Facebook steps up its blockchain efforts with startup hires

posted 4 months ago
Social media giant Facebook is growing its blockchain efforts by hiring staffers from Chainspace, the startup behind a smart contracts platform. The news of the hires demonstrates that the social media company is moving ahead with its new, dedicated blockchain unit.

According to its website, Chainspace uses sharding – the process of breaking a database into smaller units – to alleviate the scaling problems faced by blockchain networks. The startup itself, or its technology, weren’t acquired, but some of its staffers had joined Facebook’s internal blockchain group. Facebook said in a statement “Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology.”
Tags: blockchain, news