Facebook has become the poster child for how not to handle user data. Following the Cambridge Analytica leak, the Social Media Giant has been under increased scrutiny from customers and lawmakers around the world.
In the wake of their very public and global scandal, Facebook made a bold move. In a blog penned by Zuck himself, the CEO and Founder outlined a new vision for the company, focused on you guessed it… privacy!
“As I think about the future of the internet, I believe a privacy-focused communications platform will become even more important than today’s open platforms. Privacy gives people the freedom to be themselves and connect more naturally, which is why we build social networks,’’ wrote Zuckerberg.
He continued to outline the principles of Facebook’s new privacy-focused platform that included, encryption, secure data storage, safety, private interactions, and more. Zuck also explicitly addressed users growing concern that technology may be centralizing power in the hands of governments and large companies like Facebook itself.
“Encryption is decentralizing — it limits services like ours from seeing the content flowing through them and makes it much harder for anyone else to access your information.”
Where does Facebook Coin Fit into Zuck’s New Mission?
Encryption, decentralization, secure data storage… sounds a lot like crypto, right?
Zuck’s letter about privacy is so #crypto without mentioning crypto!— Steve Capone (@scapone) March 7, 2019
The large tech players are seeing that different protocols are required to win back trust and honor privacy without losing economics.
It is happening people! $FB #Zuckerberg
Despite the lack of a direct mention, we know Facebook is creating their own crypto asset. While the company has remained quiet on what exactly it will be used for, we can deduct from Zuckerberg’s blog what it could be used for.
Imagine, you get a cut of the billions of dollars Facebook is making off of your data. In a way, their crypto asset could be used to reward you for being a part of the Facebook community. Facebook Co-Founder Chris Hughes himself first introduced the idea in an op-ed for the Guardian.
Of course, not everyone would be on board with this, and that’s where the power of choice comes into play. The new Facebook proposition would allow users to choose how they interact with their communities and what exactly they share. With this, the Facebook community could shift to a network of incentivized trust, supported by their very own crypto asset.
The move represents a global shift in thinking that even a multi-billion dollar company like Facebook can’t ignore. People are demanding their privacy be respected and businesses are taking notice.
Facebook is undergoing a major transformation—the likes of which haven’t been seen in Menlo Park since since the company reinvented itself for the mobile era. Read more.
Tether is set to launch USDT as a native token on the TRON blockchain which is hoping to launch in the Q2 of 2019. The joint venture is uplifting news for the TRON project, which as of late hard forked effectively and upgraded its TronGrid. Read more.
EY announced in a press release this week that its new crypto accounting tool targets the tax preparation process. Dubbed the EY Crypto-Asset Accounting and Tax (CAAT) solution, the tool enables institutional clients to manage and report on crypto assets held on their balance sheets, while also supporting smaller entities and individuals with crypto assets. Read more.
Tens of millions of dollars worth of Ethereum frozen in 2017 may finally be recovered, thanks to a new upgrade in the cryptocurrency technology. Read more.
University campuses aren't just producing new college graduates. They're also churning out lots of cryptocurrency. Security researchers at Cisco have been monitoring cryptocurrency mining across different industry verticals, and college campuses are the second biggest miners of virtual currencies, at about 22 percent. Read more.
Twitter CEO Jack Dorsey has revealed that he has been exceeding his weekly buy limit for Bitcoin, purchasing $10,000 worth of the cryptocurrency every week. Read more.
United Russia has reportedly launched an updated website for its primaries with the added function of e-voting. The party’s head of IT projects Vyacheslav Sateyev said that the vote counting process will be implemented using blockchain technology. Read more.
The U.S. state of Connecticut could soon legalize the use of blockchain smart contracts in business.
North Korea has been carrying out major cryptocurrency hacks to bypass economic sanctions, according to a United Nations (U.N.) Security Council expert panel report. Read more.
Positive news has been stretched thin during the “Crypto Winter,” but there are now genuine signs that the ice is beginning to thaw. With Bitcoin showing remarkable resiliency and price stability in a world that wants to write it off, there are many fundamentals to which believers in the world’s largest cryptocurrency like to pay attention. One of these metrics just went through the roof. Read more.
Long Blockchain, previously named Long Island Iced Tea, has reached an agreement to sell its ready-to-drink tea business to Canadian firm ECC2 Ventures. The deal is documented in a Securities and Exchange Commission (SEC) document filed on March 6. Read more.
Download Voyager today and start trading 18 crypto assets commission-free. Click here.