With over 2 billion users, Facebook could create the world's first mass market cryptocurrencyThe company is worried about ‘foreign entities which are attempting to influence the outcome of the vote on 25 May’

The biggest management reshuffle in Facebook’s history has revealed the social network’s intentions to develop blockchain technology, though it is not yet clear for what purpose.

David Marcus, the former head of Facebook Messenger, announced this week that he will lead an exploratory blockchain group that will report directly to the company’s CTO, Mike Schroepfer.

Mr Marcus made the announcement in a Facebook post on Tuesday, 8 May, following rumours that Facebook CEO Mark Zuckerberg is interested in creating his own cryptocurrency. But very few details were given about what Mr Marcus's team will actually be working on.

“After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge,” Mr Marcus said.

“I’m setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch.”Blockchain enthusiasts see the technology as a way for Facebook to address and solve many of the recent problems it has faced concerning people’s privacy. The tech giant revealed last month that the personal data of up to 87 million of its users was exploited and compromised by “malicious actors.”

By integrating blockchain technology into its business model, Gaurang Torvekar, CEO of a blockchain-powered social network for professionals called Indorse, believes Facebook could prevent such breaches in the future.

“While there are other cheaper and faster alternatives for protecting user privacy, blockchain allows the users to control their data end-to-end,” Mr Torvekar tells The Independent. “This might be an attractive use case for Facebook, considering the recent Cambridge Analytica scandal.”

With over 2 billion users worldwide, another conceivable outcome of Facebook’s blockchain group would be to develop Facebook’s own cryptocurrency.

It would see the social network follow other tech platforms, such as Telegram, in launching its own rival to bitcoin, and could see recent predictions made by former White House advisor Gary Cohn that there will be a global cryptocurrency.

Mr Cohn, who resigned as chief economic advisor to US President Donald Trump in March, said this week that he expected to see a virtual currency reach worldwide mass adoption - but that it would not be bitcoin.

“I’m not a big believer in bitcoin,” Mr Cohn said. “I am a believer in blockchain technology.”

Previous speculations about what Facebook might do with its own cryptocurrency include paying its users to create and post content.Facebook has announced it is to stop accepting ads relating to the Irish abortion referendum that come from foreign-based advertisers.

It has made the decision, with immediate effect, after concerns were raised about organisations and individuals attempting to influence the campaign from outside Ireland.

The electorate is going to the polls on 25 May to decide whether or not it wants to repeal the eighth amendment of the constitution, which effectively bans abortion, and while the issue has sparked passions on both sides at home, it is also drawing much attention from abroad.

In a lengthy statement, Facebook explained the measures it had already taken to ensure transparency in this referendum campaign, including the “view ads” feature which it launched in Ireland on 25 April, so users could see where funding for an ad originated. Clearly, it now feels a need to take things further.

“We understand the sensitivity of this campaign and will be working hard to ensure neutrality at all stages. We are an open platform for people to express ideas and views on both sides of a debate. Our goal is simple: to help ensure a free, fair and transparent vote on this important issue,” Facebook said in a statement on Tuesday.

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Repeal the Eighth: Ireland’s abortion referendum explained
Facebook is under increased pressure around its role in elections, following the Cambridge Analytica scandal, and a widespread view that fake news was allowed to slip through the net in crucial recent polls such as the 2016 EU referendum, and the 2016 US presidential election.

With an issue as politically sensitive as abortion, it was widely expected Ireland would become a target for international pro-life and pro-choice groups, and that this could well be the first Irish election to be fought in earnest on social media.

Today’s move from the tech giant comes just under three weeks before the referendum day.

Currently the Yes side, which hopes to repeal the abortion ban, is maintaining the lead, but its core support has sunk below 50 per cent, and recent polls have shown gains made by the No campaign.

This largely appears to be over concerns about how liberal the government would allow its legislation to be if the constitutional ban is removed.

You can follow all the latest updates on Ireland’s historic vote on the Independent’s live blog.

The Independent's bitcoin group on Facebook is the best place to follow the latest discussions and developments in cryptocurrency. Join here for the latest on how people are making money – and how they're losing it.

More about: IrelandabortionreferendumFacebookRepeal the eightheighth amendment

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Facebook has helped to introduce thousands of members of Isis to one another through it’s “suggested friends” feature, it has been reported.

The social media company has been accused of aiding of extremists and allowing them to develop wider networks.

Algothirims used by Facebook suggest users connect if they share common interests.

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The study also looked at the steps being taken by Facebook to clamp down on extremist material that is spread on its site.