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Facebook (FB) is starting to attract attention while looking for engineers for a possible big bet on blockchain.
The company's stock is collapsing as the market plummets towards another closing on Friday, but the social media giant's research for the constituent elements of a blockchain team could help alleviate the long-term pain of shareholders, according to high-profile cryptocurrency speculators.
Many believe that the weight of the company can give a competitive advantage both in attracting talent and investing in the nascent space.
I bet Facebook builds the most used crypto product.
– Pomp (@APompliano) 6 December 2018
"They have more 1B user products than any other company I believe in," wrote Anthony Pompliano, a Morgan Creek Digital Partner. "They all executed historically, you could go to most companies, but Facebook is not like that."
He added that the executives responsible for the unit, as the former head of messaging products and the current head of blockchain David Marcus, make bets against the "madness" society. It is worth noting that Marcus was also a board member at the main Coinbase cryptocurrency exchange, and previously was president of PayPal (PYPL).
"I will ride with that crew every day when it comes to building, launching and scaling products," he said. "Ask their competitors how the last time went."
The more than 2 billion users of the company will produce the release of a cryptocurrency, probably to be used on the platform in a decentralized way, a possibly extremely valuable proposal.
Beyond the Bitcoin
However, beyond the original orientation of speculators towards cryptocurrency, there may be serious applications in addition to the simple creation of a Zuck-Bucks or Sheryl Sand-Dollars.
"Blockchain is used far beyond encryption," wrote Alex Patin, CTO of Squarelink and Blockchain Innovation Fellow of Harvard Real money in an email "We have already seen technology start to take hold in the company, especially in development applications."
Over 50% of the companies interviewed by Juniper Research are considering the opportunity to apply some form or technology of blockchain technology in their activities. Few would seem as logical as Facebook, given its ability to attract developers and exploit the use of blockchains for decentralized applications.
"With more decentralized (app) app developers coming online, even more can be expected," said Patin. "Up until now, most of the bits were related to cryptographic transactions, wallets and token-based games, but we expect a whole range of new types of dapps to emerge, from productivity apps to a new class of social networks."
As has become apparent in other categories, industry leaders are generally not willing to be supplanted.
If there is indeed a new form of emerging social media through the blockchain, CEO Mark Zuckerberg seems to be preparing to profit from it before any of his peers.
It remains to be seen whether Facebook can trust or not what the Wharton School of Business professor Kevin Werbach calls "The New Architecture of Trust".
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