Facebook’s Mark Zuckerberg Embraces Cryptocurrency Decentralization

If recent comments by Facebook founder, Chairman and CEO, Mark Zuckerberg, are anything to go by, the cryptocurrency market should be prepared for a big twist and an equally surprising announcement in the future. Since 2009, the tech guru engages in what he refers to as an annual challenge, through which he aims to learn something new. In his message released Thursday,5th January 2018, the CEO said that his focus this year is “to fix” important issues that Facebook has encountered.

While announcing the challenge, Zuckerberg acknowledged that Facebook had been plagued by a myriad of issues over the last couple of years. Among them is the admission that Russians bought ads with the aim of swaying the 2016 U.S. elections. He said that the company has a lot of ground work to cover in fixing its problems, adding that several errors have occurred in the process of enforcing some policies such as privacy and control, spread of fake news and misuse of other tools on the App.

The thirty-three-year-old entrepreneur boldly referred to the role of decentralization in making technology consumption a less harmful activity. Zuckerberg observed that technology today has potential to empower people, thus the need to explore ways of enhancing decentralization.

Technology, he said, continues to place a lot of power in people’s hands. However, the rise of a few powerful technology companies that are constantly under governments watch is another reason why decentralization should be taken more seriously, according to Zuckerberg.

Mr.Zuckerberg  further pointed to the believe that technology  is being more centralized when it is supposed to be decentralizing. To this end, he called for measures to counter this trend, referring specifically to encryption and cryptocurrency as a way to take power from  centralized systems and hand it over to the people.

In a bid to underscore Facebook’s commitment to the course of decentralization, Zuckerberg referred to Facebook’s mission whose first four words are “give people the power.”

The comments by one of the world’s youngest billionaires come at a time when technology is being used to empower people from all walks of lives, even as he portrayed his interest in learning and utilizing them more.

The development of Facebook through the years holds several valuable lessons for emerging technologies such as cryptocurrency. Mr.Zuckerberg started Facebook in his dormitory room at Havard, growing it to a giant player and game changer in the information and communication sector.

Although there has been a positive response to cryptocurrency, many people are yet to fully fathom its potential in reshaping the financial market. It is, however, predictable that it is just a matter of time before cryptocurrency reigns supreme in the financial market.

For some time now, rumor mills have advanced the idea of Facebook investing in cryptocurrency by creating a system of its own. The endorsement of encryption and cryptocurrency by Zuckerberg injects excitement to the blockchain trade and it will be interesting to see how this affects the market.