Facebook Grows Its Blockchain Efforts with New Hires

Social media tycoon Facebook is beefing up its blockchain efforts by hiring key people from the startup behind a smart contracts platform, Chainspace.

The news surfaced the Internet with reports coming from Cheddar. This reveals that the social media giant is moving forward with its blockchain goals, which were first announced last May with the establishment of a dedicated blockchain unit.

Chainspace’s researchers may well fit Facebook’s needs to scale blockchain across a range of applications. Chainspace’s website states that it uses sharding to ease dilemmas faced by blockchain networks. Sharding refers to the process of breaking down database into smaller units.

According to Cheddar, four out of the five researchers behind the academic research on which Chainspace is built will join Facebook. A spokesperson from Facebook confirmed that new staffers had joined the internal Blockchain group and that the company did not acquire the startup itself.

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” the company said in a statement. “This new small team is exploring many different applications. We don’t have anything further to share.”

Facebook’s career site states that the social media mogul is presently hiring for 11 professionals to fill up blockchain roles. The job description reads: 

“Our ultimate goal is to help billions of people with access to things they don’t have now – that could be things like healthcare, equitable financial services, or new ways to save or share information.”

On the other hand, Chainspace currently maintains 11 staffers and four advisors, according to its team’s page. Its website reacts to Monday’s news with a banner that reads: “We’re excited to announce that the team is moving on to something new.”