Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.
Mark Zuckerberg has ensured that now, when Facebook’s team is getting ready to launch their crypto project Libra, they are really focused on doing it right.
Everybody is aware of the scandals that undermined trust in the social networking giant Facebook. According to Mark Zuckerberg, the company didn’t pay proper attention to protecting privacy, that’s why the company had to deal with the consequences of data leak and the spread of fake news. To fix this, Facebook’s CEO is all set to make everything, including Libra, right.
Speaking in an interview with Asia-based news outlet Nikkei, Mark Zuckerberg said:
“In the last few years, there are a lot of important social issues that Facebook and the other big internet companies are really at the center of in society.”
Now, when Facebook’s team is getting ready to launch their crypto project Libra, they are really focused on doing it in a proper way. Zuckerberg stated:
“A lot of people have had questions and concerns, and we’re committed to making sure that we work through all of those before moving forward. Obviously we want to move forward at some point soon [and] not have this take many years to roll out. But right now I’m really focused on making sure that we do this well.”
A couple of months before, when Libra’s was just presented, the currency faced disapproval from government regulators worldwide. France and Germany, for instance, decided to block the launch of Libra, explaining that this coin will undermine fiat currency systems.
“Part of the approach and how we’ve changed is that now when we do things that are going to be very sensitive for society, we want to have a period where we can go out and talk about them and consult with people and get feedback and work through the issues before rolling them out.”
“And that’s a very different approach than what we might have taken five years ago. But I think it’s the right way for us to do this at the scale that we operate in. All these concerns around libra are serious. So I want to say this with a lot of clarity: In these conditions, we cannot authorize the development of libra on European soil,” he said.”
Libra co-creator David Marcus believes that Facebook’s Libra will not compete with fiat currencies to become a new monetary system, however, it can create a secondary system on top of existing currencies provided that governments approve the launch of the project. He said:
“Libra is designed to be a better payment network and system running on top of existing currencies, and delivering meaningful value to consumers all around the world. Libra will be backed 1:1 by a basket of strong currencies. This means that for any unit of Libra to exist, there must be the equivalent value in its reserve. As such there’s no new money creation, which will strictly remain the province of sovereign Nations.”
Libra is set to launch in 2020. The currency is promised to reduce the gap between the latest financial currency technology and traditional financial networks while lowering the charges for customers.
Updates for Oculus Quest VR Headsets
According to Zuckerberg, the company is focused on security in the case of virtual reality (VR) technologies as well. Many are concerned about the massive amounts of data VR systems can generate on users’ body and eye movements, however, according to Facebook’s CEO, the company’s privacy model for hardware like the Oculus Rift VR headset is different from the model for services, with much of the information stored on the device itself rather than online.
Mark Zuckerberg said:
“I think when you’re building devices, the expectations are just different. And we need to make sure that that’s appropriately locked down so that people can trust it.”
Further, he stated that VR technology can have a significant impact on our society:
“I think you’ll get to pick where you want to live and what kind of community you want to be in, but you’ll be able to access the kind of opportunities that you want anywhere. I do think that will have this profound equalizing effect on society and will be very important for the economy overall.”
Recently, Zuckerberg shared Facebook’s latest development in augmented and virtual reality. He said that the company’s Oculus virtual reality unit would have a feature that enables its Quest VR headsets to track people’s hands, so they don’t have to use controllers. This will be possible due to CTRL Labs, a startup recently bought by Facebook. The hand-tracking feature will be available in early 2020.
Moreover, in November, Oculus will also release a feature that will let Quest VR wireless headset owners connect their devices to gaming PCs with USB-C cables, which means users can access VR content developed for the Oculus Rift VR headset that requires a computer to function.