In an interview This week, Harvard Law's Jonathan Zittrain joined Zuckerberg in a discussion, wherein the tech leader shared his thoughts about transitioning Facebook Connect to a blockchain-powered decentralized system.
\"Imagine having your data stored on a decentralized network, allowing you to log into multiple platforms without an intermediary,\" Zuckerberg explained.
\"It's appealing for many reasons. Developers often dislike intermediaries like us or Google, or even navigating the App Store scene, due to the barriers they impose when connecting directly with users,\" Zuckerberg elaborated.
During the conversation, Zuckerberg clarified that while blockchain integration seems promising, Facebook's leadership is still working out the details, and it's not happening overnight. Nevertheless, his interest signals significant exploration on that front.
Decentralized Logins
Zuckerberg’s remarks underscore the broader trend of interest in decentralized login solutions. Recently, a leading U.S. cryptocurrency exchange acquired a startup specializing in decentralized identity, incorporating its team into their identity efforts. Coinbase acquired Distributed Systems If Facebook shifts to a blockchain-based login system, it could empower users with greater oversight over which third-party entities access their data. But decentralization may also hinder the policing of malicious apps.
The pressing question remains: which blockchain would Facebook champion for this potential shift from Facebook Connect? Ethereum, with its vast usefulness, could be a contender. Although Facebook denied any meetings with Stellar in August 2018, the buzz about potential collaborations lingered.
Facebook could also innovate internally.
Last spring, the company kickstarted its blockchain division, appointing David Marcus from Facebook Messenger to oversee developments. By July 2018, industry experts like David Cheng from ChainLink were recruited to push the blockchain agenda.
Facebook Blockchain Team
Recently, Facebook acquired Chainspace talent, a group known for crafting a \"planetary scale smart contract platform.\" These strategic hires suggest Facebook has the in-house expertise to either customize or design a blockchain solution, diverging, if need be, from the mainstream public blockchains. Besides decentralized login discussions, Facebook has shown crypto enthusiasm. Last May, plans about Facebook's cryptocurrency venture surfaced, followed by a relaxation of its crypto ad restrictions.
Towards the end of 2018, Facebook started scouting for top-level blockchain executives, and just before 2019, news broke about a stablecoin trial via WhatsApp in India. Ethereum and Stellar.
All these activities highlight Facebook's growing blockchain and cryptocurrency pursuits, hinting at grander ventures as their blockchain workspace burgeons.
William M. Peaster is a seasoned writer passionate about Ethereum, Dai, and Bitcoin in the crypto realm, featured on platforms like Blockonomi and Binance Academy. He follows innovations like smart contracts, DAOs, dApps, the Lightning Network, and is delving into Solidity. Reach him on Telegram at @wmpeaster.
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