- March 31, 2019
- Posted by: giancarlo
- Category: News
Social media giant Facebook has continued its journey towards building a strong blockchain team as it posts five new jobs focused on the technology. This latest development implies that the company is serious about harnessing the power of blockchain tech and deploying it in some aspect or other of its business.
Facebook wants to fill five positions in its blockchain unit
Facebook revealed that it is looking to fill five positions in its blockchain unit as it continues to build its blockchain development team. The five spots would add to the 20 jobs the company posted over the past few weeks.
The new blockchain spots would be based at Facebook’s Menlo Park HQ in California. The five positions are growth product manager, production manager, data scientist, software engineer, and business operations manager.
The acquisition of Chainspace by Facebook earlier this year saw the company absorb a number of blockchain workers. Chainspace is a company working on building a decentralized smart contract system that would enable payments and other services to be carried out via blockchain tech.
Facebook was of the view that the researchers at Chainspace were valuable and would help the social media giant scale blockchain in various applications. On its official website, Chainspace mentioned that it is utilizing sharding to eliminate scaling issues affecting blockchain systems.
The CEO of Facebook, Mark Zuckerberg, has discussed the potential of blockchain technology and cryptography for some time now. He revealed during an interview (and covered on Cryptos.com here) that he is currently looking into blockchain tech as a means of creating a sign-in service that would allow users to access the internet and log in to various functions with just a single set of credentials. He pointed out that if he deploys this service, then it would do away with third parties present in the login space and make it easier for internet users to carry out various functions.
Zuckerberg has been impressed by the decentralized nature of blockchain tech, as he believes services built with the technology would be very appealing especially to software developers. He admitted that it would be difficult developing such as service but is sure that Facebook has the resources to carry it out.
The comment by Zuckerberg is a strong indication that the company could be moving to embrace end-to-end encryption of users’ data on their social media platforms Facebook, WhatsApp, and Instagram.
Facebook developing its own crypto
A report by the New York Times late last month stated that the social media giant told crypto exchanges that it would introduce a product in the first half of the year. The product is what most assume to be its cryptocurrency. The report noted that the cryptocurrency under development is a stablecoin that would allow WhatsApp users to transfer funds via the instant messaging platform.
The WhatsApp stablecoin could be used for remittance services, and the company is set to start with India, which is currently its biggest market. The stablecoin would be pegged to the USD and would not be affected by the highly volatile nature of other cryptocurrencies.
Regardless of its moves, one thing that is clear is that Facebook is hiring blockchain talents. The latest job ads by the company provided some insight into the company’s crypto strategy. Facebook stated that the blockchain team it’s putting together is a startup within the company and they are currently exploring numerous areas of interest across the different sectors of blockchain tech.
Facebook ended the job posts by saying that their ultimate goal is to help millions of people across the globe gain access to things they don’t know such as healthcare, equal financial services, and new ways to get, save, and share information.