Crypto Economics

Facebook, the social media giant has posted an opening for an economic researcher, who will be responsible for the study of how users of its Calibra Wallet will utilize their services. The incumbent required will “Drive economics-based product decisions and research agendas” not only for its Calibra Wallet, but associated Libra cryptocurrency as well. The researcher will also be responsible to “initiate and execute projects around topics such as auction design, economic incentives in consensus protocols, market concentration, and macroeconomic aspects of the Libra currency”.

The job, according to the posting, will be a blend of practical product work and academic research at the same time. The posting gives an idea of what work will be involved in it, “The first product Calibra will introduce is a digital wallet, which will be available in Messenger, WhatsApp and as a standalone app. The first version of Calibra will support peer-to-peer payments and a few other ways to pay such as QR codes which small merchants can use to accept payments in Libra”. With the high level of work demanded, the post requires the same high competence, with the researcher having knowledge of R or Python, SQL and holding a PhD in economics or finance.

Expanding Blockchain Portfolio

In the past, Facebook had been very hushed on its blockchain endeavors. The social media giant has been posting and hiring blockchain experts in the past. There was a lot of speculation on as to what Facebook intended to do, with the most reliable theory being that it was looking to launch its own stable cryptocurrency. That theory turned out to be true with its Libra and Calibra Wallet. As of writing of this, Facebook still has nearly 40 openings related to its blockchain ventures, with 13 of them for the Calibra wallet alone.

The researcher ad gives an insight to the functions of the Calibra wallet, “The first product Calibra will introduce is a digital wallet, which will be available in Messenger, WhatsApp and as a standalone app. The first version of Calibra will support peer-to-peer payments and a few other ways to pay such as QR codes which small merchants can use to accept payments in Libra”.

Other ads also show how the social media platform intends to expand the role of Libra attempting to create a cashless economy, “In time, we plan to offer additional services for people and businesses, such as paying bills with the push of a button, buying a cup of coffee with the scan of a code, or riding your local public transit without needing to carry cash or a metro pass.”

The Libra currency has become a hot topic recently, with many experts having opinions that given the current trends of Facebook, it will be monetizing on Libra and Calibra users through studying their behavior. Furthermore, with the largest target market India already declaring a ban on cryptocurrencies, it is still not clear how will Facebook be able to enter the Indian Subcontinent.