Researchers from London College founded the startup Chainspace. The project quickly became popular and attracted the attention of one of the largest social networks in the world. Facebook has acquired its first blockchain project.
The essence of a startup is to develop a payment system based on smart contracts. This is a progressive and promising technology. Apparently, that’s why it attracted the attention of Facebook representatives.
The project advantages are in many ways similar to the functionality of ATB Coin. We also offer to make payments all over the world and carry out decentralized activities.
There are also the following advantages in ATB Coin:
High transaction processing speed;
Increased block size and reduced commissions.
As for Chainspace, the project has a narrower specialization, as it focuses on finances. Fb just had a lack of such a unit.
The developers of the messenger are not good in blockchain technologies, so four of the five creators of the startup switched to the blockchain group specially organized for Facebook.
The hiring of employees was officially confirmed on the messenger page. The press release says the following:
“We plan to use the blockchain, however, we are not yet ready to purchase the ready-made Chainspace’s startup technology.”
It is likely that considering the developments of this project, Fb will create something more unique and suitable for the corporate style of the company. And the developers will go on doing something new and interesting.
The amount of the transaction was not disclosed, but it is known that in the process of primary financing, creators planned to raise $4 million in order to continue working on their project.