Facebook should build a public blockchain

Olaf Carlson-Wee, CEO of Polychain Capital, told the audience at Consensus 2019 this week that he believes Facebook should build its stablecoin on a public, open blockchain infrastructure.

He believes it should be similar to the bitcoin blockchain in which the creator relinquishes control over the platform they built, and that this would bring Facebook more benefits: “I think given all the problems that Facebook has had with policing their platform and things like that, I think that the strategic move for Facebook would actually be to build public infrastructure. And that public infrastructure 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.”

Carlson-Wee argued that by building a public blockchain Facebook would “avoid liability for controversy that takes place on the platform” and compared it to the Internet, saying, “The people that made the internet aren’t responsible for everything that’s said on the internet.”

He also revealed his broader vision for cryptocurrencies as an accessible store of wealth: “If big technology companies want to put their resources toward building public peer-to-peer crypto infrastructure, I would be ecstatic.”