If anyone is still wondering how much of a future cryptocurrency has, it may help to look at Facebook’s recent activities regarding their recruitment strategy. Despite having some difficulty in finding a high quality, industry-leading team of blockchain developers due to their recent privacy issues, it has been confirmed that Facebook is working to develop its own cryptocurrency. The question remains, however, whether Facebook will be able to get the team they are looking for.
Facebook May Not Pull in the Best Blockchain Pros
Facebook has already put together a fair-sized group of blockchain experts and that team has been working on a number of projects connected to the technology.
The problems that the social media giant is facing, however, are issues created by its own negligence toward its users’ data. Facebook, it would seem, is not on the same page as most of the biggest names in the world of blockchain development when it comes to anonymity and the protection of user data. That difference in vision and approach has created questions in many pundits’ minds as to what direction Facebook’s blockchain will go in.
There are many clear reasons for notable blockchain developers to steer clear of Facebook’s new project. From the recent fines imposed by the U.S. courts for improper data practices with Cambridge Analytica to the multiple large-scale accounts hacks on a report, it would seem that anyone interested in privacy and the security of user data would have all the reason they would need to keep an arm’s reach from Facebook.
Lack of Transparency
Facebook’s lack of transparency in their business dealings is yet another reason that many of the industry leaders in blockchain development may shy away from Facebook. Virtually none of the company’s plans for developing a blockchain strategy are made public, and only those who sign the non-disclosure agreements will have access to Facebook’s plans. Given that transparency is at the very heart of blockchain structures, it seems counterproductive for Facebook to be so secretive about its strategy.
Most Likely Plans
Despite the lack of transparency, there is one use of blockchain which seems to fit what we have seen so far. Facebook is likely creating a decentralized payment method that can be used on its platform by anyone and everyone, including those without bank accounts.
Looking at the models that are already in existence for mobile-focused cryptos, such as Reddcoin, it seems entirely possible that Facebook is simply jumping on the bandwagon of an already proven strategy. Will adding new layers of transparency-focused functionality earn the company any of the trust that they have already lost? At this point, it is hard to say. That kind of trust does not come easily.
What to Expect from Facebook’s Blockchain
Whatever Facebook has up its sleeves, we know that the company is trying to stay relevant. It is no secret that their grip on social media control has taken a big hit in recent months and that the execs at Facebook are in need of something new. That ‘something’ could be a new, mobile-based payment system which is something that has been very successful in countries like China. It could also be an attempt to build in some form of transparency in an effort to win the trust of their users. In either case, it is interesting. We must ask ourselves, however, whether it will be too little too late.