Silvergate Capital purchased Diem’s tech assets for $182 million earlier this year, ending the grandiose ambition of Facebook to create a blockchain payments network.
It was clear that Meta (Facebook) is not yet able to take part in the key blockchain community players due to a lack of regulatory approvals.
Ex-Meta employees are now using the open-source Diem Blockchain to realize their dream of creating a distributed network capable of supporting billions. The initial goal is to provide services to large corporations.
Blockchain System for Aptos
Aptos was founded in December by former Facebook employees. It has received unicorn funds from Andreessen Horowitz as well as other web3 prominent investors.
Mo Shaikh, Aptos CEO, stated in a blog post that:
“We are the founders, researchers, designers, and builders of Diem, the first blockchain developed for this purpose… while the rest of the world never saw what we produced, our job is far from done.”
Aptos revealed it had secured $200 Million in financing to develop a blockchain scalability platform with the participation of Tiger Global, Katie Haun and 3 Arrows Capital.
Silvergate Capital is another notable investor in the first round, while the Aptos team insists that they would not license or use any of Silvergate’s Diem IP as they build up their blockchain.
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Apptos Layer 1
Aptos will use Layer 1 technology to build its blockchain.
Along with the investment announcement, Aptos announced the official launch of its “devnet,” which will enable developers to explore and build on the Aptos blockchain before a public release, which the team believes will occur in Q3 of 2022.
Aptos’ goal is to create a more scalable blockchain with faster transactions and lower fees than today’s mainstream networks. Aptos’ creators aim to make blockchain technology more reliable and predictably available for corporations.
Facebook has no direct connection
Andreessen Horowitz, Diem supporter may rally behind a team that tries to do what Facebook tried to do with Libra and Diem. However, many in the crypto world remain skeptical of accomplishing the web3 vision imagined by Facebook.
“To be clear, we have no official connection with Facebook and no funding from them,” Shaikh said.
Meanwhile, another challenge/opportunity that Aptos faces is how soon it can recruit developers. Move, an open source programming language that Meta created for developers, is the company’s strategy to draw in new talent.
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Featured Image from SiliconANGLE. Chart by TradingView.com
