Cryptocurrency Is Part Of Mark Zuckerberg’s Personal Challenge This Year

Announcements, News | January 5, 2018 By:

Facebook co-founder Mark Zuckerberg has expressed his interest in cryptocurrency and its potential to fix Facebook’s “important issues.” He made the announcement in his annual challenge posted on Facebook.

Zuckerberg, in partnership with Cameron and Tyler Winklevoss, launched Facebook from Harvard University on February 4, 2004. The group then introduced Facebook to other college campuses. Facebook expanded rapidly, reaching one billion users by 2012.

Since 2010, Time magazine has named Zuckerberg among the 100 wealthiest and most influential people in the world as a part of its Person of the Year award. In December of 2016, he was ranked 10th on Forbes list of The World’s Most Powerful People.

In his Facebook post, Zuckerberg said that one of the most interesting questions in technology right now is about centralization vs decentralization. He noted that a lot of people got into technology because they believe it can be a decentralizing force that puts more power in people’s hands. But with the rise of a small number of big tech companies and governments using technology to watch their citizens, most people have lost faith in that promise.

“Many people now believe technology only centralizes power rather than decentralizes it,” he said.

Zuckerberg believes that encryption and cryptocurrency will solve this problem and take power from centralized systems and put it back into the people’s hands. However, he noted that these new technologies come with the risk of being harder to control.

“I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services,” said Zuckerberg. “This will be a serious year of self-improvement and I’m looking forward to learning from working to fix our issues together.”

Commenting on the news, Mark Højgaard, CEO and co-founder of cryptocurrency firm Coinify, said that “It definitely makes sense for Facebook users globally to send some kind of token to each other. This could be currency or something else like points that you can redeem them for things within the Facebook ecosystem, like premium content.”