Facebook : Most Successful Social Networking Service and the Reigning Titan of Web 2.0

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1. What is Web 2.0?
The Web is growing very rapidly and important part of our lives. Web 2.0 has changed the rules of Internet and has produced a new marketplace based on sharing, coined in 2004 . Web 2.0 encompasses the social in nature such as the social networks, blogs, wikis, tagging and photo and video sharing sites. Sir Tim Berners-Lee found shared information space and similarity this story of the technology with the ideas of Tim O'Reilly, who has attempted to adoption of the technologies, can be used to make predictions about technology markets (Anderson, 2007). The former web appear as very much “Web 1.0,” and then found read write web as Web 2.0 (Alexander, 2006). Web 2.0 has changed the rules of Internet and has produced a new marketplace based on sharing. Many ventures use this technology as facilitating innovation..

Technology has become the most significant enabler of innovation in services. Innovation was deemed to require a new physical thing. But the world of business suggested new services could deliver potentially even more significant changes than new products. They could deliver new business models. (Trott, 2011)

Web 2.0 companies identify four reasons for their innovations. Low cost of Innovation, Rapid bite-sized improvements instead of massive launches, Ease of “measuring” user interactions with the service and An open innovation model (Chittoor, 2009). 2. Social Networking

Social networking services or sites (SNS) enables members to connect other people they know after creating their profiles. Use of the Internet has greatly expanded and today it is much more likely that one’s friends and the people one would like to befriend are present in cyberspace. People are accustomed to thinking of the on-line world as a social space. Today, networking sites are suddenly extremely popular(Donath and Boyd, 2004). Social needs previously done face-to-face, are now moving to a computing device. And those customers may be using their devices continuously. This intersection of a customer base of billions of people with applications that are needed 24/7 never existed before. The common wisdom is that Silicon Valley has always gone through waves of innovation(See Figure 1) and each time it bounces back by reinventing itself. (Blank, 2012).

Figure 1: Why Facebook is Killing Silicon Valley (Blank, 2012)

Prominent examples of social networking services include Facebook[1], MySpace[2], LinkedIn[3] , Orkut[4], Second Life[5], Friendster[6] and Elgg[7]. Facebook has swept over the Web and are growing in importance not just as places for individuals to communicate and express themselves but also as advertising and marketing channels. Facebook was not the first in Social networking but it slowly became the dominant player and revolutionized Web 2.0.

3. History of Facebook

SNS has a popularity since their introduction in early 2003 (Brennan, 2006). At that time Harvard computer science student Mark Zuckerberg wrote the software for the Facemash website. He wanted a better way to connect with fellow students at Harvard and other universities. Fashmash opened on October 28, 2003, and shut down by Harvard a few days later. Zuckerberg faced charges for stealing the student photos he used to populate the site. On February 4, 2004, Zuckerberg relaunched with a new website "Thefacebook". Six days later, Zuckerberg again faced trouble when three Harvard seniors accused him of stealing their ideas for an intended social network website called ConnectU (originally HarvardConnection) (Bellis, Online).

In the summer of 2004, Internet young entrepreneur Sean Parker became the company's president and changed the name from TheFacebook to just Facebook (FB) after purchasing the domain name facebook.com. Zuckerberg hiring several fellow friends to help them develop it. Membership to the website was at first restricted to Harvard College students. Then it gradually reached most universities in Canada...
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