Carlson Wee, CEO at Polychain Speaks at Consensus 2019: “Facebook Coin Should Be Public”
Facebook has made headlines in the cryptocurrency universe as rumors on its upcoming stablecoin spread across media outlets. The FBcoin, as we know it, will allow Facebook users to transact across the social platform. However, the company has faced multiple cases of privacy breaches and mishandling of users’ data which reduces the credibility of the company and in extension its cryptocurrency.
The CEO of Polychain, Carlson Wee, suggests that Facebook should focus on releasing its token on a public and open infrastructure blockchain. Speaking on one of the panels at Consensus 2019, “To the Moon and Back” this Wednesday, Wee thinks Facebook’s recent troubles would interfere with the adoption of its stablecoin if released on a private blockchain.
Carlson Wee, CEO of Polychain Capital, crypto hedge fund (Image from Fortune)
Carlson Wee spoke of the need for Facebook to focus on releasing a public blockchain based token, similar to Bitcoin where Facebook will not own the token. He further said that the problems currently facing Facebook’s policies and data protection services can be avoided by adopting public and open blockchain infrastructure for the FBcoin. He continued saying,
“[The public blockchain] could be incorporated onto all the Facebook platforms, which of course are proprietary. But that public infrastructure, if they don’t try to own it, I think that’s where they will have the most success.”
The continued controversies with Facebook may spill over to the cryptocurrency if Facebook controls it. Much like the internet today, Facebook will benefit from a public infrastructure as they will not hold liabilities on how the platform is used. The users will be in control of their own stablecoins hence separating Facebook from the consequences of the use of FBcoin.
The cryptocurrency is gradually growing in adoption and value as institutional investment takes up digital assets. Facebook has long been battling Amazon to become one of the largest corporations to release its cryptocurrency this year. The current crypto race among big companies is a move welcomed by Carlson Wee who labeled it