**Facebook Acquires Blockchain Startup Chainspace**
Facebook made headlines this week with its detailed plan for the Libra coin cryptocurrency, but less than six months ago the tech giant acquired a small blockchain startup called Chainspace. The move raised eyebrows in the tech community, with many speculating on the reasons behind the acquisition.
**Impressive Technology and Staff**
Early investor Lior Messika of VC company Eden Block was impressed by Chainspace’s pioneering approach to state sharding across a trustless network. The startup also received support from Decode, an EU initiative focused on increasing European citizens’ control over their personal data.
According to industry sources, the primary motivation behind Facebook’s acquisition of Chainspace was to acquire the startup’s valuable team members, who had experience in developing scalable systems and a solid academic background.
**Libra Plans and Chainspace’s Absence**
When Facebook unveiled its plans for the Libra coin, it became evident that Chainspace’s technology was not included in the blueprint. While the startup’s team members were listed as coauthors of the technical white paper, their technology was conspicuously absent from the proposal.
The absence of Chainspace’s technology from Libra’s blueprint was consistent with the fact that the startup had developed technology for decentralized, leaderless blockchains, while Libra has been described as a centralized, managed project. Despite the white paper’s wording, it became clear that the two entities were on different paths.
**The Future of Chainspace’s Technology**
Speculation abounds regarding the fate of Chainspace’s technology. Some experts believe that the startup’s pro-privacy, pro-decentralisation tools could be introduced as Libra opens up its membership over the next five years. However, with US regulators urging Facebook to halt the development of Libra while they investigate its potential impact, the future remains uncertain.
**Chainspace Lives On**
Despite its acquisition by Facebook, elements of Chainspace technology are living on in another startup. Nym Technologies is building on the Coconut privacy protocol to create a blockchain-powered platform for anonymous cryptocurrency payments, messaging, and web navigation. This project was spawned from Panoramix, another EU initiative, and has seen Chainspace co-founder Dave Hrycyszyn join as its CTO.
**Ongoing Commitment to Privacy**
Nym Technologies CEO Harry Halpin, also a Panoramix veteran, expressed the company’s commitment to carry on the legacy of Chainspace’s work on privacy. He mentioned that both Nym Technologies and Chainspace are the products of the genius of George Danezis, emphasizing that they are still dedicated to upholding the legacy of his work.
As the tech landscape continues to evolve, the impact of Chainspace’s technology and its team members continues to resonate in the industry. The future holds both challenges and opportunities for the ongoing development and implementation of blockchain technology.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.
