Facebook Appropriates Chainspace Development Team to Further Blockchain Ambitions

Facebook Appropriates Chainspace Development Team to Further Blockchain Ambitions

According to news source Cheddar, Facebook has acquired the majority of the team behind Chainspace to explore new ways to leverage the power of blockchain technology and its various applications.

Four of the five original members of Chainspace, which was founded by researchers from University College London, are said to have joined Facebook’s blockchain division.

Social Media Cross-Border Payments

As reported last year, Facebook appears to have its sights set on developing a cross-border payment mechanism that would bypass the fees of established payment processors, and this also aligns with Chainspace’s intention of creating a “platform for high-integrity and transparent processing of transactions within a decentralised system.”

Some of the stated goals of the original Chainspace project were to facilitate peer-to-peer payments and enhance the speed, privacy and scalability of the transactions through the use of sharded smart contracts.

If successful, integrating such a system would allow Facebook and/or Whatsapp users to send and receive blockchain-based payments without needing any knowledge of the underlying technology or even cryptocurrency itself.

Official confirmation of the staff hire has yet to be released by Facebook but the Chainspace website states that they are “excited to announce the team is moving onto something new” and the LinkedIn profiles of key team members have been updated.