Meta Plans for Deep Compatibility with BlockChain

According to an internal post of the company, Meta plans for deep compatibility with blockchain.

Meta Plans for Deep Compatibility with BlockChain

Meta Plans for Deep Compatibility with BlockChain

The parent company of Facebook, Meta is aiming for “deep compatibility” with Blockchain technology. This is according to an internal post posted on Tuesday from a top executive of the company.

In the note to representatives, which was acquired by The New York Times, Andrew Bosworth, who will turn into Meta’s chief technology officer one year from now, spread out a dream for the informal community to take on and work with different Blockchain or digital money advancements that have aggregately become known as web3.

Meta’s Next Chief Technology Officer

Mr. Bosworth encouraged caution but however said the organization should hope to take on the advancements before others, noticing that Blockchain innovation — which is basically dispersed record frameworks — could have

“My overall guidance is to target a deep compatibility with the Blockchain,” Mr. Bosworth wrote. “There aren’t many places where I expect us to depend on it exclusively yet, but if we see an opportunity to work jointly with entrepreneurs in the web3 space I expect it will be worth the effort.”

The future architecture of the internet has been a course of debate among entrepreneurs, technologists, and investors in the tech industry. Some of them however believe that the decentralization that is offered by Blockchain technology is a means to take power away from tech giants like Google and Facebook.

Meta’s Previous Experiment with Cryptocurrency

Google has been reluctant to gear into the crypto world. But Meta on the other hand has experimented with Cryptocurrencies before and this is including an effort of the company to create a worldwide digital currency that could be used by WhatsApp and Facebook users.

David Marcus, who is the head of Facebook’s crypto project, last month announced his departure from Meta after the rebranding of the digital currency and its criticization from regulators.

Mr. Bosworth who supervises Meta’s virtual and augmented efforts in his post said that the company should create ways in working with non-fungible tokens that are assets verified using the Blockchain technology and in the process looking for possible ways to invest in areas including Blockchain-based smart contracts and decentralized autonomous companies that are internet-native co-ops controlled with cryptocurrency tokens.

Bosworth’s Opinion on Cryptocurrency

He however urged employees of Meta to not overcorrect by solely relying on decentralized technologies.

“While most people are happy to use Facebook and Google, some are not,” he continued. “And those that opt-out are disproportionately involved in creating a genuinely impressive wave of technology.”

Marc Andreessen who is one of Meta’s board members who helped lead the venture capital firm Andreessen Horowitz has already developed dedicated funds in order to invest in web3 organizations.


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