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Since Facebook has quietly formed a small blockchain group in the summer this year, the world's leading social network has been busy chasing the best talent in the industry. Almost no one knows what he intends to do with Facebook blockchain, but since May this year rumors circulating that could launch its own cryptocurrency. In this case, Facebook could become the largest bank in the world with over 2 billion monthly active users by its side. But it will not be an easy job as Facebook is going to run into problems trying to recruit new blockchain experts because of its ongoing controversies.
In the last two months, Facebook has tried to recruit new members into its small blockchain group, which currently includes about 40 employees, reports Cheddar. At the beginning of this year, the publication was the first to report Facebook's secret plans on the construction of its cryptocurrency.
The report states that Facebook regularly sends its employees to cryptocurrency conferences around the world to recruit blockchain experts. Facebook employees saw the idea of building a blockchain-based virtual currency for its 2 billion users during one of these conferences.
A job list on Facebook for a Business Development Lead says: "The blockchain team is a Facebook startup, with a vision to make blockchain technology work on a Facebook scale and improve the lives of billions of people around the world." There have been several similar job openings published on Facebook's career microsite in the last two months.
But hiring new talent has not been easier for the largest social network in the world. The growing number of controversies this year has damaged its public image. Essentially, Facebook is exactly the kind of product that most blockchain experts are trying to break with decentralized systems.
The small team of Facebook blockchain experts is led by David Marcus, who was previously vice president of Messenger and former PayPal president. In a post on his personal Facebook profile, Marcus said he would create a small group inside Facebook to "explore how to best take advantage of Blockchain on Facebook". He also added that his team will start things from scratch.
As mentioned earlier, Facebook is pretty tight about its blockchain efforts. Even some employees within the group are not fully aware of what Facebook intends to do with blockchain, according to Cheddar. This too has become a concern among the blockchain community.
This would not be the first time that Facebook would try to stop the payment market with a virtual currency. Facebook previously had "Credits" as a digital currency on its platform. But a native payment solution, supported by blockchain, could revolutionize payments on Facebook and some of its most popular products. The cryptocurrencies are still in a gray area with some countries, such as India, which label them as illegal for monetary transactions, while others are open enough to the idea.
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