Facebook buys Chainspace


Smart contracts to review the blockchain payment management system. This could be one of the objectives of the acquisition of Chainspace, a London startup by Facebook. This is the first major acquisition related to the blockchain of the company led by Mark Zuckerberg.

Chainspace was creating a system of decentralized “smart contracts” aimed at facilitating and speeding up payment systems and other services through blockchain technology. The news also reports that among the objectives of the operation there is also the desire to acquire talents and skills in the blockchain field. In any case, it is a sign of Facebook’s ambition to be a great actor in the nascent blockchain industry.

The whitepaper that describes Chainspace’s activities speaks of a “distributed payment accounting platform that allows transactions to be managed within a decentralized system”. A goal that also aims to improve the speed of transactions based on blockchain, in order to make it more “competitive” compared to traditional payment cards of international cards.

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