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Polychain Says Open Platform Better for Facebook’s Stablecoin Blockchain

The CEO of Polychain Capital believes the smart move for Facebook is to develop its reported stablecoin blockchain on open, public infrastructure. CEO Olaf Carlson-Wee shared his ideas while part of the “To the Moon and Back” panel during shared his ideas at the recent Consensus 2019.

Carlson-Wee clarified that he’s referring to the blockchain platform similar to that of bitcoin’s, where the creator surrenders control of the platform they designed.

Carlson-Wee on Facebook

Polychain’s head argued that a setup like that would be advantageous to Facebook, particularly in the light of all the problems they’ve had with “policing their platform.” Carlson-Wee added that the open infrastructure can be integrated on all of the social media giant’s proprietary platforms. He also said that Facebook would have even more success if they don’t try to own that public infrastructure.

Carlson-Wee also pointed out that another advantage of letting go of the platform’s control is that Facebook won’t be held liable for any controversy that happens on the structure. He likened it to the development of the internet, saying that the people who created the internet are not accountable for what’s said on the net.

Carlson-Wee also shared his vision for cryptocurrencies and said he believes they will be utilized as an accessible and mainstream way of storing wealth. He admitted that he would be happy if the major companies would “put their resources toward building public peer-to-peer crypto infrastructure.”

Bloomberg had previously reported that an anonymous tip suggested that Facebook would roll out its own cryptocurrency, which was said to be a stablecoin, in the third quarter of the year.

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