Home News Blockchain Facebook Reportedly Hires Team Behind Blockchain Company ChainSpace

Facebook Reportedly Hires Team Behind Blockchain Company ChainSpace

February 05, 2019 15:56
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After nearly a year since social media giant Facebook dropped the big news about moving into blockchain space, the company has taken baby steps towards the same.

On Tuesday, Facebook moved to hire the team behind blockchain company ChainSpace which is  a small blockchain startup founded by researchers from University College London, reported news portal Cheddar. The portal noted that Chainspace was building a decentralized “smart contracts” system that could facilitate payments and other services through blockchain technology.

As earlier reported by Crypto-News India, David Marcus, a top-level executive at Facebook was moved to head a new unit within Facebook that is focused on Blockchain. In January 2018, Mark Zuckerburg, the founder of the social media giant had said, “One of the most interesting questions in technology right now is about centralization vs decentralization. A lot of us got into technology because we believe it can be a decentralizing force that puts more power in people’s hands. (The first four words of Facebook’s mission have always been “give people the power”.)

He had added, “Back in the 1990s and 2000s, most people believed technology would be a decentralizing force. But today, many people have lost faith in that promise. With the rise of a small number of big tech companies — and governments using technology to watch their citizens — many people now believe technology only centralizes power rather than decentralizes it. There are important counter-trends to this –like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”

According to certain people familiar with the matter, four of the five researchers behind Chainspace’s academic white paper are joining Facebook’s blockchain group. Two of the authors,  Alberto Sonnino and George Danezis, have already updated their LinkedIn profiles to state that they are working at Facebook.

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