As concerns over Facebook’s Libra are mounting, the social media company’s founder and CEO, Mark Zuckerberg, will appear before the House in the United States for testimony.
Announced by the House Financial Services Committee (HFSC) on Wednesday, the hearing is titled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors,” meaning the only focus will be on the company’s proposed cryptocurrency project.
Zuckerberg will be the sole witness for the testimony scheduled for October 23.
Though the CEO’s name has been finalized for the hearing, Bloomberg earlier reported that Facebook was trying to put its COO Sheryl Sandberg on the stands to ease the lawmakers’ concerns over the digital currency.
A tough project to get approval
Facebook announced its crypto project in June and is hoping to launch it in mid-2020. The project, however, is facing regulatory backlash all over the globe due to concerns over its user privacy and threat to mainstream financial stability.
David Marcus, the head of Facebook’s crypto project, earlier appeared before both the House and the Senate committee to clarify doubts over the privacy concerns of the project. He, however, failed to provide details on serious concerns when grilled by lawmakers.
The chairwoman of the HFSC Maxine Waters (Democrat-CA) also requested the social media company multiple times to halt the development process of its cryptocurrency project until the regulatory roadblocks are cleared.
The US lawmakers are also considering introducing a bill to keep the technology giants away from the financial industry due to their monopoly over user data.
Meanwhile, Facebook is trying to push for favorable regulations on Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term technology, which might help its crypto initiative. The company hired an army of lobbyists to influence lawmakers in Washington, DC. It even appointed the former aides of US senators and is spending millions on getting an edge on its motives.
As concerns over Facebook’s Libra are mounting, the social media company’s founder and CEO, Mark Zuckerberg, will appear before the House in the United States for testimony.
Announced by the House Financial Services Committee (HFSC) on Wednesday, the hearing is titled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors,” meaning the only focus will be on the company’s proposed cryptocurrency project.
Zuckerberg will be the sole witness for the testimony scheduled for October 23.
Though the CEO’s name has been finalized for the hearing, Bloomberg earlier reported that Facebook was trying to put its COO Sheryl Sandberg on the stands to ease the lawmakers’ concerns over the digital currency.
A tough project to get approval
Facebook announced its crypto project in June and is hoping to launch it in mid-2020. The project, however, is facing regulatory backlash all over the globe due to concerns over its user privacy and threat to mainstream financial stability.
David Marcus, the head of Facebook’s crypto project, earlier appeared before both the House and the Senate committee to clarify doubts over the privacy concerns of the project. He, however, failed to provide details on serious concerns when grilled by lawmakers.
The chairwoman of the HFSC Maxine Waters (Democrat-CA) also requested the social media company multiple times to halt the development process of its cryptocurrency project until the regulatory roadblocks are cleared.
The US lawmakers are also considering introducing a bill to keep the technology giants away from the financial industry due to their monopoly over user data.
Meanwhile, Facebook is trying to push for favorable regulations on Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term technology, which might help its crypto initiative. The company hired an army of lobbyists to influence lawmakers in Washington, DC. It even appointed the former aides of US senators and is spending millions on getting an edge on its motives.
