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Reportedly, Facebook Makes Its First Blockchain Acquisition With Chainspace

Chainspace

According to the startup’s website, it was founded by researchers from University College London and the firm is currently working on blockchain scalability problems, notably by applying sharding to smart contracts.

Sharding is basically, employing parallel processing power of multiple networked machines that split up the workload of verifying transactions. The “shards,” divides the networks into smaller sections, where each runs a smaller-scale consensus protocol. Such a network is capable of processing hundreds of transactions per second per shard, when processing in parallel. This would dramatically increase the scalability of blockchain-based processes.

Facebook on the Blockchain front 

If we go by the listing for new blockchain-related jobs on its careers page, Facebook has been on a recruiting spree for its blockchain arm for a while now.  It was reported that the social media giant is planning to a cryptocurrency for Whatsapp transfers, that will particularly target the Indian Markets for starters.

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