Reports have it that the founder and CEO of Facebook, Mark Zuckerberg, is considering the ramifications of a Blockchain authorization of user data in an interview with Jonathan Zittrain a Harvard Law professor. The report was initially published on February 20.
Zuckerberg Looking into Blockchain Use Case Were Users Will Have Control Over Their Data
During the interview covering topics like the future of technology, Zuckerberg remarked that Facebook is a decentralizing movement in the world. People of his generation entered the technology scene because “it gives the power to the individuals and it isn’t massively centralizing.”
Bitcoin (BTC) Price Today – BTC / USD
The Facebook founder mentioned that he was contemplating the idea of a potential Blockchain application where users would have control of their data. In his words:
“You take your data, store it on a decentralized system with the option to log into different places without an intermediary.”
Zuckerberg noted that while the “computationally intense” process of decentralized tech could be overcome eventually, there are moral implications of this situation as well. The Facebook CEO added that even though a decentralized system will give users more control over their data, it could result in more abuse, and any recourse would be more difficult than it is in a centralized system.
Zuckerberg: Facebook is Becoming More Decentralized
Zuckerberg cited that a typical example is how Facebook is becoming more decentralized by offering encryption in its messaging. He outlined the benefits of privacy and security encryptions, but stressed the essence of safety because “people rightfully expect Facebook to do everything they can to halt the activities of terrorists from recruiting people or criminals from exploiting children.”
Earlier in the month, it was reported that Facebook acquired Chainspace which is its first blockchain-related acquisition to date. The startup was reportedly looking into tackling Blockchain scalability issues, notably by implementing sharding to smart contracts. Facebook, reportedly acquired the Blockchain firm for the skills or expertise its staff poses, rather than the products or services the company offers.
Major Cryptos See Green in Recent Price Actions
On Wednesday, February 20, Smartereum gathered that the cryptocurrency market is turning around to the green following a period where digital assets traded sideways just when the day started. Nearly all of the top 20 digital currencies by market capitalization saw gains albeit minor, according to data provided by CoinMarketCap.
Earlier in the day, Bitcoin (BTC) broke beyond the $4,000 position going on to reach the $4,010 threshold. However, as of press time the leading digital currency is trading under the $4,000 position at $3,981, having gained around 1% in the last 24 hours. Via the weekly chart, on February 15 precisely, Bitcoin (BTC) saw its lowest price position of $3,618.
Ethereum (ETH) the second largest digital currency by market value is currently trading at $147.62, which is a 2.5% increase on the day. The altcoin is up by 20% from its price position of $123 at the start of this week. ETH/USD is now up by 18% for the month.
As for XRP, the third largest digital currency a 1.48% gain was registered on the day at $0.329. Via the weekly chart, XRP/USD has increased by 8.10%. On the month XRP/USD has registered a 0.3% loss.