{"id":2003,"date":"2018-08-13T09:44:59","date_gmt":"2018-08-13T08:44:59","guid":{"rendered":"http:\/\/www.wasteyourtime.co\/?p=2003"},"modified":"2019-09-05T20:34:32","modified_gmt":"2019-09-05T19:34:32","slug":"facebook-seems-to-be-pushing-forward-with-its-blockchain-plans","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/08\/facebook-seems-to-be-pushing-forward-with-its-blockchain-plans\/","title":{"rendered":"Facebook seems to be pushing forward with its blockchain plans"},"content":{"rendered":"<p style=\"text-align: right;\"><i><span style=\"font-weight: 400;\">2 min read<\/span><\/i><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2004\" src=\"http:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/facebook-seems-to-be-pushing-forward-with-its-blockchain-plans-e1534149531851.png\" alt=\"Facebook seems to be pushing forward with its blockchain plans\" width=\"700\" height=\"393\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The head of its cryptocurrency team <\/span><b><i>David Marcus<\/i><\/b><span style=\"font-weight: 400;\">\u00a0revealed he was leaving his role at Coinbase to focus on the social network&#8217;s strategy. Marcus announced Friday that he would step down from his seat on the board of cryptocurrency trading platform Coinbase.\u00a0<\/span><\/p>\n<p><b><i>Marcus<\/i><\/b><span style=\"font-weight: 400;\"> gave a statement to TechCrunch explaining his stepping down <\/span><b><i>\u201cbecause of the new group I\u2019m setting up at Facebook around blockchain,\u201d<\/i><\/b><span style=\"font-weight: 400;\"> pointing that <\/span><b><i>\u201cGetting to know Brian (Armstrong, CEO of Coinbase), who\u2019s become a friend, and the whole Coinbase leadership team and board has been an immense privilege. I\u2019ve been thoroughly impressed by the talent and execution the team has demonstrated during my tenure, and I wish the team all the success it deserves going forward.\u201d<\/i><\/b><\/p>\n<p><span style=\"font-weight: 400;\">According to<\/span><b> Facebook,<\/b><span style=\"font-weight: 400;\"> this move was made to <\/span><b><i>\u201cavoid the appearance of conflict\u201d <\/i><\/b><span style=\"font-weight: 400;\">between Marcus\u2019 two roles.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/facebook-seems-to-be-pushing-forward-with-its-blockchain-plans\/#Facebook_and_blockchain_plans\" >Facebook and blockchain plans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/facebook-seems-to-be-pushing-forward-with-its-blockchain-plans\/#Facebook_could_build_a_cryptocurrency_wallet\" >Facebook could build a cryptocurrency wallet. \u00a0<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/facebook-seems-to-be-pushing-forward-with-its-blockchain-plans\/#Previously_Facebook_announced_that_it_wont_be_building_on_the_Stellar_protocol\" >Previously, Facebook announced that it won\u2019t be building on the Stellar protocol.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/facebook-seems-to-be-pushing-forward-with-its-blockchain-plans\/#Why_this_is_so_important\" >Why this is so important?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/08\/facebook-seems-to-be-pushing-forward-with-its-blockchain-plans\/#And_we_may_guess_about_Facebook_and_blockchain_plans\" >And we may guess about Facebook and blockchain plans.<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Facebook_and_blockchain_plans\"><\/span>Facebook and blockchain plans<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It\u2019s not absolutely clear what exactly is going on in Facebook\u2019s developing cryptocurrency division. But according to several reports, something is in progress.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are speculations about what this might be. Maybe Facebook and blockchain plans are not so unimaginable.<\/span><br \/>\n<b><\/b><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Facebook_could_build_a_cryptocurrency_wallet\"><\/span><b>Facebook<\/b><span style=\"font-weight: 400;\"> could build a cryptocurrency wallet. \u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">They could create their own token that could be used for paying things with partnered businesses or through Facebook ads. Blockchain makes transactions free or cheap, so Facebook and its partners could offer users <\/span><i><span style=\"font-weight: 400;\">&#8220;3% off for buying made with FacebookCoin&#8221;<\/span><\/i><span style=\"font-weight: 400;\"> or something like that.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Possible Facebook\u2019s cryptocurrency feature could be well-positioned to run such an idea. They have extensive connections with more than six million advertisers and 65 million businesses that have Facebook Pages. The social network could offer less costs of running the program, the transaction fee savings on to the users, and promote partnership with Facebook Crypto as a way to boost sales for businesses. That could get clients to spend more money on Facebook ads because the discounts would increase conversion rates and discounts like this could bring users into.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That could swiftly make Facebook a power player in the global payments ec<\/span><span style=\"font-weight: 400;\">osystem; or acquiring major blockchain startups, perhaps even Coinbase itself. <\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Previously_Facebook_announced_that_it_wont_be_building_on_the_Stellar_protocol\"><\/span><b>Previously, Facebook announced that it won\u2019t be building on the Stellar protocol.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2007 alignright\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/08\/facebook-seems-to-be-pushing-forward-with-its-blockchain-plans-3.jpg\" alt=\"Facebook seems to be pushing forward with its blockchain plans 2\" width=\"328\" height=\"154\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/08\/facebook-seems-to-be-pushing-forward-with-its-blockchain-plans-3.jpg 328w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/08\/facebook-seems-to-be-pushing-forward-with-its-blockchain-plans-3-300x141.jpg 300w\" sizes=\"auto, (max-width: 328px) 100vw, 328px\" \/><br \/>\n<span style=\"font-weight: 400;\">Facebook already lets sending money through Messenger for free, but only with a connected debit card or PayPal account. In the future, they could offer cryptocurrency based payments between friends to let a wider range of users through Messenger. If Facebook Crypto wallet could be fund once with a payment, and with a one-time transaction fee, and then they could send and receive the tokens for free. Blockchain could further increase engagement with Messenger for its 1.3 billion users.