Facebook the star of social media appointed David Marcus, former Paypal president as the maidenhead of “Facebook Blockchain”. But after the announcement of the new head the blockchain division of Facebook has disappeared from the surface.
It has come to public knowledge that the social media’s blockchain consortium is strengthening its defences behind the curtain. Nearly 40 employees and the creamy layer of Paypal is working on the little-known program within the walls, the team mostly consists of talented blockchain developers. A shocking fact also came to light, it is said that two key players from Instagram have also boarded the blockchain wagon.
Crypto market and Facebook
The star of social media is not at all bothered about the plunging crypto market; they continue their efforts behind the confined walls. Facebook is trying to recruit big blockchain talents around the globe, important staffs from Facebook’s blockchain project have reached out to famous cryptocurrency projects in hopes of finding promising employees.
Facebook’s crypto child
Facebook certainly means business, the inner working and long-term ambitions of the blockchain project are not available to the public at present. There are two kinds of speculations surrounding the pet project of Facebook, the social media platform is planning to decentralize the entire system or a digital identity platform is under development. Confirmed by some close sources, Facebook is trying to launch a decentralized digital currency that is targetted towards its ever-expanding user base. This sounds like an ambitious plan, various reports have stated that a new token is under development in the Facebook headquarter.
They have a massive installed user base. They probably are looking at China and seeing how popular mobile commerce has been there and wondering why we can’t do that.
Whatever may be the plan, either blockchain or crypto it will surely change the future of Facebook. The recent steps taken by Facebook points to the direction in which the company is planning to go the future.
Corporate crypto players
The social media platform is not the only corporate big fish involved in with blockchain technology. There are many tech giants and multinational institutions involved with the blockchain technology. Everyone is getting armed with the blockchain technology is preparation for the future. Paypal mostly used payment network across the globe has recently announced its arrival into the crypto world.
With all the major players entering into blockchain technology, Facebook’s blockchain project will secure the future of the social media star. Even though there are no official announcements from Facebook, speculations and some confirmed information reveal that the big unwrapping event is going to happen anytime soon.