Incoming CTO of Meta is aiming for 'deep compatibility' with Blockchain and Web 3.



According to an internal post viewed by The New York Times, Meta, formerly Facebook, is striving for "deep compatibility" with blockchain technology.

"My general advice is to aim for a high level of blockchain compatibility. In the internal message, Andrew Bosworth, Meta's soon-to-be CTO, said, "There aren't many places where I expect us to rely on it entirely yet, but if we identify an opportunity to collaborate with entrepreneurs in the Web3 field, I expect it to be worth the effort."

While caution is advised, Bosworth believes blockchain technology will have "significant impacts on our sector over the next decade."

Users that choose decentralised alternatives to standard social media and tech platforms are also acknowledged by Bosworth. However, he stated that these individuals remained in the minority.

“While most people are happy to use Facebook and Google, some are not. And those that opt out are disproportionately involved in creating a genuinely impressive wave of technology,” he added.

This is not the first time Meta has sailed close to crypto territory, either.

Meta’s crypto project, Novi, announced earlier this month that a “limited number” of people in the United States would be able to send Paxos’ stablecoin through Whatsapp. Facebook’s rebrand was coupled with new intentions to dive deeper into the emerging metaverse, of which there is much overlap with crypto.

Of course, this pivot to the crypto industry precedes its corporate rebrand. In 2019, Facebook launched Libra—a stablecoin designed to be backed by several of the world’s currencies.

Eventually, Libra became Diem—a stablecoin to be backed by the U.S. dollar. Diem never got off the ground, however, with many big-name brand partners pulling out of the venture.

Cryptocurrencies aside, Meta’s rebrand, and Bosworth’s apparent interest in blockchain technology, are part and parcel of the social media giant’s vision for a world governed by the metaverse.

“I think we’re basically moving from being Facebook first as a company to being metaverse first,” Mark Zuckerberg said at the time of the company’s announcement.

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