By Greg Bott / guest columnist

Sometimes called “Crackbook” because of its addictive nature, Facebook claims more than 140 million members worldwide and has an estimated market valuation between five and fifteen billion dollars. Let me repeat that — five to fifteen BILLION dollars!

Facebook is part of the Web 2.0 revolution. The “2.0” label does not refer to a new version of the Internet, but rather a new way in which we use it. Instead of only being a vehicle for e-mail and web sites, Web 2.0 describes the new way we collaborate online, have community together, and collectively aggregate our knowledge (aka Wikipedia). There are other examples, MySpace (a Facebook competitor), eBay, del.icio.us, Digg, Skype, Flickr, and Google Maps to name a few. Facebook is a great example of how Web 2.0 is changing our lives.

Once viewed as a yearbook-type application limited to college and high school students, Facebook is now comprised of users from 13 to 80+. More than two-thirds of Facebook’s users are outside the United States and more than 80% of Facebook’s members are between 18 and 44—the most coveted age range among Internet advertisers. The highest recent growth in age segments has been 13-17 and 25-44 year-olds.

So why put yourself on Facebook? Do so to keep up with friends—where they live, where they work, where and what (and if) they’re studying, what their kids are doing, to view recent photos, and see their relationship status. Facebook even has a status that enables you to tell people what you are doing at this very moment. If you were one of my Facebook friends, you would have seen my status, “Greg is writing” while I was writing this column. Is it narcissistic to think that everyone wants to know what you’re doing at this very moment? Maybe, but somehow it promotes a sense of connectedness for me to know that my friend in Ljubljana, Slovenia broke her phone 32 minutes ago or to see photos from my own daughter’s Christmas pageant posted by another parent.

Do so for business networking. I recently obtained some consulting work via Facebook. Many musicians use Facebook as a way to promote new songs and announce performance venues. Others use Facebook to find a date, promote and raise money for a cause, or gain support for a political candidate.

And while there is much to like about Facebook, there are some cautions. First, remember that others see your Facebook pages—including your employer, potential employers, school admissions committee and your mother. Like everywhere on the Internet, if you wouldn’t put it on a billboard on the highway, don’t post it on Facebook. Second, keep your Facebook password private and make use of Facebook’s privacy settings.

It’s fun and informative to post information about yourself, your interests, music tastes, and hobbies, but remember that Facebook exists NOT to connect you with your high school friends, but to connect you with advertisers. Don’t be surprised when you see highly targeted ads, such as “Are you 42, male, politically conservative, have two kids, and a tall geek?” Why yes, I AM 42, male, politically conservative, have two kids and am a six foot eight geek. Is this a coincidence? Of course not. Your information is deliberately and systematically used to connect you with advertisers looking specifically for you. Hence, Facebook’s fifteen billion dollar market valuation and an offer for me to buy a Next Generation Star Trek basketball goal.

Don’t be left out. Join the Web 2.0 revolution. Oh, and be sure to Facebook me.

Technically yours.

Greg Bott is a father, an author, programmer, and a technical consultant who resides in Meridian. He has operated his own consulting firm, Bott Technology Solutions since 1997. He is currently writing two white papers for Microsoft Corporation about their recently released Essential Business Server.