Facebook get serious about blockchain, shakes up its executive team

10 May, 2018, 00:24 | Author: Kristi Owen
  • What Is End-to-End Encryption And Why Is Facebook Using It

He is setting up his own team, a small group which will together explore blockchain and how to best leverage across Facebook right from scratch.

The social network also said it was appointing Jeffrey Zients, a former director of the National Economic Council under former USA president Barack Obama, as a new board member. Also, before Facebook, Marcus worked with PayPal, making him a pro in the payment arena. For example, WhatsApp used to report directly to Mark Zuckerberg, while Instagram spoke to Shroepfer and Messenger to Olivan. Chris Cox becomes the incharge of Facebook's core application. He also managed the push into customer service bots, shopping, and advertising. So, he seems to be the flawless guy for building a service from scratch and taking it to new heights. But Facebooks is taking a lesson from struggling iced tea and camera companies by throwing some love to the blockchain. It should not be surprising news, then, that the corporation is rolling out a new research team tasked with diving into the realities of blockchain technology. The social network needs to consolidate its power before things get out of hand even further. This is likely just an exploratory mission that's created to figure out how blockchain could fit into the social network and to ensure that if the technology really is the future, Facebook doesn't get left behind. The Times has reported that Alex Stamos, the chief information security officer, intends to leave Facebook. Other longtime executives have been given additional responsibilities one of which includes heading a new blockchain division that the company has quietly set up.

The second category is some of the more experimental stuff Facebook is working on.

Marcus, who will be leading a team of fewer than a dozen people in his new role, joined Facebook in 2014 and led the team developing the Facebook Messenger app. Mark Zuckerberg, founder and CEO of Facebook Inc, announced in January that Facebook would begin to look into digital currencies and "how to best use them in our services".

Chris Daniels, who headed Facebook's effort to expand Internet access, would lead WhatsApp, succeeding Jan Koum, the WhatsApp co-founder who announced his exit last week.

Apart from this, the new update also introduces the ability to add and revoke admin privileges from users in a group chat, and empowers admins to edit the subject, description, and icon of a chat that is already underway. As of May 2018, about 1.5 billion users are sending 65 billion messages via the WhatsApp mobile app and web client per day.

The new hierarchy at Facebook is split up into three overarching groups: the app family, new platforms and infrastructure, and central product services.



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