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16/02/2019
Technology

Facebook Crypto Project acquires Blockchain Startup Specializing in Smart Contracts

On the basis of references from unnamed sources and a financial news outlet Cheddar, it has been brought to light that Facebook has taken its first step in the blockchain space. Cheddar had also discovered that the process of recruiting the team for this purpose was from a small blockchain startup that had been set up by the researchers from University College London named Chainspace. These researchers had built a “smart contracts” system which would guide transactions, services through blockchain technology. This team was selected with the help of a big movement known as ACQUI-HIRE that had taken place in Silicon Valley. The chainspace website describes its project as:

“A planetary-scale smart contracts platform” that uses a “distributed web of blockchains for reliability, speed, and privacy.”

A banner at the top of the Chainspace website reads:

“We’re excited to announce that the team is moving on to something new. Chainspace code and documentation will still be open source, and all previously published academic work remains available.”

The Chainspace mainly comprises of a white paper that gives a synopsis of the academic and the technical information related to the project, and they wanted to build a: “distributed ledger platform for high-integrity and transparent processing of transactions within a decentralized system.”

Five researchers had been behind the Chainspace’s white paper out of which 4 are going to be part of the Facebook blockchain group. After Facebook has employed most of this startup’s staff, the company had decided to shut down. One of Facebook’s delegates had confirmed that the hiring process had been completed, but the wages for each are not still disclosed. He had also added that Facebook would not use up any of Chainspace’s technology, and also quoted, “Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.”

It has also been discovered that Facebook has wanted to create its cryptocurrency which Bloomberg had recently reported that it would be taking a form of the stable coin that is backed up fiat currency in WhatsApp.

Facebook is also willing to hire other teams behind the nascent cryptocurrency. This will let the user perform many money-related transactions etc. on WhatsApp itself. Facebook CEO, Mark Zuckerberg, claimed to research cryptocurrencies as one of his challenges for 2018.

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