The blockchain launched by a Meta employee raises $150 million

Meta Platforms Inc (formerly “Facebook Inc”) had a turbulent time when it announced that it was working on launching its own digital currency. In the end, the project was abandoned. However, the company’s employees do not give up entering into web3. Some have actually come together to develop Aptos, a Layer 1 blockchain – just like Solana and Ethereum. With the last closing after another circular Series A for investors. The least we can say is that the project appears to have a promising future!

The project Aptos is transferred by former employees (employees, talents, engineers or even managers) from Meta Platforms, the parent company of Facebook. These are more specifically those who worked on the deployment of the blockchain Diem (formerly Libra) and the Novi wallet. This refers to the payment system project stablecoin It is based on blockchain and launched by Facebook in 2019. But due to the criticism it received, the group officially abandoned this project in January 2022.

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What is the relationship? Aptos Labs has just announced their desire to revive the Diem project, on which they base their work. In fact, its goal is to create “the world’s most secure, production-ready blockchain”. With developers aspiring to make improvements, the same team of researchers and engineers follow. As for the other project members, Some are the origin of major innovations such as DiemBFTv4, Narwhal & Tusk, BullShark or Block-STM. For now and on paper, there is still something to wait for.

And that’s not all. Because the startup Aptos Labs, which just raised $150 million, wasn’t on its first try. In total, it has a capital of $350 million (raised in 2022). This brings the company’s valuation to more than $2 billion.

Aptos – New Layer 1 Blockchain

It is true that many layers 1 They don’t always meet their scalability goalsAnd the speed and Safety. It is for this reason that the Aptos project was born. Because the latter is supposed to erase the flaws of the current blockchain. The startup claims that Transaction costs will be reduced, but also decentralized and fast. Additionally, it must use its own programming language, Move.

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“We have known for some time that due to issues such as outage and downtime, current blockchains are not suitable for mass adoption of Web3. That is why we are building a blockchain that will be the trusted foundation for Web3 and that will allow users around the world to experience the benefits of decentralization.”

Mo Sheikh, co-founder and CEO of Aptos.

In a statement released yesterday, Aptos Labs thanks the community for their support over the past few months. It is the period during which devnet This allowed the blockchain to reach 20,000 operational nodes.

Who are the investors in the Aptos project?

As mentioned, the project appears to have a promising future. See the investors who participated in the roundtable. Among them are the big names in the crypto ecosystem. Led by FTX Ventures (the investment arm of FTX) and Jump Crypto. But also well-known companies like Circle Ventures that operates the USDC stablecoin, Multicoin Capital, Franklin Templeton, Griffin, Gaming Partners, Binance platform, or even Andreessen Horowitz.

In total, This operation raised $150 million. It is an addition to the 200 million raised four months ago. And in conclusion, the future Aptos blockchain can find its place in the ecosystem, provided that it truly fulfills the goals that it has set for itself. Currently, The team focuses on scalability, ease of use, and security. This is in order to present a real innovation to the public.

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