Ethereum Founder on How Facebook Can Do Crypto Right
Facebook could use blockchain technology to overhaul its business model, giving users more control over how their data is used, said Joseph Lubin, the founder of the crypto platform Ethereum.
Using a decentralized ledger would allow Facebook users to “store their own personal data in encrypted form” and decide which companies have access to their information, Lubin said. Giving users more control over their information could increase the quality of Facebook's data.
“If you know that this data is protected well, you can put it on data markets and Facebook can potentially participate in those sorts of data markets,” Lubin said Monday in an interview with Cheddar.
A new Ethereum-based system, uPort, is already providing this service. Users can store all of their data in a secure "wallet" that can be used to log in to other apps and make digital transactions.
Last week, Cheddar [reported](https://cheddar.com/videos/facebook-plans-to-create-its-own-cryptocurrency) that Facebook may be building its own cryptocurrency, part of the social media company's exploration of how to use blockchain technology.
For the full interview, [click here](https://cheddar.com/videos/ethereum-co-founder-joseph-lubin-2).
While it was a volatile week in tech as Meta experienced the biggest one-day drop in the history of the U.S. stock market, industry giant Amazon reported 40 percent growth — largely on the strength of the cloud. Dan Ives, managing director of equity research at Wedbush Securities, joined Cheddar News to break down how the e-commerce company stock managed to pop despite headwinds against its core retail business. "It's all about cloud because of sum of the parts, you could argue, amazon could be $3,500/$4,000 stock just based on cloud," he said. Ives also addressed the apparent the differing impact of Apple iOS changes on Facebook and Snapchat.
Following Ford's earnings miss, the stock price dropped despite a bullish outlook from the auto giant. Karl Brauer, an executive analyst with ISeeCars.com, joined Cheddar to break down why investors may not be sold on the carmaker because of the ongoing factor of supply constraints. "The product is not an issue. There's really good product coming from them, including the electric vehicle side, and the demand is not an issue. There's plenty of demand, but nobody really has a solid grasp on when we're going to get past the supply chain issue," said Brauer.
Image-sharing app Pinterest reported big beats on its Q4 earnings for the top and bottom lines. The social platform surprised investors after seeing a decline in users while earnings and revenue were much higher than expected.
