Facebook, the biggest social media and social networking firm, has been in the limelight in both the Silicon Valley and the cryptocurrency space. The tech firm has been under the scrutiny of regulators and the public ever since the news of Cambridge Analytics scandal broke out. Despite the negative fame, the social media giant has been in the cryptocurrency space for news pertaining to their curiosity over blockchain technology and cryptocurrency.
The tech firm is back in the hotspot because of its latest stunt involving a cryptocurrency firm. Reports by Cheddar suggests that Facebook has acquired the majority of the staff of Chainspace, a smart contract platform that focuses on scaling smart contracts for payments, mainly improve transactions speed with the implementation of blockchain technology.
In addition, it is reported that the blockchain space will be shutting down its operations for good and that the team would be joining Facebook’s blockchain group. The official website of Chainspace states that the team is “moving on to something new” and that the project will continue to be open-source. The team has also stated that all the previous research and academic work will be available to the people in the community.
Cheddar has reported that Chainspace’s four academic white paper researchers will be joining the social media giant. To add on, two of the researchers have already updated their profile on LinkedIn, which is currently noted to be Blockchain Researchers at Facebook, London. The two researchers are identified to be Alberto Sonnino and George Danezis. With all these recent additions, the tech firm could make use of the new disruptive technology in all their services and not just limit to payment solutions.
Person15389, a Redditor, said:
“There is your mass adopted coin…from a few dudes at a university….clearly huge gains for your ___, coin when that comes out in about 2 years. Zucker and his shareholders will get all the profits. Banks will probably emulate this too or buy it off zuck or pay to use the technology once complete. Zuck and the banks make billions. You and most current crypto holders get….possibly nothing. (Maybe minimal gains from the 5% who like to use a flip phone instead of the name brands.).”
Hansoncl, another Redditor, said:
“They literally bought the company, don’t plan on using the tech, and are just hiring on the employees for their own project”
Recently, news erupted that the firm will be launching its own cryptocurrency with the main functional ground of the currency being noted as WhatsApp in India. The initial news pertaining to cryptocurrency launch by the social media giant made its rounds in the space earlier last year.
According to reports, Facebook appointed David Marcus, the vice-president of Facebook Messenger, as the person in charge of a new team that would be looking into the potential use of blockchain technology and its best way to leverage the technology across the platform.