Facebook launches team dedicated to blockchain technology

The big story covered in our daily newsletter this week was that Facebook had launched a new team dedicated to blockchain technology. Facebook announced, amongst a executive team reshuffle, that David Marcus, their former VP of Messenger, would be leading a new internal team dedicated to exploring blockchain technology. David Marcus was joined by Instagram’s VP of Engineering, James Everingham and Instagram’s VP of Product, Kevin Weil to help spearhead the team. Marcus has a wealth of payments experience in his previous role as President of PayPal and he’s currently a member of Coinbase’s board of directors.

The news comes a few months after Mark Zuckerberg, CEO and co-founder, of Facebook announced in a post that he plans to study cryptocurrencies and other decentralized technologies to help him find ways to improve his company.

It is not clear how exactly Facebook aims to leverage blockchain technology, though the Business Insider released an article speculating on possible avenues Facebook could explore.

The possibilities for Facebook include:

using blockchain technology to improve the efficiency of payments within their current infrastructure,
building a platform for Facebook developers to build applications using smart contracts,
creating their own cryptoasset to incentivize users within their platform, or
utilizing blockchain technology to help store user data
None of these options have immediately obvious benefits for Facebook. Blockchain technology is still an early-stage innovation and currently works best offering solutions to edge-case problem , such as situations in which a censorship resistant currency is absolutely necessary. Nevertheless, Facebook’s interest in this industry will likely help to bolster mainstream interest in cryptoassets and blockchain technology.
Get details at- https://medium.com/mosaic-network-blog/mosaics-weekly-cryptoasset-roundup-may-14-2018-1159a2836ba3
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