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Facebook hires Chainspace team; confirms great interest in Blockchain

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It has been revealed that Facebook is secretly planning to make a big move into the blockchain industry. They plan to achieve this by hiring the research team of Chainspace (a blockchain platform). The source revealed that five of the team’s key members have been appointed by Facebook to work on a blockchain project for the company.


A Facebook spokesperson, Cheddar agreed to the fact that the Chainspace staff was hired but claimed that Facebook will not be adopting any of its technology. He said:


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.


Last year, it was reported that Facebook was making efforts to launch a stablecoin that will work with Whatsapp. However, we are yet to know why Facebook is hiring the Chainspace staff at a time they were working on an effective distribution platform for carrying out fast and transparent transactions like smart contracts on the blockchain and exploring other blockchain applications like polling.


First, Facebook acquired Whatsapp to widen its scope, and now it is venturing in blockchain as most businesses now make use of the technology to carry out their operations. Facebook saw the need to upgrade so as to stay in business, because blockchain companies like Tron have decided to take over the internet from those ruling it. The company might add to its already acquired 40-man team of blockchain experts to work on its blockchain section, by acquiring more blockchain companies. The report says Facebook held talks with Algorand (a blockchain payments company) to probably acquire it but the deal failed to happen.


It is obvious the blockchain industry is taking over the whole world in all areas. So therefore, it is not surprising that internet big guns like Facebook are seriously pursuing the technology as what seems like a great technology few years back will be obsolete within a short time. The big question we need to ask is: What is Facebook really up to and which blockchain startup is to be “aqui hired” next?


Edited by wilslaw

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