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?

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.


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