The brains behind Meta’s former Diem project have unveiled plans to launch the blockchain network as a separate protocol with support for other Web3 solutions. Plus, the announcement includes a name change to Aptos.
Former Diem Developers To Relaunch Protocol
Some members of the now-defunct Diem blockchain project have together announced plans to proceed with the development and deployment of the network. The news was shared via a Medium blog post published on Thursday (February 24, 2022).
According to the statement, the new team, called Aptos Labs, has gathered experts including the original creators, researchers, designers and builders of the dime. Efforts have been made towards creating a new, independent project focused on delivering the most secure and most production-ready Layer 1 blockchain protocol in the world.
Furthermore, the team said that it had leveraged the original thesis from Libra’s white paper to build its modified decentralized network.
In addition, Aptos is led by Avery Ching and Mo Sheik, who previously worked on the creation of Meta’s Novi digital wallet. Ching is also considered a co-creator of the Byzantine Fault Tolerance (BFT) consensus protocol deployed on the DIAM blockchain. BFT ensures that complex computer systems continue to function even when certain components break down.
Regarding the motive behind relaunching the project, Shaikh highlighted that Facebook’s initial idea was to provide a secure, scalable and reliably neutral solution for billions of users. Although pressure from regulators eventually led the social media giant to shut down the project, Shaikh said the vision behind Diem is not over.
An excerpt from the blog post written by Shaikh reads:
“We have had the luxury of thinking about these problems with some of the world’s most talented engineers over the years. Since leaving Meta (formerly Facebook) we have been able to speed up our ideas, do away with bureaucratic red tape, and get one off the ground. are able to create an entirely new network that brings them to fruition.
Aptos reportedly plans to secure $200 million in funding from leading venture capital firm Andreessen Horowitz and a host of crypto investments from industry stakeholders.
Regulator Pressure Force Bent Sold
cryptopotato reported that Libra was originally created as a global payment method in June 2019 by Morgan Baylor, David Marcus, and Kevin Weil. The digital asset project was also backed by Facebook and received support from major financial service providers such as PayPal, eBay, Visa. and MasterCard, to name a few.
However, regulators in the US and across Europe expressed concerns that virtual assets could bypass established anti-money laundering systems. The project was eventually rebranded as “Diem” in December 2020, but the move did little to ease mounting pressure from financial watchdogs.
Later in December 2021, Marcus stepped down as project lead after several unsuccessful attempts to obtain approval and licenses from regulators. A few weeks later, Facebook, now renamed Meta, announced its decision to sell assets from the Diem project and return the capital to investors.
Silvergate Capital Corporation acquired the intellectual property and other associated technology from the project in a massive $180 million deal.
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