Blockchain News

Facebook Blockchain: Facebook ready to build one of the most used products in crypto

The Blockchain continues to integrate into the traditional system

According to Morgan Creek’s Anthony Pompliano, a little contrary to the expectations of some in the Blockchain space, the well-known social media platform Facebook is set to build one of the most used products in the crypto asset space.

A tweet by the Block founder Mike Dudas gave an inferring message about Facebook, revealing that it will be hiring Blockchain engineers, without giving a clearly defined role or purpose for them.

According to Pompliano based on the track record of Facebook’s development and growth, he expects that it is only a matter of time before the company will rise to dominate in the crypto industry. 

The skepticism is still surrounding a Facebook Blockchain product

There was a report back in August which reported that Facebook was hinting the possibility of social media behemoth planning to build upon cryptocurrency projects.

This included building on the stellar platform and using the blockchain network to make assignments. As to what the Blockchain team will be working on at Facebook is still unclear. However, Facebook has continuously been recruiting Blockchain developers to join the growing team.

David Marcus, the head of the Facebook Blockchain project recently resigned from his position as part of the board of directors at Coinbase. This has fuelled speculations leading to the idea that facebook maybe launching a cryptocurrency project with its Blockchain technology.

This would be unprecedented considering the potential scale offered by Facebook’s 2 billion+ users interacting directly with the Facebook Blockchain project.

To some Facebook users, it seems like it does not really have a fully defined workable crypto implementation blueprint and is merely joining the bandwagon. 

Pompliano betting on a Facebook Blockchain product

In a comment by Pompliano, he believes  Facebook has assembled a good team with talent and experience which will bring the project to where it needs to go.

According to Pompliano Facebook has already proven that it is capable of delivering some of the most ambitious products and to deliver unmatched growth to its rival user base.

This puts a potential Facebook blockchain in a good position to develop a successful launch of crypto products or service that might bolster Bitcoin, according to Pompliano.

He later stated in a tweet that:

“They have more 1B user products than any other company I believe. They out-executed everyone historically. You could go at most corporates, but Facebook ain’t it.. betting against David Marcus, Kevin Weil, Morgan Beller, Zuck, Chris Cox, and the FB growth team is insanity. I’ll ride with that crew any day when it comes to building, launching, and scaling products. Ask their competitors how it went last time.” 

In a Cheddar report in May 2018, there were claims that Facebook is interested in developing a native cryptocurrency platform in order to help its massive user base to carry out transactions without using government-backed fiat currency.

However, without the full confirmation of the company, it still remains to be seen if Facebook will be able to deliver a truly worthy Blockchain technology product vision.

What are your thoughts on this development on a possible Facebook Blockchain product? Please feel free to leave a comment down below.

coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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