Altcoin News: Facebook Wants to Recognize Users via Blockchain

February 27, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Facebook CEO Mark Zuckerberg plans to introduce the blockchain into the process of recognizing users of web services without intermediaries.

According to Zuckerberg, Facebook Connect has become a popular user authentication system for various sites and services, but the blockchain version can be an interesting way to perform these tasks.

“You basically take your information, you store it on some decentralized system, and you have the choice of whether to log in in different places, and you’re not going through an intermediary. There’s a lot of things that I think would be quite attractive about that.” said Zuckerberg.

According to him, such a system may be of interest to software developers who do not trust corporations that restrict user access to various resources and significantly enhance the capabilities of users. Nevertheless, he considered shortcomings in the use of such a system the lack of resistance to attackers, the likely appearance of a large number of abuses.

He also noted that the creation of such a system requires a lot of work due to some technical obstacles associated with decentralized technologies.

Recall, recently, the company Facebook has opened a new set of employees in the direction of blockchain technology. In total, a list of 13 vacancies to find specialists in the blockchain field was published, which is almost twice as many such vacancies in December last year. According to LinkedIn, at the end of last year, there were only 32 employees in the blockchain division of Facebook, and now the staff of the division can grow to 55 employees.

It was in early February that information appeared on Facebook that they made the first blockchain acquisition by purchasing startup Chainspace, which was launched by researchers from University College in London. They were engaged in the development of decentralized systems of smart contracts for payments and other actions in a distributed registry. The publication of Cheddar suggests that the purchase of blockchain-start-up indicates the intention of the social network to take an active part in the development of blockchain technologies and become not the last player in this market.

The press service of Facebook confirmed the hiring of new employees but refused to share the details. They stressed that the technology of a startup does not interest them and they will not buy it. New employees will explore the possibilities of the blockchain and options for its practical application.

Nevertheless, experts believe that such state expansion speaks about the company’s intentions to launch its own cryptocurrency this year. At the end of last year, the company announced the start of creating its own stablecoin for transfers to WhatsApp with a focus on India, in which this messenger is most popular.

Author: Marko Vidrih