The collapse of Facebook-owned social media platforms prompts calls for a ‘decentralized social media network’

The giant social media and communication platforms Facebook, Instagram and WhatsApp became inaccessible last night as the price of Bitcoin and other cryptocurrencies soared.

According to data from Cointelegraph Markets Pro, the price of Bitcoin (BTC) shot up 4.5 percent in just two hours after falling as low as $ 47,166 on Monday, reaching more than $ 49,000. Similarly, Ether (ETH) was up 3.5 percent to hit $ 3,411.

While there was a sudden fluctuation in the prices of crypto money, access to the platforms, all of which are owned by Facebook, could not be provided as of the night of October 4. Facebook communication team makes a statement via TwitterHe said the company is “working to resolve the problem as quickly as possible.”

Three platforms also experienced a service outage lasting more than 24 hours on March 13, 2019. Facebook says the issue is due to a “server configuration change” had said.

Although the inaccessibility of social media platforms may affect the crypto and blockchain project communities; Platforms such as Discord, Twitter, and YouTube continued to function normally. Many Crypto Twitter users suggested that this case highlights the need for a decentralized social media network to be built on the blockchain.

Allen Farrington, who shared articles about Bitcoin and cryptocurrencies on his Medium blog, said: “If they built Facebook on the blockchain, it would never fail. summarized.

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