Based on a recent report, at least 100 high-level executives are presently working on the Facebook crypto project. Individuals are being recruited through their profiles on networking platform LinkedIn. The social media giant is however still employing more individuals as more than 40 vacancies are presently available in the business unit of the team.

Facebook Aim to Create a Public Service Based on Accessibility

The goal of the project is to create a public service based on accessibility.

The company stated that:

“Our ultimate goal is to help millions of people with access to things they don’t have now — that could be things like healthcare, equitable financial services, or new ways to save or share information.”

David Marcus, who used to be the president of PayPal is the current head of Facebook’s blockchain-based project. He also served on the board of virtual currency exchange and wallet service Coinbase.

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Eric Nakagawa, who in the past led several open source projects like PyTorch artificial intelligence (AI) software, worked as a developer at Facebook and acted as founder and CEO of the well-known 2000s humid website ” I Can Has Cheezburger? is reportedly set to assume the position of head of open source.

Control and Governance of New Cryptocurrency is likely to be Handled by Third-Party

Furthermore, in order to provide a degree of decentralisation, Facebook might be dropping its reins regarding the control of its cryptocurrency governance to third parties. Also, the social media giant will be announcing its well-hidden crypto project this month which will allow it’s employees to take part in their monthly income in the platform’s native virtual currency.

The Chief Executive Officer of Polychain Capital while speaking during the blockchain conference Consensus 2019 said that Facebook it is advisable for Facebook to build its alleged stablecoin on a public, open blockchain infrastructure.

Also, CEO Olaf Carlson-Wee argued that doing so would raise public concern.


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