Christian Catalini – Assistant Professor at MIT is said to be helping Facebook in developing its own Cryptocurrency. Catalini is currently on leave from MIT and would now be entirely focussing on developing Facebook’s Stablecoin to be used in its Social Media platform.
About Christian Catalini
Christian Catalini is Assistant professor of Technological Innovation at MIT School of Management. Catalini’s primary focus is on Digital Economics also known as “Crypto Economics.” His research primarily focusses on cryptocurrencies and blockchain technologies.
In 2014 MIT started a research group known as “MIT Digital Currencies Research Study” to study Bitcoin and the underlying Blockchain technology. Christian was one of the principal investigators of that group, and this group was instrumental in giving MIT graduates much-needed exposure to Bitcoin and Blockchain technology. He was also part of the other Crypto/blockchain related Initiatives by MIT namely “Digital Economy” and “Digital Currencies.”
Christian’s work featured in reputable journals like The Newyork Times, The Wall Street Journal, Bloomberg, WIRED, The Economist to name a few. The above is a testimony for his immense knowledge of Cryptocurrencies, Blockchain Technology and Digital tokens.
Mark Zuckerberg’s Commitment to Facebook
“I would Turn around the Company” was the commitment Facebook CEO Mark Zuckerberg gave at F8 developer conference. This statement from the CEO came at a time when Facebook was facing various privacy issues and data breaches. The reputation of the company was hit very badly due to the mishandling of Facebook user’s data. Mark knows very well that protecting user’s data is the highest priority of Facebook and it will, in turn, decide his company’s future. That’s the reason he mentioned in the conference that
“I believe the future is Private”
Facebook cannot achieve privacy by allowing the ads to be shown on the user’s profile page. They have to make the page private to the user at the same time think of monetizing the ad revenue in some other way. This has led to the company’s plan of introducing its cryptocurrency to monetize directly from the users and stop showing the ads instead.
Catalini Helping Facebook Design Stable Coin
Facebook has sought help from Catalini in designing its own stable coin. The Facebook Stablecoin will be used by its users to send money internationally using its platform and also for online purchases. Facebook also faces a lot of issues in opening up payment gateways in different countries. This has led to the idea of creating its own Digital Token. Catalini is a prominent researcher on the topic of token economics, making him the idle choice for designing Facebook’s Digital Token.
As mentioned earlier, Facebook will also use this Stabelcoin in monetizing directly from its users for their platform usage. This will replace the revenue generating from the ads displaying on the user’s page and in turn make its user’s page more private, as Mark rightly said: “Future is Private.”