Former Diem developers working on their own blockchain project

Aptos will be designed with an emphasis on “absolute safety, extensible scalability, and credible neutrality”

25.02.2022 - 12:15

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Aptos will be designed with an emphasis on “absolute safety, extensible scalability, and credible neutrality.”

What’s new? A team of former Diem developers for Meta has announced the creation of a new blockchain network, Aptos. The new project uses old developments for Facebook’s unrealized blockchain. The Aptos team is led by Novi wallet developer Avery Ching and former strategy director of ConsenSys. The network is scheduled to be launched in late 2022.

Aptos’s announcement

What are the details of the project? Meta had previously decided to sell its blockchain project Diem, but the developers were not about to stop there. Despite recognizing that Aptos is being built using Diem’s stablecoin system, the announcement stresses that the protocol is a new and independent project developed from scratch.

“Aptos was designed with an emphasis on absolute safety, extensible scalability, and credible neutrality — values that we know firsthand and viscerally understand.”

The team aims to raise $200 million of investments at a valuation of $2 billion and they have already been backed by Andreessen Horowitz (a16z).

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