Facebook blockchain efforts are increased by hiring staff from Chainspace, the startup behind a smart contracts platform. This is according to a report by Cheddar yesterday, February 4.
Facebook blockchain ambitions moving ahead
Facebook has continued to build its blockchain ambition by hiring staff from Chainspace. The company is currently developing a decentralized smart contracts system that could facilitate payments and other services through blockchain technology.
Furthermore, the acquisition of Chainspace’s team is an indication that the social media giant is currently looking to become a major player in the blockchain space. Facebook first made its intentions known in May last year and opened a unit dedicated to the exploration of blockchain technology. At the same time, the researchers behind Chainspace are valuable and would help Facebook scale blockchain in a number of applications. On its website, Chainspace mentioned that it uses sharding to remove the scaling problems affecting blockchain networks.
Furthermore, Cheddar reported that four of the five researchers behind Chainspace’s academic paper would be joining Facebook. A spokesperson for Facebook confirmed the news to CoinDesk, adding that the startup and its technology weren’t acquired. Instead, Facebook hired some of the company’s staff, and they will now work under Facebook’s internal blockchain group.
Facebook in its statement mentioned that “Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications.”
Crypto Heroes had previously reported that Facebook was looking to fill 5 roles in its blockchain unit. And, Facebook is currently looking to fill 11 roles in its blockchain unit, according to the company’s career site. Also, according to the job descriptions, the blockchain team at Facebook operates as a startup within the company. And, Facebook added “Our ultimate goal is to help billions of people with access to things they don’t have now – that could be things like healthcare, equitable financial services, or new ways to save or share information.”.
Furthermore, Facebook could still decide to acquire some blockchain companies. And, the company had previously held talks with Algorand, a blockchain-based payments platform. However, the talks broke down, and the two parties decided to abandon the issue.
Facebook is becoming more active in the crypto space. And, Cryptoheroes reported a few weeks ago that Facebook was creating a stablecoin for transfers in WhatsApp. The stablecoin will be used for remittance made within WhatsApp and it will initially focus on the market in India. The stablecoin will be pegged to the U.S. dollars and just like other stablecoins, it wouldn’t be subjected to high volatility like the other cryptocurrencies.