If recent developments are to be believed, it appears the next step in Facebook’s development is the introduction of better features to support blockchain engineering. What does this have to do with the current clamor for blockchain technology throughout markets? Will this work?
If there’s anything Facebook is right now regarding cryptocurrencies, it’s that it’s quite confusing. In fact, if Facebook is anywhere close to being a person, she surely would be confusing. It can be remembered having banned advertisements for all cryptocurrencies – and then later changing this decision. Now, Facebook appears to be completely on the side of cryptocurrencies with now having appointed its own Director of Engineering for Blockchain Technology.
According to reports, this post will be held by Facebook San Francisco senior engineer Evan Cheng. He also served as Facebook’s head of programming for the past three (3) years, with this directorship being his next higher position appointment.
Cheng also seems to have earned his Doctorate in Computer Science from Syracuse University, and even won an award back in the 2012 ACM Software System Competition. What perhaps links him best with his new position is his recent blockchain research in previous months, which might make him apt for the new post.
Even his Twitter appears to broadcast his budding relationship with crypto, as Cheng’s bio does specify him having a “NIght job – blockchain, crypto.” While of course this doesn’t pertain to something that’s always happening, like how a friend isn’t a “cook in Krusty Krab” just because they say so, this does seem to have some form of credence for Cheng.
It’s even rumored that Cheng also serves as an advisor of sorts to other blockchain projects and startups such as ChainLink and Zilliqa.
However, Cheng’s appointment appears to be just one small step in a series of moves Facebook has made towards having a stronger, firmer stance towards blockchain. For instance, David Marcus – as in the head of Facebook Messenger – announced the decision to create a small team dedicated to studying blockchain with the hope of exploring “how to best leverage blockchain” across the social network from scratch. Facebook’s own Kevin Weil has also been appointed Vice President of Product for Blockchain.
This means Facebook might have begun the move the shift to make sure their software will be compatible with blockchain to some degree. In fact, it appears Facebook may finally be taking blockchain seriously, with these position geared towards accepting that blockchain may in fact be able to enhance what the social media giant has been doing for the past years.
While Facebook has yet to post any official announcement in its official page, Facebook CEO Mark Zuckerberg did already express his interest for the move towards decentralization and cryptocurrencies. He acknowledged that technology is all about decentralization versus centralization, and that cryptocurrencies are capable of giving independence to people with their resources but with greater risks.
He added that he’s interested in getting into studying both the negative and positive aspects of blockchain and how to best use it with Facebook’s services.
Despite Facebook’s rather confusing stance on the matter, perhaps the current moves in its ecosystem and staffing may start to make sense especially if they make firmer move towards utilizing blockchain for the site.
It can be remembered that blockchain technology is a kind of technology that allows users to access various kinds of data without risk of being infiltrated, tampering, and even having a middle-man. This is because the system acts like a kind of ledger, where all adjustments to the system, be it adding or removing or editing data, don’t overwrite current data but is rather put after current progress like a chain (hence the name).
Unlike modern data management systems where people like banks and lawyers manage data, blockchain systems are instead decentralized – this means all users not only access data at the same time, but also contribute towards its robust protection. Each change in the data is entered into the system as a block that would have to be verified with encrypted cryptography, and even wanting to infiltrate the system will mean having the kind of power enough to destabilize an entire computer network.
This kind of hacking-resistant, transparent, and decentralized system has made blockchain extremely attractive for things such as cryptocurrencies like Bitcoin, banking, and arranging all sorts of data.
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