Today’s breaking news in our DesiAirdrops Blog site is: Facebook’s Zuckerberg Calls for Digital Community Self-Governance. His Opinion is that the digital world needs oversight. He also added that government regulation as a potential solution but calling community self-governance “another and perhaps even better way.” Really it is a great idea. Isn’t it?
“One of the big questions for the next decade is: how should we govern the large new digital communities that the internet has enabled,” Zuckerberg said on 9th Jan 2020. In his Facebook post.
Focusing On Comming Decade
Zuckerberg detailed his focus for the coming decade through his post. The post is incorporating several topics such as digital governance- an area that also pertains to the digital ecosystem found within the crypto space.
Zuckerberg pointed to social media operations, including Facebook. Essentially stating that the ecosystem could not be without compromises in ideals. “Like between free expression and safety, or between privacy and law enforcement, or between creating open systems and locking down data and access,” the CEO said.
He also added, “It’s rare that there’s ever a clear ‘right’ answer, and in many cases, it’s as important that the decisions are made in a way that feels legitimate to the community. From this perspective, I don’t think private companies should be making so many important decisions that touch on fundamental democratic values.”
The cryptocurrency industry also feels the struggles of such compromises. One such example includes the dilemma surrounding Know Your Customer (KYC) regulations and crypto exchanges.
Barclays explained on KYC’s importance that it helps cut down on criminal activity. But, on the other hand, providing sensitive documents to centralized entities, such as identification pictures and private information. It can harm users in the event of a hack.
In August 2019, Binance suffered a significant breach. Millions of customers also suffered as a result of the Equifax hack in 2017.
According to Zuckerberg, Regulation may be a potential solution to the dilemma of community governance. Government guidelines might provide further overall validity than if companies lay down their own rules.
Zuckerberg mentioned a desire for regulatory clarity in several fields, such as elections and privacy. Facebook’s CEO Zuckerberg Calls for Digital Community Self-Governance as another option. Listing a project the social media giant is working on in relation to the matter. The crypto space has also felt growing pains in terms of a lack of regulation.
Writer, researcher, and analyst on cryptocurrency and blockchain technology at L&P Digitech Pvt. Ltd. Also managing the content with SEO at this current company. Keen interest to know more about new technologies related to the crypto world and blockchain technology. Completed Masters in Computer Application (MCA) and holds Post Graduate Diploma in Instructional Designing with sound knowledge in Articulate3. Out of all, love to travel, listen to music, and to eat also.