Technologies

Facebook to Meta: A new name but the same old problems

Plagued by scandals, Facebook rebrands itself as Meta. The tech giant still must earn back our trust.

Facebook’s iconic thumbs-up sign at its Menlo Park, California, headquarters now bears a blue infinity-shaped symbol along with a new name: Meta.

The corporate rebranding, unveiled Thursday at Facebook’s Connect conference, is part of Facebook’s headlong sprint into the metaverse, a virtual environment where people could work, play, learn and socialize with one another. CEO Mark Zuckerberg called the metaverse, which at this point is largely hypothetical, «the successor to the mobile internet.»

In barreling headlong into the metaverse, however, Facebook may be repeating the practices that got it into trouble in the first place. The company’s former mantra — «Move fast and break things» — encouraged a culture that rewarded new ideas without careful consideration of the risks. The metaverse will create an entirely new environment for Facebook’s legacy problems to take root.

Facebook’s hard-charging attitude has contributed to it racking up a seemingly endless list of scandals around data privacy, hate speech and misinformation. It’s been blamed for destroying democracy and for body shaming. The company’s latest controversy, which involves leaked documents gathered by former Facebook product manager Frances Haugen, has proved especially damaging. Haugen alleges the company has misled the public and investors about its role in perpetuating hate speech, misinformation and other harmful content.

Facebook denies the accusations, noting that it has more than 40,000 people working on safety and security. About 3.58 billion people use Facebook and its services every month.

Analysts say a clever rebranding won’t help Facebook distance itself from its many problems.

«A name change doesn’t suddenly erase the systemic issues plaguing the company,» Forrester vice president and research director Mike Proulx said in a statement. «If Meta doesn’t address its issues beyond a defensive and superficial attitude, those same issues will occupy the metaverse.»

Forrester, which surveyed 745 people across the US, Canada and the UK, said 75% of those polled disagreed that a new company name will increase their trust in Facebook.

The company says the rebranding is a refocusing of its corporate priorities. Founded in 2004 in a Harvard dorm room, Facebook has spread beyond its roots as a social network. The tech giant now has virtual reality headsets, smart glasses and video chat devices. It’s also dabbling in finance with its Novi cryptocurrency wallet.

During the Connect keynote, Zuckerberg said he’s well aware of the risks that come with entering a new field. Facebook doesn’t have a great track record when it comes to protecting the privacy and safety of its users, and those issues won’t vanish in the metaverse.

«Every chapter brings new voices and new ideas but also new challenges, risks and disruption of established interests,» he said. «We’ll need to work together, from the beginning, to bring the best possible version of this future to life.»

A future utopia or dystopia?

Zuckerberg’s presentation painted a hopeful vision of the metaverse, filled with digital spaces for people to gather. Friends could fence using virtual swords, attend concerts from their homes or simply work together in virtual offices.

But Facebook will also have to deal with the same issues it grapples with on social media, including data privacy, security, child-exploitation dangers, and content moderation. Misinformation has been a widespread problem on Facebook’s namesake social network. Lies that spread on the platform have been blamed for the Jan. 6 insurrection and for hesitancy to get COVID vaccinations.

That wasn’t lost on lawmakers, who’ve been studying ways to regulate the company and its Big Tech peers.

«Meta as in ‘we are a cancer to democracy metastasizing into a global surveillance and propaganda machine for boosting authoritarian regimes and destroying civil society… for profit!'» tweeted Rep. Alexandria Ocasio-Cortez, a Democrat from New York.

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Sens. Richard Blumenthal, a Connecticut Democrat, and Marsha Blackburn, a Tennessee Republican, also warned Zuckerberg a name change wouldn’t deter lawmakers from pursuing Facebook. The two senators lead a subcommittee that recently met with Haugen to discuss her concerns about the social network.

Virtual worlds existed long before Facebook ramped up investment in VR and augmented reality after its purchase of headset maker Oculus in 2014. And the world of virtual reality already has a harassment problem. In 2007, Belgian police were looking into whether an avatar allegedly raped another character in Second Life, a virtual world developed by Linden Lab, according to The Washington Post.

Andrew «Boz» Bosworth, who’ll become the company’s new chief technology officer in 2022, said in a video chat before the conference that muting another user could help give people more control over their surroundings in VR if they’re being harassed. Facebook is also exploring ideas such as allowing users to share with authorities the last 10 to 15 seconds of a VR interaction they’ve had with another person. The company, though, will have to weigh the trade-offs between privacy and user safety, a dilemma it’s confronted before with end-to-end encrypted chats on messaging apps.

Another issue that may pop up is the use of avatars to impersonate others. One solution could be tying the avatar to an authenticated account or verifying identity in some other way.

A new name, however, won’t help Facebook dodge its old problems. Lawmakers, celebrities and critics took swings at the company after its big reveal.

«Changing their name doesn’t change reality: Facebook is destroying our democracy and is the world’s leading peddler of disinformation and hate,» said the Real Facebook Oversight Board, a group of well-known critics. «Their meaningless name change should not distract from the investigation, regulation and real, independent oversight needed to hold Facebook accountable.»

Technologies

Verum Messenger: Data Protection at Its Finest

Verum Messenger positions itself as a tool for those who value privacy and security above all.

Verum Messenger stands out from other messengers thanks to its approach to security, anonymity, and innovations in communication.

