social media platform, Mark Zuckerberg has no choice but to try and remain at the forefront of the industry’s biggest trends – and his website’s biggest potential threats.

So it was no surprise when, in January 2018 he mentioned that he was interested in studying the positives and negatives of cryptocurrencies.

Forget Instagram, Snapchat, WhatsApp, and even Oculus – blockchain technology could be one of the platform’s biggest threats yet.

Is Blockchain Technology Really a Threat to Facebook?

Blockchain technology is still in its initial stages of development.

Right now, it certainly doesn’t pose an existential threat to Facebook – an established platform that has been in existence for almost 15 years.

However, long-term, there is a very real chance that the technology could give the platform a good run for its money.

Facebook is a massive centralized organization with over 2 billion users. The underlying platform infrastructure is controlled by a single entity, and individuals can use it in exchange for sharing their data with third-parties.

Blockchain, on the other hand, offers a completely different experience. It is a fully decentralized ledger that stores data across a huge network of computers owned by its participants.

For many people, the thought of a decentralized Facebook alternative sounds extremely appealing.

In April 2018, Jason Calacanis, the American internet entrepreneur, and angel investor, felt so passionately about finding a platform to rival the corporation that he even launched ‘The Open Book Challenge’, where he is offering entrepreneurs a $100,000 investment in order to encourage them to try and build a Facebook replacement.

How is Facebook Reacting to the Threat of Blockchain?

Quite simply, they’re setting up their own small blockchain team.

David Marcus is one of the company’s top executives, a board member of the popular cryptocurrency exchange, Coinbase, and the previous head of the Messenger platform

He recently revealed that he was leaving Messenger and “setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch.”

It’s a small step, but a step in the right direction nonetheless.

Most importantly, it will provide the team with valuable insight regarding how exactly blockchain can be used internally, and where Facebook could potentially be most vulnerable.

Some of the Web’s Biggest Social Media Platforms Are Already Moving to the Blockchain…

Some of the biggest social media platforms are already getting a head start by moving towards the blockchain.

We’re only halfway through 2018, and so far ICOs have already raised over $9.6 billion – almost twice the amount raised throughout the entirety of 2017.

Telegram

The popular messaging app, Telegram, that currently boasts a surplus of 200 million users, raised over $1.7 billion – the largest amount ever raised in an ICO so far – from private investors to build a decentralized network.

Even after canceling its public ICO, it had already managed to set a new record and has since been named one of the top ICOs of 2018.

ASKfm

At the beginning of May 2018, after much speculation, the social question and answer platform, ASKfm, announced that it also would be launching an ICO.

Similar to Telegram, the ASKfm platform already has a thriving user base of over 215 million users, representing over 49 languages from over 168 different countries.

The platform has already laid out its entire vision for tokenizing its services in a way that rewards all stakeholders.

Through this, it hopes to attract more knowledgeable individuals and professionals to its platform in order to increase the quality of the responses.

Given the huge success of the Telegram ICOs, the ASKfm is in very good standing to become another one of the most exciting ICOs of 2018, and is certainly not one for keen investors to miss.

The Future of Blockchain and Social Media

The tech industry is always moving and changing – and now it’s moving faster than ever. Sometimes, it can seem quite overwhelming.

No one knows for sure how blockchain will affect the future of social media, but there’s no doubt that we’re likely to experience some significant disruption over the next few years.

For big tech firms, the choice will be relatively simple: adapt, or die.

The post When Will Facebook Move to the Blockchain? appeared first on Bitcoin Garden.

Komentar

Posting Komentar

Postingan populer dari blog ini

Blockchain Supply Chain Forum will be held on January 10th in Hong Kong

Gambar
The concept of a blockchain – a distributed, tamper-proof and time-stamped database of transactions that can be managed without intermediaries – is highly attractive in the supply chain domain, and the industry has launched a number of proof-of-concept initiatives. However, awareness of how blockchains work and what they can accomplish for supply chain is still relatively low. The lack of knowledge is exacerbated by the fast pace at which the technology is evolving. A success Blockchain Supply Chain Forum was held on October 24th in Shanghai, professional blockchain organizer EventLinker and Global Supply Chain Council will organize the Blockchain Supply Chain Forum on January 10th in Hong Kong, it is the forum connecting blockchain experts, supply chain and logistics decision makers and tech innovators. This intimate gathering will explore how companies are investigating the use and deployment of the technology to help their supply chains in China. Organizer: EventLinker EventLin
Baca selengkapnya

Transformation of education in post-industrial society

Gambar
Education has always been an expensive privilege; and the education sector has always been one of the most conservative. People chose profession once in their life and did not change it until retirement. Usually education meant studying at a university; self-taught people were rare. However, in the post-industrial society changes in the shape, sense and affordability of education finally began. According to Alvin Toffler, a well-known US sociologist, the emergence of the post-industrial society is a consequence of the intellectual revolution. The possession of knowledge and information will replace financial capital as the biggest value. Development of innovations, empowered by the most educated, will become the most important sector of economy. It means that high-quality affordable education will become even more important than now. The last time when the global education experienced a serious transformation was at the very beginning of the 21st century when the wide access to the I
Baca selengkapnya

After GDPR effect? In A Post Cookie World, Blockchain Is Rising

Gambar
The European General Data Protection Regulation (GDPR) was rolled out in May this year. It introduced far-reaching implications for companies which process personal data related to EU citizens. Even those far outside the EU could not fail to notice this change. Email inboxes were overflowing with opt-out reminders. Cookie banners now obscure many websites, forcing users to agree to a privacy policy so that they can browse the content on the site. Although the GDPR document itself clocks in at 88 pages, the majority of what it covers can be summed up in one word — consent. If companies are processing personal data, it must be done with the explicit, informed consent of the individual. For some forms of marketing, such as email subscriber lists, this involved minimal changes. Individuals already have to take the active step of providing their email addresses, and usually it is pretty clear why they are asked to do so. However, for the digital advertising industry, consent is far less
Baca selengkapnya