From one dream to another – Diem may have bowed out, but former Meta employees who worked on the project have not turned their backs on the blockchain. They are working on another equally ambitious project, which has just obtained significant financial support.
A fundraising that weighed 200 million dollars
Former Meta employees created the startup Aptos which wants create a more scalable blockchain, faster, and with lower fees. Aptos CTO Avery Ching discussed in an interview with Techcrunch, the shortcomings of current blockchains which “simply aren’t as reliable as existing financial ramps.” In particular, he points to the “problems of downtime and outages that last for hours”.
To achieve its ambitions, Aptos has announced the raising of 200 million dollars from renowned venture capital firms such as Tiger Global, Katie Haun, Multicoin Capital, 3 Arrows Capital, FTX Ventures, and Coinbase Ventures.
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The Aptos blockchain, planned for the end of 2022
The Aptos blockchain will be a layer 1 network, not based on existing blockchains like Ethereum (ETH) or Solana (SOL). Aptos also announced the launch of its “devnet”. The latter will allow developers to conduct experiments on the company’s blockchain before its general public launch, which is scheduled for the third quarter of 2022.
Aptos would work with well-known companies in the cryptosphere such as Anchorage, Binance, or even Coinbase, which comment and contribute to the code of the devnet.
One of the major challenges of Aptos is now to attract developers to develop its ecosystem. The company relies in part for this on the use of the open-source programming language Move developed by Meta.
However, Aptos CEO Mo Shaikh made it clear the absence of any “formal relationship with Facebook”which would not have made any investment in the company.
Will Aptos succeed in really meeting the scalability challenge with its blockchain, which we hope will not be a stillborn project like Diem? The team’s speeches are optimistic, and the added value of this future blockchain, which is supposed to be scalable, is attractive on paper. Some observers believe, however, that yet another layer 1 is not the solution to the scaling problems encountered by current blockchains.
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