Zuckerberg to See DLT in Single Sign-On Technology

As reported, such a solution will allow Internet users to refuse intermediaries when using credentials to interact with services
21 February 2019   534

Facebook founder and CEO Mark Zuckerberg said that distributed ledger technology could allow Internet users to access various services using a single account. The blockchain-based solution can become a competitor of the single sign-on (SSO) technology from Facebook.

A use of blockchain that I’ve been thinking about … though I haven’t figured out a way to make this work out, is around authentication and… granting access to your information to different services. So, replacing the notion of what we have with Facebook Connect with something that is truly distributed. Basically, you take your information, you store it on some decentralized system and you have the choice to log into places without going through an intermediary. 

Mark Zuckerberg

CEO, Facebook

Such a solution will allow Internet users to refuse intermediaries when using credentials to interact with various services. In addition, intermediary corporations will lose the ability to cut traffic.

Nevertheless, he stressed that in the case of the scandal with Cambridge Analytica and data leakage, Facebook was able to block unscrupulous developers from accessing personal data of users, and in the case where the latter can manage their data themselves, it will be impossible.

Zuckerberg added that society needs to answer the question whether it is ready to take full responsibility for its data, because in the case of malicious acts there will be no intermediary who can be held accountable.

He also confirmed that the amount of computation that Facebook is producing will be extremely difficult to decentralize.

CFTC to Approve LedgerX's Deliverable BTC Futures

At the same time, another platforms such as Bakkt, ErisX and Seed CX still awaiting regulatory approval
26 June 2019   67

Cryptocurrency derivatives provider LedgerX LLC has received a license from the Authorized Derivatives Market (DCM) from the US Commodity Futures Trading Commission (CFTC), which will allow it to launch the country's first bitcoin futures.

Deliveries for deliverable futures are made in the underlying asset, not in fiat funds. Thus, LedgerX outstripped the Bakkt, ErisX and Seed CX platforms, which are still awaiting regulatory approval.

At the same time, LedgerX intends to launch the Omni platform for trading options, swaps, and bitcoin futures for retail investors, since at the moment it does not see enough interest from institutional market participants.

However, it should be added that some experts have already expressed fears that the nature of the license received will not allow LedgerX to provide margin tools to customers, and Bakkt should have such functionality.

Recall about the intentions to obtain the appropriate permission and overtake competitors LedgerX said in April.