News Facebook Hires Chainspace Team In Blockchain Push

Facebook Hires Chainspace Team In Blockchain Push


- Advertisment -

Facebook is making a big push into blockchain technology with some new hires, according to reports.

The company recently hired four people who were instrumental in the blockchain startup Chainspace, and has also been investing a lot of money and resources in the technology.

Chainspace is a “planetary scale smart contracts platform,” according to its website, and in a note, it said that its team was “moving on to something new.”

“Chainspace code and documentation will still be open source, and all previously published academic work remains available,” the note said.

Chainspace’s August 2017 whitepaper, which summarized the details behind the endeavor, said the team wanted to build a “distributed ledger platform for high-integrity and transparent processing of transactions within a decentralized system.”

The hires include Chainspace Co-founder George Danezis, who now lists his job as a blockchain researcher at Facebook, and Co-founders Shehar Bano and Alberto Sonnino.

Chainspace was in the early stages of development, and was in the process of raising between $2.5 and $3 million in seed funding, when the team got snatched up by Facebook. Previous backers of the company included Lemniscap, MW Partners and KR1.

Facebook, for its part, has been open about its desire to delve into blockchain technology. In May of 2018, David Marcus, the former lead on Messenger, said he was joining a new group “to explore how to best leverage blockchain across Facebook, starting from scratch.” That team, according to reports, is the one that the former Chainspace founders are joining.

In December of 2018, it was reported that Facebook was working on its own cryptocurrency to enable WhatsApp users to send and get money.

“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,” Facebook said to the reporting publication.



Please enter your comment!
Please enter your name here

Latest news

What’s the future of decentralized blockchains?

When Bitcoin was new and not valued at anything or just a few cents anyone could join...

My 5 favorite free crypto tools & sites I use daily

So I often get asked by friends, or people visiting my site about new tips for exciting...

Cryptocurrency is The Last Kingdom Where You Can Keep Your Data Private

Data privacy has been a hot topic for quite some time now and particularly after the popularity...

How To Travel With Bitcoin: 9 Travel Companies Accepting Bitcoin

Bitcoin travel is a reality, as several travel companies now accept payments in cryptocurrencies for their services.
- Advertisement -Facebook Hires Chainspace Team In Blockchain Push

Top 5 Ways To Build a Profitable Business in The Crypto Sector

The crypto industry has grown significantly despite criticism and a skeptical approach from regulators across the globe....

These 8 Cryptocurrencies Will Survive the Next Decade

Cryptocurrency is the future, we all have reasons to believe it. But are people ready...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you