The number 1 social media platform Facebook has just made its debut in blockchain technology by acquiring a blockchain startup ChainSpace. According to a report, this acquisition is not for the sole purpose of the services or products rendered by the company but the expertise of the employees.
Four employees from the startup including the co-founder, George Danezis have joined the social media giant, and none of these is from the technology department of the startup, they are all researchers. A recent post from the startup website reveals that this plan had been underway, it states they are up to something new.
This startup was founded by researchers from the University College London known for its secured capability in processing transactions. A sharded smart contract platform or distributed ledger platform that has high integrity and transparency in processing transactions in a decentralized system that uses smart contract for the extensive process.
It is made up of a team of good researchers, founded by Dave Hrycyszyn, George Danezis (the former head of the Information Security Research Group at UCL), Ramsey Khoury, Alberto Sonnino, Mustafa Al-Bassam, Shehar Bano. It is an outstanding blockchain company backed with good software that can address scalability capacity and speed issues.
“We have an alpha system running now in Golang. It does sharding, consensus & executes smart contracts. A global software consultancy is using Chainspace on the EU project Decode, creating civic services for the cities of Barcelona & Amsterdam.”
Though Facebook has hired most of the startup fifteen employees, it may likely not shut down because the social media giant has not indicated any interest to acquire its technology.
According to a recent report from Bloomberg, Facebook is working on creating its own cryptocurrency for money transfer via its popular WhatsApp messaging app.