Facebook is exploring the possibility of leveraging blockchain technology for its platform. Recode reports that the social media giant has established a dozen-member-strong research and development team to explore the applications of this tech in its varied businesses.
On the 8th of May the head of Messenger David Marcus confirmed in a Facebook post the news that Facebook is going to set up the group to explore how to best leverage Blockchain across Facebook, starting from scratch. David Marcus is a former Messenger lead, who also has experience at Coinbase and PayPal.
It's a vague start for Facebook. But it's notable because of Marcus' high profile and because the announcement comes four months after Zuckerberg said in his 2018 mission statement that he was interested in studying the "positive and negative aspects" of the decentralized nature of technologies like cryptocurrencies.
Recode reported that Marcus will be joined by Instagram executives James Everingham and Kevin Weil, who helped Facebook fend off the threat from Snap with a series of rapid-fire updates to Instagram that mimicked key Snapchat features.
Zuckerberg isn't pulling a WhatsApp or Oculus — at least not yet — and making a multibillion-dollar acquisition to address a competitive threat. He's giving Marcus the tools to see how blockchain can be used internally and to make sure the company is closely monitoring the broader ecosystem and where Facebook may be most vulnerable.
The information about investors appeared in a cryptocurrency project - it is made up of the Libra Association consortium, which includes major players in the field of communications, commerce, and cryptocurrency itself. Libra Networks was registered on May 2, 2019, in Geneva. The company is engaged in the development of infrastructure and software, payment operations, financing, data analysis, blockchain, etc.
Full list of investors: Vodafone, Illiad, Facebook Calibra, Coinbase, Xapo, Anchorage, Bison Trails, Uber, Lyft, Spotify, Women's World Banking, Kiva, Mercy Corps, Booking, Farfetch, Ebay, Mercado Libre, Andreessen Horowitz, Creative Destruction, Thrive Capital, Ribbit Capital, Union Square Ventures, Mastercard, PayU, PayPal, Stripe, Visa.
The entry threshold was $ 10 million. Each investor will launch its own node, which will provide access to the payment system based on stablecoin GlobalCoin.
- Main article: Libra
The development of its own [[cryptocurrency provides an interesting comparison of Bitcoin and the company itself, Facebook has banned the promotion of cryptocurrency on its website and application in January. Also concerning “misleading or deceptive advertising campaigns,” the ban was copied to Google and Twitter.
On June 18, 2019, Facebook released its cryptocurrency Libra and Calibra wallet. Libra is a global monetary and financial infrastructure built on the Libra open blockchain and managed by the Libra Association. The Libra Association is an independent non-profit organization headquartered in Geneva, Switzerland.
Calibra is a cryptocurrency wallet designed for Libra cryptocurrency, created by the Facebook team and presented on June 18, 2019. The wallet will be available anywhere in the world.