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Facebook ventures deeper into blockchain and cryptocurrency space with a new talent acquisition from Chainspace

Priya

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Social media giant, Facebook ventures deeper into blockchain and cryptocurrency space with a new talent acquisition
Source: Unsplash

Facebook, the biggest social media and social networking firm, has been in the limelight in both the Silicon Valley and the cryptocurrency space. The tech firm has been under the scrutiny of regulators and the public ever since the news of Cambridge Analytics scandal broke out. Despite the negative fame, the social media giant has been in the cryptocurrency space for news pertaining to their curiosity over blockchain technology and cryptocurrency.

The tech firm is back in the hotspot because of its latest stunt involving a cryptocurrency firm. Reports by Cheddar suggests that Facebook has acquired the majority of the staff of Chainspace, a smart contract platform that focuses on scaling smart contracts for payments, mainly improve transactions speed with the implementation of blockchain technology.

In addition, it is reported that the blockchain space will be shutting down its operations for good and that the team would be joining Facebook’s blockchain group. The official website of Chainspace states that the team is “moving on to something new” and that the project will continue to be open-source. The team has also stated that all the previous research and academic work will be available to the people in the community.

Cheddar has reported that Chainspace’s four academic white paper researchers will be joining the social media giant. To add on, two of the researchers have already updated their profile on LinkedIn, which is currently noted to be Blockchain Researchers at Facebook, London. The two researchers are identified to be Alberto Sonnino and George Danezis. With all these recent additions, the tech firm could make use of the new disruptive technology in all their services and not just limit to payment solutions.

Person15389, a Redditor, said:

“There is your mass adopted coin…from a few dudes at a university….clearly huge gains for your ___, coin when that comes out in about 2 years. Zucker and his shareholders will get all the profits. Banks will probably emulate this too or buy it off zuck or pay to use the technology once complete. Zuck and the banks make billions. You and most current crypto holders get….possibly nothing. (Maybe minimal gains from the 5% who like to use a flip phone instead of the name brands.).”

Hansoncl, another Redditor, said:

“They literally bought the company, don’t plan on using the tech, and are just hiring on the employees for their own project”

Recently, news erupted that the firm will be launching its own cryptocurrency with the main functional ground of the currency being noted as WhatsApp in India. The initial news pertaining to cryptocurrency launch by the social media giant made its rounds in the space earlier last year.

According to reports, Facebook appointed David Marcus, the vice-president of Facebook Messenger, as the person in charge of a new team that would be looking into the potential use of blockchain technology and its best way to leverage the technology across the platform.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021

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Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”





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