When you think of the social media founding father Facebook, odds are you think of the basics: its CEO, Mark Zuckerberg, the trust issues that have plagued the company over recent years, and its seemingly ever-growing list of acquisitions and mergers that seek to prolong its fading light until it can regain its balance properly and definitively right the ship. But more than that, Facebook has been experiencing what can only be described as an onslaught (warranted or not) of accusations and negative media attention that all point to the reality that it has failed to meet the expectations of its users in terms of privacy and security. It has been a long-winded attempt to right the ship, and that attempt continues even now. But is Facebook a dying company, or is there hope for redemption?
A promising company that lost its footing over time
Facebook has bought out other companies in a bid to not only tighten its position as a founding father in social media, but also to regain the trust of the consumers that have, in light of recent events, all but given up trust with the social media giant. Having recognised the power of simply going to buy Instagram followers as being more gripping than the entire Facebook platform is anymore, the company sprang into action and bought Instagram. The $1 billion acquisition, which was finalised in early 2012, signalled the beginning of Facebook’s widespread mission to regain its footing in a world that has been losing trust in it for years. In June this year, however, Facebook made an announcement of a project-in-progress that it insists will change the game.
Facebook makes a final attempt to regain its footing
The announcement of Facebook’s decision to leap into cryptocurrency with the impending release of blockchain-based cryptocurrency, Libra, was met with surprise and even delight. All the press surrounding the initial announcement was positive, and people were overwhelmed with excitement at what this blockchain-based cryptocurrency could do for the world. Libra is said to provide a digital currency to the entire world, hoping to provide billions – including those in developing countries, who have little to no access to banks and other third-party financial institutions – with a more convenient and efficient way to transfer, buy, and sell.
Where does this leave the promise of Facebook’s future now?
The blockchain nature of Libra is said to be Facebook’s promise to instill new standards in user privacy and security, but can it live up to the hype? Truthfully, only time will tell, but it sure is an interesting concept that has the world waiting to see how it unfolds. And while Facebook is by no means a company on the imminent brink of certain collapse, it is a company that mirrors the aesthetic of a dying star; once bright and full of promise, the light is quickly fading, and unless a miracle happens soon and Libra works out, it is likely that Facebook will burn out in the not-so-distant future. Libra is Facebook’s last hope for redemption, but can it make it across the line? Stay tuned.