Meta, Facebook’s parent company, is aiming for “deep compatibility” with blockchain technology, according to an internal post on Tuesday from a top executive.
In the note to employees, which was obtained by The New York Times, Andrew Bosworth, who will become Meta’s chief technology officer next year, laid out a vision for the social network to adopt and work with various blockchain or cryptocurrency technologies that have collectively become known as web3.
Mr. Bosworth urged caution but said the company should look to adopt the technologies before others, noting that blockchain technology — which are essentially distributed ledger systems — could have “profound impacts on our industry over the next decade.”
“My overall guidance is to target a deep compatibility with the blockchain,” he wrote. “There aren’t many places where I expect us to depend on it exclusively yet, but if we see an opportunity to work jointly with entrepreneurs in the web3 space I expect it will be worth the effort.”
Technologists, entrepreneurs and investors in the tech industry have debated the internet’s future architecture, with some believing that the decentralization offered by blockchain technology is a way to wrest power away from giants including Meta and Google.
But while Google has been reluctant to dive into crypto, Meta has experimented with cryptocurrencies, including an effort to create a global digital currency that could be used by Facebook and WhatsApp users….