Facebook Acquires Blockchain Startup Chainspace

By Author: James
Total Articles: 13
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Facebook has acquired London-headquartered blockchain-based startup Chainspace due to the extremely skilled and professional staff of this company and the products and service the company provides.

As per the website of Chainspace, the company delivers on modern expectations of processing power. While early versions of blockchain startups have suffered from the shortcomings of youth, several tech companies in the present are planning to address intrinsic shortcomings in the earlier versions of the blockchain technology and Chainspace is one of the companies. Now, Chainspace will do the work for the social media behemoth.

According to the people associated with Facebook, the company has not acquired Chainspace’s technology but it has only hired new researchers from the blockchain tech start-up.

People supporting blockchains assert that the current times blockchain technology is a massive hit because of excellent security it has dependable capabilities it promises for processing transactions. However, it is bit difficult to compare the contemporary blockchain technology.

The current day status about ...
... the number transactions per second (tps) on the Bitcoin network varies in the range between 2 to 18, whereas PayPal is capable to get near about 115 transactions per second and the Visa is able to fetch nearly 2000 transactions per second (tps).

Sharding actually works for blockchain technology through parallel processing power via machines, which are multiple networked and are able to split up the huge task load of doing the verification of each and every transaction.

The process is able to divide the traffic into smaller networks known as Shards. Moreover, each of the smaller sections is able to run the micro scale consensus protocol.

These networks, when being processed in parallel, have the potential to handle several hundreds of transactions each second per shard. This has the power to suddenly enhance the scalability of any blockchain-based process.