[ad_1]
Facebook is aggressively recruiting to fill out its "secretive" blockchain research group and hopefully "disrupt" the payments sector, Cheddar reports, but sources say the company is having a hard time attracting talent, "amid its many public scandals."
In addition to the fact that it is blockchain, despite being hype, it is being criticized as a technology unsuitable for private enterprise.
Facebook announced in August that he was installing David Marcus, a former CEO at Paypal, VP of Facebook Messenger, and Board Member at the crypto exchange, Coinbase, as head of its blockchain group.
Cheddar says the company has been trolling conferences for recruits and has been particularly focussed on picking up academics and cryptographers – possibly in order to create its own "blockchain" (or something similar) from scratch.
In the article, a lawyer and adjunct professor at the New York University School of Law, specializing in blockchain and cryptocurrency, Drew Hinkes, speculates that Facebook may be the case in order to emulate Chinese platforms that have integrated social and payments:
"They have a massive installed user base … They probably are looking at China and seeing how popular mobile commerce has been there and wondering why we can not do that."
According to Cheddar, "Facebook Facebook Twitter Google Bookmarks share information. '"
Controversial Facebook CEO Mark Zuckerberg may also be on the alleged "blockchain hype train" to rehabilitate his company's reputation.
Russian hackers interested in swaying the 2016 US presidential, for instance.
Zuckerberg wrote about how he intends to improve integrity at Facebook in an early 2018 blog post. In it, he uses the favored rhetoric of blockchain and crypto, including "decentralized":
Centralized power with decentralizes … take power from centralized systems and put it back into people's hands. "
Evidently, Zuckerberg was aware of how many projects are now underway in China that seek to use "blockchain" to enhance, not undermine, state tracking of citizens.
The utopian pursuit of "blockchain" technologies to underpin the "new decentralized world", "one in which it is purportedly impossible to cheat a data system because of that system" immutability "- those dreams and notions are being questioned as people actually get their hands dirty trying to build the hallowed tech.
Technology is less revolutionary and business-compatible than many have claimed.
A brief bit of history about "blockchain":
Bitcoin The first functioning blockchain is the one underpinning.
The Bitcoin software was released anonymously in 2008 and circulated by "crypto-anarchists" for the purpose of creating an "un-censorable" money for anarchists and rebels on the Internet.
To do that, it is necessary that no single person controls the ledger. This requires many people to download the ledger and keep a copy of it ("decentralization").
Algorithms control what is added to the ledger, and all the ledgers must agree that the transaction is legitimate and then sync / encrypt it.
Around 2014, a young man named Vitalik Buterin, who had no significant professional programming experience, wanted to create better Bitcoin. He envisioned a "decentralized world computer" capable of automated arbitration of contracts.
Experienced Bitcoin software developers told Buterin that his project would not work because it was too complicated to be decentralized.
But Buterin had several mature backers from the business world. All the money had been made by the early adopters of Bitcoin, and the project proceeded.
All are now a billionaire, but the Ethereum network
The reason Bitcoiners like Jimmy Song have long decried "enterprise blockchain" is because any system that is centrally-ordered does not need to be true blockchain and will, in fact, be hampered by one.
If you have a boss, the boss controls the ledger. Period.
By definition, a centrally-commanded blockchain can not be considered as immutable because admins can override ledger records, as they did in Ethereum after a big project was hacked.
Decentralized blockchains have to wait for transactions to settle on the often hundreds of thousands of "nodes" carrying the software. This is a hard and decentralized payment system to compete with Paypal and MasterCard.
Anarchists and others trying to evade controls have time and the motivation to wait. Businesses do not.
Bitcoin (and Ethereum) developers now struggle to scale the arguably designed networks with "anarchy" in mind.
The idea that Facebook will end up with a viable and true blockchain to host its 2-and-a-quarter billion users.
[ad_2]Source link
