Facebook creating its own cryptocurrency?

The biggest management reorganization in the history of Facebook has revealed that the company would develop blockchain technology although it is not yet clear for what purpose.

David Marcus the former Vice President of Facebook Messaging Products would lead a team for developing blockchain technology and will answer directly to the Facebook Chief Technology Officer (CTO) Mike Schroepfer.

It hasn’t been confirmed what the group's real task would be and Marcus has stated that they would search for the best ways to use blockchain on Facebook and that hey would start from scratch with this project.

Co-founder and the CEO of the world-s largest social networking site, Mark Zuckerberg expressed a personal interest in creating his own cryptocurrency. In the goals for this year he included research of the advantages of cryptocurrency and blockchain.

It is being rumored that Facebook could use the technology to fix issues around user privacy protection which have been under public and government scrutiny of many countries. Blockchain could, for instance, assume total control and supervision over user data.

On the other hand, with 2 billion users, Facebook is a potentially very interesting platform for developing its own cryptocurrenty.

Facebook.com USA

Facebook

blockchain

David Marcus

Mike Schroepfer

Facebook cryptocurrency

Mark Zuckerberg

Facebook user privacy