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Facebook’s parent company Meta is aiming for “deep compatibility” with blockchain technology, according to an internal post from a senior executive on Tuesday.
In a note to employees obtained by The New York Times, Andrew Bosworth said, Become meta’s chief technology officer Over the next year, he outlined a vision for the social network to adopt and work with various blockchain or cryptocurrency technologies, collectively known as web3.
Mr Bosworth urged caution, but said the company should seek to adopt technologies before others, noting that blockchain technology, which is essentially distributed ledger systems, could have “profound implications for our industry over the next decade.”
“My general guidance is to aim for deep compatibility with the blockchain,” he wrote. “There aren’t many places I would expect us to commit to that yet, but if we see an opportunity to collaborate with entrepreneurs in the web3 space, I hope it will be worth the effort.”
While technologists, entrepreneurs, and investors in the tech industry discuss the future architecture of the internet, some believe the decentralization offered by blockchain technology is a way to leverage giants including Meta and Google.
But with Google reluctant to dive into crypto, Meta has experimented with cryptocurrencies, including an effort to create a global digital currency usable by Facebook and WhatsApp users. The head of this crypto project, David Marcusannounced that it was leaving Meta last month after the digital currency rebranded and faced scrutiny. regulators.
Mr Bosworth, who oversees Meta’s augmented and virtual reality efforts, said in his post that the company needs to develop ways to work with Meta. immutable tokensSmart contracts, possibly blockchain-based, that are verified assets using blockchain technology, and decentralized autonomous organizations, internet-specific cooperatives managed by cryptocurrency tokens.
Still, he urged Meta’s employees not to overcorrect, relying solely on decentralized technologies.
“While most people are happy to use Facebook and Google, some are not,” he wrote. “And those who give up are disproportionately involved in creating a truly impressive wave of technology.”
Marc Andreessen, one of Meta’s board members, who leads venture capital firm Andreessen Horowitz, said: created private funds to invest in web3 companies and technologies.
Meta did not immediately respond to a request for comment.
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