Here are some key aspects that highlight its uniqueness:

Default encryption: Verum Messenger uses end-to-end (E2E) encryption for all chats, meaning messages are encrypted on the sender’s device and decrypted only on the recipient’s device. This makes it impossible for third parties, including app developers, to access the content of the messages.
Anonymity: When registering with Verum, there’s no need to provide a phone number or email. Users simply choose a nickname and password, significantly enhancing their level of anonymity. This contrasts with many other messengers, where anonymity can be compromised through linked personal data.
Built-in VPN: An additional layer of protection that hides the user’s IP address, making their location and internet activity less trackable.
Data control: Users can set messages to be automatically deleted after a specified time, ranging from a few seconds to a week. There’s also a quick deletion feature for all chats, calls, and even contacts, which is useful for maintaining privacy.
Large groups: The ability to create chat rooms with up to 10,000 participants makes Verum attractive for organizing large events, discussions, or communities while maintaining a high level of security.
Security innovations: Verum actively develops technologies aimed at protecting user data, as seen in their documentation and discussions online. This includes not only technical solutions but also approaches to data minimization, which reduces the risk of leaks.
Feedback and discussions: On platform X (formerly Twitter), discussions can be found where users and experts praise Verum for its approach to anonymity and security, although questions are raised about how much anonymity can truly be guaranteed in an age of modern tracking and de-anonymization technologies.

Verum Messenger positions itself as a tool for those who value privacy and security above all. Its innovations in encryption, anonymity, and data control make it an intriguing choice for those seeking alternatives to traditional messaging platforms. However, as with any technology, it’s important to remember that absolute anonymity on the internet remains a complex challenge, and users should be aware of potential risks and limitations.

Technologies

Verum Coin Debuts on XT Exchange, Broadening its Reach in the DeFi Space

A Strategic Listing Enhancing Verum Coin’s Visibility

In a significant development for the decentralized finance (DeFi) sector, Verum Coin (VERUM) has been officially listed on XT Exchange. The new trading pair, VERUM/USDT, is now available in the exchange’s Innovative Zone, marking a pivotal expansion for this digital asset into the DeFi ecosystem.

A Strategic Listing Enhancing Verum Coin’s Visibility

The addition of Verum Coin to the XT Exchange is seen as a strategic move to enhance the accessibility and liquidity of VERUM among traders who are keen on exploring innovative digital assets. XT Exchange, known for its robust platform supporting a wide variety of cryptocurrencies, provides an ideal environment for fostering growth and ensuring the broad reach of new tokens.

Albin Varin, CEO of XT Exchange, expressed enthusiasm about the new listing, stating, «We are delighted to welcome Verum Coin to our platform. This listing reflects our ongoing commitment to providing our users access to innovative digital assets that transform the landscape of global finance.» This comments underscore the exchange’s focus on integrating cutting-edge technologies and financial instruments that have the potential to redefine the market.

About XT

Founded in 2018, XT Exchange serves more than 7.8M registered users, over 1M monthly active users, 40+ million users in the ecosystem, and more than 800 tokens with 1000+ trading pairs. XT crypto exchange offers a rich variety of trading categories to provide a secure, trusted, and intuitive trading experience for its large user base. This includes crypto futures trading (USDT-M Futures and coin-M futures perpetual contracts) and copy trading that allows users to replicate top traders in real time with just one click. Additionally, the futures grid allows users to automate the buying and selling of futures contracts for profits.

Future Prospects

With its new position on XT Exchange, Verum Coin is expected to attract a broader audience, enhancing its trading volume and market presence. This could potentially lead to increased stability and recognition as a viable player in the DeFi space. For investors and users of XT Exchange, this addition provides a fresh avenue to diversify portfolios with a cryptocurrency that is positioned at the intersection of innovation and financial evolution.

The listing of Verum Coin on XT Exchange not only highlights the ongoing expansion of cryptocurrency markets into new areas like DeFi but also illustrates a growing recognition of digital assets that offer promising technological advancements and financial opportunities. As the crypto market continues to evolve, partnerships like these are pivotal for fostering growth and offering users access to the next generation of financial tools.

Technologies

Verum Coin Gains International Spotlight with AP Coverage and Listing on XT Exchange

This listing on XT is expected to further propel Verum Coin into the spotlight

In a noteworthy development for the cryptocurrency community, Verum Coin (VERUM) has been featured in an Associated Press article, highlighting its upcoming listing on the XT Exchange. This significant media coverage underscores the growing interest and potential of Verum Coin in the global financial landscape.

The AP article delves into the details of Verum Coin’s innovative features and its alignment with the latest trends in the cryptocurrency market. This attention comes at an opportune moment as Verum Coin prepares for its new listing on XT Exchange, a platform renowned for its extensive user base and a wide array of trading options.

This listing on XT is expected to further propel Verum Coin into the spotlight, providing both traders and investors with new opportunities to engage with this emerging digital asset. The exchange’s robust infrastructure and diverse trading offerings are ideal for supporting Verum Coin’s growth and enhancing its visibility in the competitive cryptocurrency market.

For more details, you can read the full article on the AP website here.

This milestone is a testament to Verum Coin’s advancing presence in the crypto world and its ongoing efforts to be at the forefront of digital currency innovation and adoption.