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Facebook offered to major banks to integrate financial data into its social platform. That step signaled Facebook\u2019s ambitions to expand its role in finance and e-commerce. But in light of the site\u2019s recent spate of controversies over privacy also raised red flags for many. That incident suggests several potential benefits of applying the technology, as well as some pitfalls. Facebook CEO <\/span><b><i>Mark Zuckerberg<\/i><\/b><span style=\"font-weight: 400;\"> said that technology like blockchain could give users more control, including over financial and other personal data. That could be helpful to moderate future consequences against the platform, which recently reported discouraging user growth.<\/span><br \/>\n<b><\/b><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Why_this_is_so_important\"><\/span><b>Why this is so important?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">A top problem of decentralized blockchain apps is how you bring your identity with you. Securely connecting your wallet, blockchain-based goods and biographical info to new apps can be a difficult process. Usually, users have to type in long, complex keys that are heavy and annoying to remember. Users of social apps like <\/span><i><span style=\"font-weight: 400;\">Facebook Connect<\/span><\/i><span style=\"font-weight: 400;\">, which uses an OAuth single sign-on which provides instantly join apps without creating a new username and password, or filling out a profile and uploading a photo, want this social network because of its simplicity too.<\/span><\/p>\n<p><strong><i>Zuckerberg<\/i> acknowledged that blockchain systems, which run on distributed swarms of servers, are \u201charder to control.\u201d<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2009 alignleft\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/08\/facebook-seems-to-be-pushing-forward-with-its-blockchain-plans-4.png\" alt=\"Facebook seems to be pushing forward with its blockchain plans 3\" width=\"310\" height=\"163\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/08\/facebook-seems-to-be-pushing-forward-with-its-blockchain-plans-4.png 310w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/08\/facebook-seems-to-be-pushing-forward-with-its-blockchain-plans-4-300x158.png 300w\" sizes=\"auto, (max-width: 310px) 100vw, 310px\" \/><br \/>\n<span style=\"font-weight: 400;\">In theory, the first cryptocurrency launched by Facebook would be usable outside of Facebook\u2019s platform, because blockchain-based identity systems could obstruct Facebook\u2019s efforts to gather user data. Even after many years of scandals about privacy, all data continue to exist on Facebook\u2019s core asset. That suggests that any blockchain product have to be very delicate to simultaneously cater to users and shareholders. But <\/span><b><i>Facebook <\/i><\/b><span style=\"font-weight: 400;\">has a strong record of not being traditionally hacked. It wasn&#8217;t a massive user data debacle like LinkedIn, Twitter and similar social networks. An openly centralized identity system to connect with decentralized apps might bring the UX comfort necessary to unlock a new wave of blockchain benefits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Anyway, it seems there are several reasons why <\/span><b><i>David Marcus<\/i><\/b><span style=\"font-weight: 400;\"> stepped down from Coinbase board. <\/span><br \/>\n<b><\/b><\/p>\n<h4><span class=\"ez-toc-section\" id=\"And_we_may_guess_about_Facebook_and_blockchain_plans\"><\/span><b>And we may guess about Facebook and blockchain plans<\/b><span style=\"font-weight: 400;\">. <\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">For instance, FB plans to launch exchange or to launch their own payment platform or, which is more possible, to launch its own crypto wallet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The conflict of interest narrative makes each of these assumptions seems real. Speculations about buying Coinbase are less probably because if Facebook wanted to buy Coinbase, Marcus would have stayed there and brought more of &#8221;his people&#8221;.<\/span><\/p>\n<p><a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/money-risk-trading\/\"><b>Risk Disclosure (read carefully!)<\/b><\/a><\/p>\n<p><a href=\"https:\/\/traders-paradise.com\/recommends\/city_index_uk\/\" target=\"\" rel=\"noopener noreferrer\"><br \/>\n<img decoding=\"async\" class=\"size-full\" src=\"http:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/ads10-2.png\" alt=\"\" \/><br \/>\n<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2 min read The head of its cryptocurrency team David Marcus\u00a0revealed he was leaving his role at Coinbase to focus on the social network&#8217;s strategy. Marcus announced Friday that he would step down from his seat on the board of cryptocurrency trading platform Coinbase.\u00a0 Marcus gave a statement to TechCrunch explaining his stepping down \u201cbecause [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1010,1004],"tags":[17,357,12,358,359,115,360],"class_list":["post-2003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies-overviews","category-latest-financial-news","tag-blockchain","tag-coinbase","tag-cryptocurrency","tag-cryptocurrency-wallet","tag-david-marcus","tag-facebook","tag-mark-zuckerberg"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Facebook seems to be pushing forward with its blockchain plans - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"Facebook and blockchain plans are not so unimaginable. 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