It looks like Facebook will continue to make noise in the blockchain industry. The Information reports that, according to their sources, the social media giant is still considering multiple acquisitions in the sector.
Their reporting has revealed that Facebook has spoken with at least a dozen blockchain startups since they began investigating the technology. They may still spend tens of millions of dollars to acquire companies and talent.
The companies that we have a good idea that Facebook is co nsidering would all help with their effort to integrate a stablecoin payment system. They allegedly spoke to Basis, a stablecoin project shortly after their December shutdown. They also reportedly spoke with Algorand, a company working on scalable blockchains, and Keybase, an encrypted messaging app that already provides support for Bitcoin Core (BTC) and Zcash.
Each of these companies would contribute a key role in Facebook’s plan to roll out a stablecoin, for user to user transactions, for WhatsApp India.
Much like Facebook’s recent “acqui-hire” of the Chainspace team, one investor claims that Facebook is not seemingly interested in buying the work of these companies, but rather to bring on the employees, to help bolster their own blockchain effort.
Facebook executives have apparently said that they rather build their blockchain in house rather than turn to an existing blockchain, because they fear existing technology is unable to scale to the needs of their billions of users. This demonstrates an ignorance of the Bitcoin SV (BSV) blockchain, which has already proven it can scale massively on chain.
In January, BSV proved that it can both reach 103MB blocks, and also sustain 64MB blocks for a period of 24 hours. The bComm Association has also made their plans clear to scale to 1GB blocks sometime this year, and who knows how much potential there is beyond that?
Facebook’s scaling needs are indeed massive, but BSV is already proving capable to the task. As it piles on more evidence of its ability to meet the needs of big businesses, expect BSV to be the only serious option for enterprise applications.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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