The masterminds behind Meta’s former Diem project have revealed plans to launch the blockchain network as a separate protocol with support for other web3 solutions. Additionally, the announcement includes a name change to Aptos.
Former Diem developers to relaunch protocol
Some members of the now-defunct blockchain project Diem have banded together and 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 release, the new team called Aptos Labs has brought together experts including original creators, researchers, designers and builders of Diem. The effort is geared towards creating a new independent project focused on providing the most secure, production-ready Layer 1 blockchain protocol in the world.
Additionally, the team said it leveraged the original thesis from the Libra white paper to build its revamped decentralized network.
Additionally, Aptos is led by Avery Ching and Mo Shaikh, who previously worked on building Meta’s Novi digital wallet. Ching is also considered a co-creator of the Byzantine Fault Tolerance (BFT) consensus protocol deployed on the Diem blockchain. BFT ensures that complex computer systems continue to function even if some components break.
Regarding the reason behind the relaunch of the project, Shaikh highlighted that Facebook’s initial idea was to deliver a secure, scalable, credible and neutral solution accessible by billions of users. While pressure from regulators prompted the social media giant to shut down the project, Shaikh opined that the vision behind Diem was not over.
An excerpt from the blog post authored by Sheikh reads:
“We’ve had the luxury of thinking through these issues alongside some of the most brilliant engineers in the world for years. Since we left Meta (formerly Facebook), we’ve been able to put our ideas into practice, ditch the bureaucracy and build a whole new network from scratch that brings them to fruition.”
Aptos also plans to secure $200 million in funding from major venture capital firm Andreessen Horowitz, along with a series of cryptocurrency investments from industry stakeholders.
Regulatory Pressure Force Settlement of Pounds
CryptoPotato reported that Libra was originally created as a global payment method by Morgan Beller, David Marcus and Kevin Weil in June 2019. The digital asset project was also supported 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 have expressed concerns that the virtual asset could circumvent established anti-money laundering systems. The project was eventually renamed “Diem” in December 2020, but the move has done little to stem mounting pressure from financial watchdogs.
In late December 2021, Marcus stepped down as project leader after several failed attempts to receive regulatory approval and licensing. A few weeks later, Facebook, now renamed Meta, announced the decision to sell assets of the Diem project and return capital to investors.
Silvergate Capital Corporation acquired the intellectual property and other associated technologies for the project in a massive $180 million deal.
SPECIAL OFFER (sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off Binance Futures fees for the first month (terms).
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to receive up to $7,000 on your deposits.