Joseph Lubin, founder of blockchain incubator ConsenSys and co-creator of Ethereum, dropped a tweetstorm praising the thousands of developers who are making progress in blockchain and cryptocurrency, actively rewriting the global financial system and rebuilding infrastructure around money, identity and data.
As big tech moves into the industry, however, he questions whether executives who control sensitive data containing private information drawn from billions of users, are attempting to aid or co-opt.
Lubin has a few words for Mark Zuckerberg, CEO of Facebook, whose controversial Libra platform he believes has questionable motives, despite the overarching mission of providing unbanked and underserved people with life-changing financial services.
“First, some context: I think the #blockchain space benefits from experimentation, including the Libra project. What does not benefit the space is a Facebook-led blockchain project, led in typical Facebook style.
Facebook has a huge agenda here. They, along with the companies in the Libra Association, want to leverage its 2.3 billion global citizenry into their own monetary and payments jurisdiction, a massive business and geopolitical opportunity.
Despite what they’ve said, I expect eventually Facebook will link the deep individualized data from its advertising technology to the personal financial transactions and histories held in the Calibra wallet, just as they’ve integrated data from other platforms they’ve acquired.
Then it can derive even more value from that critical financial and spending data. This is Facebook’s core modus operandi. Facebook brings people together. It also brings all of their disparate data together into a single profile that can be optimally monetized.
Mark Zuckerberg talks about Libra in terms that are quite familiar (and validating) to the people already building blockchain systems: broadening financial inclusion and fixing a broken financial system.