David Marcus, the former head of Facebook Messenger team made an announcement on Friday that he is about to withdraw from the board of cryptocurrency trading platform Coinbase. According to Facebook, this decision is being taken to overcome from quarrel of maintaining two positions simultaneously.
Until now, Facebook has not revealed its plans to make use of decentralized ledger technology similar to the one used in Bitcoin. This clearly shows that Facebook is working seriously when it comes to its own blockchain ambitions. Even they may plan to have their own cryptocurrency, which would make them more powerful and a leader in the cryptocurrency world. Facebook may even acquire major blockchain-based startups or already settled ones such as Coinbase.
The report of the resignation of David Marcus has initially reported by Coindesk. The news got published after a few months of Marcus joining the Cryptocurrency board of Coinbase in December 2017. Marcus joined Facebook to traverse about blockchain project this year in May.
Marcus has played a major role in various industries based on payments technology. Earlier he was the President of PayPal at the time when PayPal acquired their own startup ‘Zong’ in 2011 which were based on digital payments. Even Facebook has launched its integrated payment service on its ‘Facebook Messenger’ in the year 2015 which is directly connected to the bank accounts of the users.
Recently reports also came that Facebook is trying to integrate its services with major financial institutions into its social platform to offer more benefits to their users. This shows it is expanding its venture in the field of e-commerce and finance. Despite the move on the expansion of different services, Facebook was getting negative views from many over the controversy which involved the privacy of data.
No doubt that Facebook has explored its platform in cryptocurrency in its initial stage. But this idea has again raised the topic of information leakage highlighting the same into bit danger situation. Mark Zuckerberg, founder of Facebook has clearly told that using the technology of blockchain people’s financial or personal data can be secured in an efficient manner. The technology could block the leakage of information to outsiders which were happened lastly.
Meanwhile, he also replied that it is harder to take control over the blockchain systems. As it runs on multiple distributed based servers. If we talk about practical, then the digital payment launched by Facebook can only be used theoretically. Blockchain-based systems can give a tough competition to Facebook’s hard work of gathering data from a different source.
Since the launch of Facebook, it has primarily made data to be core assets. There is a lot of fake news and reports in the market against data leakage in the last couple of years. Facebook itself is a tech giant when we talk about a social media platform and it has given a tough competition to other social media platforms such as Pinterest, Twitter, and LinkedIn etc. Facebook has worked a lot to become a leader in offering social media services. Now the company is planning to step into a new technology which is more secure and fast. It will be interesting to see how the company will integrate its services with the new technology.