**Decentralised ChainSpace caught the eye of EU-fined Facebook**
Less than six months after the acquisition of ChainSpace by Facebook, the social media giant unveiled its plan for its cryptocurrency, Libra coin. The heads behind ChainSpace – George Danezis, Shehar Bano, and Alberto Sonnino – were all credited as co-authors of the main technical white paper, suggesting that Facebook’s move was primarily an “acqui-hire”.
Facebook’s interest in ChainSpace was reportedly driven by its desire to snag the startup’s staff members, seen as having valuable and relatively rare profiles, with a combination of blockchain-developing experience and a solid academic background.
**Blockchain grandees dissect Facebook’s cryptocurrency**
Facebook’s unveiling of Libra ignited discussions among blockchain grandees on Twitter, some describing the project as centralised, contrasting to ChainSpace’s decentralised, leaderless blockchain technology. It further raised questions around the absence of ChainSpace’s technology from Libra’s blueprint, indicative of its contrasting nature to ChainSpace’s approach.
The introduction of Libra transactions being processed by a select group of “validators”, currently comprising members of the Libra Association including major companies like Facebook, Uber, and eBay, added another layer of complexity to discussions around the overarching decentralisation ambition described in Libra’s objective.
**Chainspace’s pro-privacy tools and its hopeful reincarnation**
Though ChainSpace’s technology seemed to be overshadowed by Libra’s unveiling, there remains a glimmer of hope for its pro-privacy tools to be incorporated in the future, echoing the rationale for Decode—an EU initiative supported by ChainSpace for increasing European citizens’ control over personal data. Furthermore, Nym Technologies is looking to build on the Coconut privacy protocol developed by ChainSpace to establish a blockchain-powered platform for anonymous cryptocurrency payments, messaging, and web navigation.
**Danezis: From ChainSpace to Nym Technologies**
George Danezis, an instrumental figure behind ChainSpace, is steering Nym Technologies today after turning down Facebook’s offer. This progression from ChainSpace to Nym Technologies, according to CEO Harry Halpin, holds fundamental significance, with both companies recognized as the results of George Danezis’s visionary work.
The legacy of ChainSpace’s contribution to the world of blockchain and decentralisation will apparently continue to be upheld by Nym Technologies, leaving behind questions about Facebook’s true recognition of Danezis’s genius.
