The blockchain industry has many contenders that could easily take the lead to bring it to its best performance. Anthony Pompliano of Morgan Creek has predicted that the “most used product in crypto” will be created by Facebook. His declaration came as a response from the founder of The Block, Mike Dudas, who said that blockchain engineers keep being added to Facebook’s team with no reason or purpose. However, Pompliano believes that Facebook’s domination of the crypto industry will be natural, based on their development, scaling, and deployment.
I bet Facebook builds the most used product in crypto.
— Pomp 🌪 (@APompliano) December 6, 2018
A few months ago, sources close to Facebook noted that there was a change that the social media empire was already working on a crypto product within the Stellar network. So far, there have been continued denials from Facebook about these types of efforts, so there’s no clear reason on what the blockchain development team is going.
For now, Facebook is still bringing in blockchain developers to the team. The head of this team, David Marcus, had left his work at Coinbase to pursue further work with Facebook, saying that there is a new conflict of interest. With this reason in mind, the rumors swirled even more about the idea that the social media company would be launching a project for cryptocurrency, accessible to over two billion users. Still, without any kind of verification or even blueprint, it just looks like Facebook is getting in for the sake of getting in right now. If that idea is true, then all employment under the blockchain initiative would simply be to add it to someone’s resume with little risk of actually working.
Still, Pompliano is clear about his believe that Facebook has already made their decision about working in blockchain technology in their place. So far, he says that Facebook has already exhibited their scalability and their delivery of various products to users. Over multiple tweets, he said, “They have more 1B user products than any other company I believe. They out-executed everyone historically. You could go at most corporates, but Facebook ain’t it. […] Betting against David Marcus, Kevin Weil, Morgan Beller, Zuck, Chris Cox, and the FB growth team is insanity. I’ll ride with that crew any day when it comes to building, launching, and scaling products. Ask their competitors how it went last time.”
In a report in May, Cheddar said that Facebook’s intention was to carry out government-based cryptocurrency transactions. Without any direction or inkling of the path that Facebook wants to take, all the industry can do it wait.