The Most Common Complaints About Facebook And Blockchain
In May 2018, Facebook announced a reorganisation of its product teams. One of the most important steps was that David Marcus, former President and CEO of Paypal, moved ... Since then, Facebook has kept reasonably secret what precisely this "little group" is like, so we figured we'd draft our five predictions, how blockchain could change Facebook.
1 - Self-moderating communities:
Facebook and Twitter are burning millions in teams of moderators (or editors?) platforms. Neither has done well in recent years and need to make up ground quickly. However, this content monitoring model is difficult and expensive to scale. Platforms like Steemit and Sapien, both social networks based on blockchain technology, test decentralised moderation in the hands of their hundreds of thousands of users. Reddit has been more successful so far with user-guided moderation (although they also have their own more minor core team for oversight), and the upvote/downvote system helps keep things in control quite well, even though it's not built into the blockchain, so it always is Still based on Sure there would be a public appetite for Facebook to announce decentralised moderation based on blockchain technology, even if reality may not make things better.
2 - The Content Supply Chain
Remixing and iterating content is a given on social media. This is the way things spread, which of course, means that ownership and copyright are grey areas, and platforms don't yet have a bold vision. The most exciting uses of blockchain technology outside of cryptocurrencies are in supply chains. Imagine following a cut of meat from field to plate with clear evidence at every stage of the chain. There could be an exciting application on social media. A blockchain solution could allow you to trace the supply chain of content back to its original origin, resolve disputes over the origin of the content, will enable you to shuffle and iterate while paying credit to the original creators. YouTube recently introduced a feature that notifies YouTubers when their content is stolen and scans any new content uploaded to the platform to go one step further.
3 - Advertising Transparency
One of the many criticisms of Facebook is the lack of transparency towards advertisers. Ad fraud is a real problem: Adloox predicted it cost advertisers $ 16.4 billion last year. Simply put, there's a ton of media budget that you can't. Facebook's fortunes are related to the success of its advertising product. So when big advertisers, like P&G, are deducting expenses, Facebook needs to listen. Blockchain is one possible solution to this problem that is gaining ground. Facebook works like a walled garden: you have to trust what they are telling you is correct. A decentralised blockchain solution would allow advertisers to verify that all impressions are impressions from real people and not from bots. It remains to be seen whether Facebook wants to open the hood of its ad network so drastically. Still, it would be a decisive move towards transparency and appeasement for advertisers.
4 - Short-term payments as part of Messenger
Last year, Facebook Payments was introduced in the UK within the Messenger application to counteract the ambivalence of almost everyone vehemently. Despite the * low * acceptance (let's be honest, have you paid someone on Facebook lately?), It's a feature that makes sense. Blockchain has the potential to offer two things that could help push this side of payments forward, both of which pose a challenge for Facebook payments: better security (see: Trust) and lower transaction fees.
5 - FacebookCoin launches
Of course, Payments - subsidised with the aid of using blockchain or not - is simply the end of the iceberg. Facebook aren't afraid to make long-time period bets, so possibly this isn't approximately the generation that blockchain offers. However, it steps one to launching their cryptocurrency. Shall we name it, FacebookCoin? With Payments, Marketplace and their endured push into retail (e.g. Shoppable tags), Facebook desires to see extra money flowing across the Facebook platform. How clean wouldn't it be for that to be FacebookCoin flowing? As above, blockchain reduces and now and again wipes out transaction prices, so FacebookCoin transactions may want to come at a decrease price to each company and consumers (TechCrunch estimate this can be as much as 3%), which is probably sufficient of a preliminary nudge to get us transacting. Why not?! Cheddar ran this tale some months returned, alleging a similar idea to upload gas to this specific fire. And simply this week, David Marcus has stepped down from the board of Coinbase, the world's most significant crypto enterprise, to recognition on his paintings with the Facebook blockchain team. You examine into it what you want; we'll begin stockpiling FacebookCoins.