The team behind Facebook Diem announces a new blockchain project called “Aptos”

The team behind Facebook Diem announces a new blockchain project called “Aptos”

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Answer The team behind Facebook Diem announces a new blockchain project called “Aptos”

The minds behind Diem, a previous project of Meta, have revealed plans to launch a blockchain network as a separate protocol from the company with support for other Web 3.0 solutions.

The ad includes a name change to “Aptos”.

Previous Diem developers reboot the protocol:

Some members of the now-defunct Blockchain project “Diem” have collaborated and announced plans to move forward with the development and deployment of the network.

The news was shared via a blog post on “medium” published on Thursday (February 24, 2022).

According to the blog, the new team called Aptos Labs has brought together experts, including researchers, designers and Diem builders.

Read:Facebook in its letter to the US Senate: Libra will respect privacy

The effort is heading towards creating a new, independent project focused on introducing the world’s most secure and production-ready Layer 1 blockchain protocol.

Also, the team said it leveraged the original thesis from Libra’s white paper to build its new decentralized network.

In terms of the motivation behind the project’s relaunch, the team explained that Facebook’s initial idea was to provide a secure, scalable, and trusted neutral solution that could be accessed by billions of users.

Although regulatory pressure eventually led to the social media giant shutting down the project, the vision behind Diem is far from over.

The publication also stated:

We have had the luxury of thinking about these problems along with some of the world’s brightest engineers for years.

Since leaving Meta (formerly Facebook) we’ve been able to put our ideas into action, ditch bureaucratic red tape, and build an entirely new network from the ground up that makes it work.

The Aptos project is also reportedly planning to secure $200 million in funding from major venture capital firm Andreessen Horowitz along with a pool of crypto investments from industry stakeholders.

Read:Deutsche Bank: Investors Prefer Bitcoin To Gold As An Inflation Hedge

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