“Blockchain is essential for the security of the metaverse”, says Meta executive

Charlie Taylor

Blockchain is at the heart of plans by Meta – the company that owns Facebook, WhatsApp and Instagram – to develop their plan to create a metaverse. “Blockchain is essential for the security of the metaverse”, summarized this Wednesday (12) Maren Lau, the company’s vice president for Latin America, during a live promoted by the newspaper Valor Econômico. During the event, Maren signaled that the company even tends to focus more on blockchain than cryptocurrencies. The Bitcoin Portal asked the executive the role of these two technologies in the construction of the metaverse concept. Maren praised the first and practically ignored the second. “The blockchain will allow security in the metaverse, as it will be a place where it will be possible to see all the transactions of the product or service. Blockchain is very important for the metaverse because we are talking about digital transactions and this technology allows recording, having transparency, tracking the transaction history of this product or intellectual property”, said the executive. “As for crypto, the executive limited herself to stating that it “has a role in the sense of the role in which it is built on the blockchain and makes it a secure digital currency”. Meta has already tried, without success, a series of projects to create the company’s own cryptocurrency. “Blockchain, not Bitcoin” is a classic line of thought on the part of the industry. According to supporters, the most important thing in the crypto sector is not the coins or tokens themselves, but the technology under which everything is done. In the live, Maren also said that the company expects it to take five to 15 years for the metaverse to be fully developed and that, in ten years, about a billion people will already have access to some face of the virtual universe. “It’s going to be the biggest shift to commerce since the arrival of the Internet,” she said. Not everyone is happy with the company’s plans for the metaverse, however. Also on Wednesday, Frances Haugen – the executive who denounced Facebook about the company’s problems in fighting fake news – again criticized her former company, arguing that Meta’s plans for the metaverse could result in “a repeat of all the problems”. regarding consumer safety and privacy.

Intense compatibility

In December of last year, The New York Times had access to an internal Meta publication in which the company claims to seek “intense compatibility” with blockchain technology. “My general guideline is to achieve intense blockchain compatibility. There aren’t many places where I expect us to rely solely on it just yet, but if we see an opportunity to work together with entrepreneurs in the Web 3 industry, I hope it pays off,” Andrew Bosworth, future technical director at Meta, said in a statement. internal. While he suggested caution, Bosworth stated that blockchain technology could have “profound impacts on our industry over the next decade.” Bosworth also recognizes that users are choosing decentralized equivalents to traditional social media and technology platforms. However, he said these people remain in the minority.

Life and Death of Facebook Crypto

In June 2019, then-Facebook announced Libra. The project had been promoted as a “borderless global currency” that would be backed by a Libra Reserve, a “collection of low-volatility assets such as bank deposits and government securities, as well as stable and reputable central bank currencies.” . None of this went on. In its first four months, the Libra Association lost eight of its founding members, including big names like PayPal, eBay, Stripe and MasterCard. Libra changed its name to Diem, just like Calibra (Facebook’s wallet app for Libra storage) became Novi. But Diem itself failed. Initially he scaled back his ambitions to become a simple stablecoin backed by the US dollar. The crypto market already has several like Circle, Paxos and Binance (USDC, USDP, BUSD, respectively). He later sold his assets to Silvergate for $200 million, according to The Wall Street Journal. This meant, at least for now, the end of Meta’s own cryptocurrency project.

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