In just a few years, the world has gone from being skeptical of Bitcoin to seeing it as an inevitable global currency. Cryptocurrency is here to stay and could eventually become more than just digital cash- it might change human society in unprecedented ways.
In 2022, Facebook plans on exploring NFTs and DAOs. These are two types of digital assets that have been in development for a long time. They are non-fungible tokens and decentralized autonomous organizations. Read more in detail here: nft collectibles.
According to a New York Times article published this week, Facebook’s parent company Meta is working to establish “deep compatibility” with blockchain technology.
Andrew Bosworth, Meta’s new CTO, put forth a vision for the social network to incorporate and cooperate with different blockchain and crypto technologies in a memo to workers.
The parent corporation of Facebook has jumped on the cryptocurrency bandwagon.
While blockchain technology was created to wrest power away from companies like Facebook, Google, and Amazon, it has suddenly become Silicon Valley’s major talking point. Some digital behemoths, such as Google, are wary of using technologies that would basically erode their centralized control. Others, on the other hand, seem to be more keen to participate in the emerging Web3 trend.
One of these firms is Meta, Facebook’s parent company. Andrew Bosworth, the business’s newest chief technology officer, who will take over in 2022, has great aspirations for the company, including not sleeping on blockchain.
The New York Times received a message Bosworth delivered to Facebook staff earlier this week in which he outlined his vision for the company’s adoption and use of blockchain and crypto technology. While he advised Meta to be careful and avoid drastic changes, he also said that they should seek to implement the technology ahead of the competition.
According to the paper, Bosworth thinks that over the next decade, blockchain will have a significant influence on the IT sector.
“My overarching advice is to aim for deep blockchain compatibility,” he added. “There aren’t many locations where I anticipate us to rely on it completely just now, but if we find a chance to collaborate with web3 entrepreneurs, I believe it will be worthwhile.”
Bosworth said in his memo that Meta should look for methods to interact with NFTs and invest in areas like smart contracts and DAOs.
However, Bosworth’s willingness to consider NFTs, DAOs, and other Web3 technologies does not imply that the firm is considering decentralization. He thinks that Facebook is and will always be a centralized service, and hence should not compete with decentralized technologies.
“While the majority of individuals like using Facebook and Google, others do not. Those who choose to opt out are disproportionately participating in building a very spectacular technological wave.”
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