Mark Zuckerberg, Facebook’s CEO, in a recent interview with Jonathan Zittrain, a Harvard Law Professor, has revealed his plans to enable Facebook login using blockchain, which is expected to eliminate the need to depend on 3rd party services like Facebook Connect, a single sign-on app. The pros of the move include empowering the individuals to know when and how they might be giving consent to an entity to use their credentials.
Facebook has acquired ChainSpace, a blockchain startup, as a part of its plan to expand the blockchain team. The acquisition has taken place with main focus on the skills or expertise of Chainspace staff, rather than its technologies or products. Per the acquisition, Facebook has hired four researchers from ChainSpace’s team who worked on its academic whitepaper.
Facebook Inc. has announced its plans to introduce a new crypto coin that will allow users transfer money using WhatsApp. The social media company first aims to target the Indian remittances market. The firm is working on developing a stablecoin or a digital currency that will be pegged to the US dollar to eliminate the volatility in crypto markets.
Facebook has confirmed its intent to expand its business model by entering into the world of cryptocurrency and blockchain technologies. In May 2018, the firm started a blockchain development department to focus on research and development of Blockchain technologies. The division has hired more than 40 new members in the department, many of whom are former PayPal executives.
Facebook has announced the listing of five new blockchain related jobs that are claimed to be technically and intellectually challenging. The positions include two software engineers, a data scientist and a data engineer. The jobs have been described as full time roles at the company’s headquarter in Menlo Park, California.