No company will ever become the most powerful in the world if it remains behind the trends. Tencent, China’s Internet giant and Holder of the third most important social network in the world, have already announced their plans to implement block-technologies in their new development. They took the first steps in this field, but Facebook does not intend to retreat.
Facebook CEO Mark Zuckerberg published on January 4 on his page a post with personal tasks for 2018. The top list was expected to top the improvement of its platform usability, and he sees crypto currency and block-technology as a real salvation: “I’m interested in immersing myself in aspects of new technologies, exploring their positive and negative sides, and using them to improve our products.” If Facebook evolves, which path will it go next?
Facebook has always striven for new technologies
Historically, it has happened that Facebook has found its successful path in the market of new technologies – they have a peek into ambitious start-ups, they never lose their grasp in their profitable acquisition. Hundreds of millions of dollars have already been spent on more than 60 projects, which gave the company a huge leap in development. This behavior of the company returns us to the distant year 2009 when the Friendfeed service was purchased for the sake of developing its own project. And today, with the help of its recent acquisitions from Oslo, the product with the technology of artificial intelligence is already at the stage of active development.
Facebook also has a rich history of purchases of “rocket-spike” projects launched parallel to the main network to explore new markets. Nobody forgot Instagram, WhatsApp or, for example, Oculus Rift.
The question of a million dollars remains open – which company will be the new “ugly duckling” for the debut in the field of blockbuster and crypto currency?
So, there are 3 main areas for which in the near future Facebook can pay its close attention.
1. Identification in the financial sphere with the help of Bloom
From the very beginning, Facebook has become a tool for user identification on the Internet. With the growth of content distribution and the expansion of the Internet, the “Login with Facebook” buttons began to appear everywhere, taking root in users in a simple mantra “your Facebook page is you on the Internet.”
In fact, the policy of Facebook regarding the verification of users has become the secret of the success of many projects. For example, Tinder – a non-exclusive login via Facebook made it a network of “real people” – without fake pages, spam and fraud.
With the advent of block-technologies, Facebook can develop the practice started many years ago, but transferring it to the financial sphere. This will give the company new opportunities and services, which it promotes.
The best acquisition against this background could be Bloom.
The project was developed by Stanford specialists, ICO was launched in December 2017. Bloom uses a complex technology of user identification certificates (to make sure that you are really you) and creates / tracks credit information, charging users with “credit points” – they can also be obtained using a Bloom credit card. Simply put – this is a real decentralized credit account, running on Etherium and IPFS.
Taking the company under its wing would give Facebook a sharp and loud exit into the financial sector and would start issuing its own cards and opening accounts.
As a result – a huge influx of user financial information and a new way to earn billions, becoming already a really big integral part of people’s lives. You can imagine the situation when we actually can finally “leave Facebook” – it’s true, after throwing out the card, closing the account and finally paying off the mortgage …
2. Paying for user content with Steem
Facebook can start paying users for content. With the success of Youtube, Twitch and Medium services, the most active users have long had the opportunity to monetize their content – for many people the only earnings do not go beyond one ecosystem. Facebook can not stay away.
This business has long been working on the rules dictated by companies, but if you want – this model can be turned on its head.
Zuckerberg explained this back in early 2017 when it came to the success of monetization on Youtube: “Our margin structure will be somewhat different, this (Youtube) will be the most inefficient source of income in comparison with what we are developing now.”
This means that we expect in the near future a significant change in the basic business model of the company, which should be properly supported. The logical strategic takeover on this front is Steem.
Steem is a platform that promotes the user reward system for authoring content, which opens up opportunities for monetization. The main project at the moment, created with the help of Steem – Steemit, a blog-oriented social network like Medium. At Steemit, users receive money for positive evaluations of their articles from the community, and already over $ 22 million has been successfully paid.
The introduction of Steem would be a huge step forward for Facebook.
A simple example is that you can add a “super like” button. When you see high-quality, interesting content for yourself, without going through external links and unnecessary actions, you can tell the user about your positive reaction by sending a few dollars. This would lead the interaction of content authors with users to a new level.
The next step is much more. Users will be able to have internal accounts on their accounts. Success already has many sites where users sell / buy different things. With the arrival of tokens, each Facebook page owner will be able to make purchases directly on the social network. With the system of purchases in one click, Facebook can throw off the throne of Amazon and become the most popular and convenient service for online shopping.
However, for the company this is a serious challenge. Since Steem is an open source community, Facebook can not simply “acquire” it in the traditional sense. Nevertheless, they can “accept” the community – providing a large amount of resources provided to the community – but under the direct control of Facebook.
This step could make Facebook an advanced company in the blockroom environment, improve the quality of user generated materials and have a significant impact on many players in the market for user-generated content.
3. Increase trust and transparency with MetaX
2017 for Facebook has become a very difficult time, if we talk about the trust of users. Zuckerberg even said that solving this problem is the most important task for 2018.
The company seeks to restore trust by:
- Increase requirements for user identification and account authentication
- Make advertising more “transparent” and not so intrusive
The most remarkable thing is that the blockade is great for correcting these problems.
A company that can help with this is MetaX.
MetaX is a company that uses blockchain to increase transparency, identify unscrupulous advertising and fraud in the advertising industry. The company has partner relations with Consensys, Microsoft and DMA (Data & Marketing Association).
MetaX works with domains with whitelisted lists, but this process can be used in reverse order for the Facebook application. Using technology, you can automatically determine which advertisers are good, and which only cause negative and refer to advertising spam. This can complicate the work of unscrupulous companies.
In addition, MetaX can solve the problems associated with tracking positive / negative user reactions. This means that we will see less fake news, scammers and bots, and also get the opportunity to influence advertisers, influencing what Facebook data they send.
Blockchain is an exciting technology that can solve problems that were previously very complex. Naturally, Facebook will use technology, but it is difficult to accurately predict exactly how.
They can use Blockchain to improve many areas. This will improve the user’s trust in the company, improve the quality of content generation for its existing platform? Or access to new markets and reinforce the iron grip of control in the lives of everyone? We will see very soon.