Diem’s Team Launches Aptos, a New Blockchain Project

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Meta’s previous Diem project’s brains have revealed intentions to establish a blockchain network as a distinct protocol with compatibility for various web3 solutions. The company will now be known as Aptos, according to the release.

Protocol to be Relaunched by Former Diem Developers

Some now-defunct Diem blockchain project participants have banded together and stated intentions to continue developing and deploying the network. On Thursday, the news was announced in a Medium blog post.

As per the announcement, Aptos Labs has put together a team of professionals, including Diem’s original developers, researchers, designers, and constructors. The goal is to create a new, independent project dedicated to developing the world’s safest and most production-ready layer 1 blockchain technology.

The company also said that it had built its updated decentralized network using the original premise from Libra’s white paper.

Aptos is also helmed by Avery Ching and Mo Shaikh, who previously collaborated on developing Meta’s Novi digital wallet. Ching is also credited with co-developing the Diem blockchain’s Byzantine Fault Tolerance (BFT) consensus system. BFT assures that sophisticated computer systems continue to work even if a few components fail.

Shaikh said that the goal of relaunching the project was to provide a secure, scalable, and genuinely neutral system available to billions of people. Although the project was subsequently stopped down due to regulatory pressure, Shaikh believes the Diem idea is still alive.

We have had the luxury of thinking about these problems alongside some of the brightest engineers in the world for years. Since departing Meta (formerly Facebook) we have been able to put our ideas into motion, ditch bureaucratic red tape, and build an entirely new network from the ground up that brings them to fruition,” Sheikh writes in his blog post. 

Aptos also expects to raise $200 million from Andreessen Horowitz, a large venture capital company, as well as a slew of crypto investments from industry players.

Forces of Regulatory Led to a Libra sell-off

Morgan Beller, David Marcus, and Kevin Weil launched Libra as a worldwide payment mechanism in June 2019, according to CryptoPotato. Facebook funded the digital asset initiative, which also received backing from prominent financial service companies like PayPal, eBay, Visa, and MasterCard, to mention a few.

However, authorities in the United States and Europe are concerned that the virtual asset may be used to avoid existing anti-money laundering measures. In December 2020, the project was renamed “Diem,” but the change did nothing to alleviate rising criticism from financial watchdogs.

Marcus resigned as project leader in December 2021 following numerous unsuccessful efforts to get regulatory permission and license. A few weeks later, Facebook, renamed Meta, stated that it had decided to sell assets from the Diem project and repay funds to investors.

In a $180 million agreement, Silvergate Capital Corporation bought the project’s intellectual property and other related technologies.

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