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Facebook to Embrace Blockchain

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Vice president of Facebook, David Marcus has begun working on a new assignment which specialises in blockchain technology. The assignment will mainly be in focus to Facebooks current blockchain strategy. Marcus, who stepped down from the board of directors at Coinbase, was named Facebooks new blockchain research lead, and has since released very few details in regards to the project itself. Marcus is applying his expertise in blockchain and factors in relation to mobile aspects to help steer Facebooks strategy in the right direction.

The team currently has very few members working on the project, as they are focused on gaining more insight from other crypto projects on how to further enhance its technology. Facebook have seeked out Steller, who are developers of the XLM cryptocurrency.

Matters involving Facebooks blockchain embrace have been discussed by Marcus in the past, the idea of sending various forms of cryptocurrency payments through Facebooks messenger app was planned prior to planning this specific project. Facebook will utilise a decentralised platform in order to establish an efficient and convenient way for Facebooks users to trade forms of cryptocurrency with their friends.

The idea may sound decent on paper, however, actually executing the idea will take a vast amount of work and research in order to properly secure a functional platform to implement this feature across Facebooks messenger app.

Facebook are only giving out small details of information, this shows us that they are still only in their foundation stage of what they have planned.

Coinbase stated that Marcus, had been a wonderful addition to its board while remaining to be a close friend of the company. They’re grateful for having him on-board their team.

Written by Nathan Frangoulis

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