At the age of 33, Mark Zuckerberg, is now worth $71 billion , has done rather well by Facebook’s centrally managed system.
It successfully landed in the world of social media, enjoying the perks of number one in the heart of billions of users.
And now, the social media magnate doesn’t stop in exploring opportunities. Zuckerberg has expressed his desire to collaborate cryptocurrency to Facebook.
In his New Year’s post, Zuckerberg sees the possibilities of maximizing and utilizing crypto technology to his well-loved social media platform.
“With the rise of a small number of big tech companies … many people now believe technology only centralizes power rather than decentralizes it.”
Zuckerberg said “to go deeper and study the positive and negative aspects” of decentralizing, people-empowering technologies such as cryptocurrencies and encryption.
He also addressed his followers that the FB users “can expect to see more from your friends, family and groups” and “less public content like posts from businesses, brands, and media.”
It remains to be seen whether this bet in favor of “meaningful social interactions” over higher traffic content is, as Zuckerberg said, “good for our community and our business over the long term.”
Others are questioning why Zuckerberg are interested with crypto, some says ” the prevailing wisdom is he wants Washington off his back.”
The Russian political investigation has shone a light on how Facebook uses its proprietary, closed-source algorithm, the core instrument of its centralized power, to deliberately package “like audiences” for advertisers.
It can be remembered that more important than allegations that Russian operatives used Facebook to spread disinformation and influence U.S. elections is the fact that Facebook has become so powerful a force that this kind of meddling is possible.
The resolution of this dilemma may lay with the very technology Zuckerberg has vowed to explore: a crypto-token, call it FBCoin.
The final plan from Facebook has not yet released, but Michael J. Casey, chairman of CoinDesk’s advisory board and a senior advisor of blockchain research at MIT’s Digital Currency Initiative, he believed that it is worth speculating especially because CEO has laid out.
The value of the tokens would float against the dollar, based on demand and supply, says Casey.
He also believe that how Facebook could best resolve its dilemma, giving both shareholders and users a valuable stake in the future growth of its platform under a more decentralized set of rules.
Crypto folks accustomed to thinking of attack models will immediately see dangers here.