When the world’s largest virtual storehouse of people’s thoughts and memories is planning to explore “the power of Blockchain Technology“, the world should better fasten its seatbelts. After all, the future is nigh.
Social media mogul Facebook is seemingly expanding its team for operations in Blockchain Technology. According to its official Careers page, Facebook is hiring a huge array of experts for designations ranging from Business Product and Operations Manager to Software Engineer, and even a Technical Communications Director. Other than the blockchain-related positions currently available, Facebook’s official LinkedIn page unveiled positions in Marketplace Payments, for a Technical Program Manager, as well as a Blockchain specialist. Their vacancies have a lot more to convey than merely their plan to establish a team of Blockchain experts.
So, how did it all begin?
Way back in early May 2018, some unknown sources confirmed that Facebook is “very serious” about minting it’s own cryptocurrency. This was followed by an important anouncement; find the report here, Facebook had hired a blockchain startup company called Chainspace. Well, let me rephrase that. Facebook had aqui-hired Chainspace. Aqui-hire is a popular term Silicon Valley, refering to the indirect acquisition of a smaller company by hiring most of its employees. Almost every researcher working at Chainspace have joined Facebook. Thus, the startup will eventually come to a close.
Moreover, a Facebook spokesperson reportedly declared the true intention of Facebook’s sudden plans to delve deep into Blockchain technology,
…Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications…
Astonishingly, the “small” team working under the world’s largest social media platform now consists of around 50 members, working in the progress of Facebook’s endeavour in Blockchain tech.
But, why FaceCoin?
2019 kickstarted with a big bang, when JP Morgan announced its own cryptocurrency JPM Coin making an entry into the global market. Also, Facebook always had this plan under wraps to bring forth its own cryptocurrency as well. Ever since the time when Facebook acquired WhatsApp in 2014, the former has expressed its desire to create a stablecoin, pegged to the US dollar, in order to conduct in-app money transfers. And, the first target audience for this experiment? The lucrative remittance market of India, which will surely be successful if this report does come true.
Will Blockchain Technology be restricted to FaceCoin only?
When the world’s larger social media website is in the pursuit to expand its Blockchain experts’ team, then there is surely a lot more brewing in the scene. Though the floodgates got opened with the emergence of JPM Coin, it is not unlikely that Facebook would be using the same technology to secure information from cyber threats. In the end,
This is why I love technology : if you used it right, it could give you power and privacy.Cory Doctorow