The brains behind Meta’s former Project Diem have unveiled 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 Diem blockchain project have teamed up and announced plans to proceed with the network’s development and deployment. 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 brought together experts including original creators, researchers, designers, and builders of Diem. The effort is directed towards creating a new independent project focused on delivering the most secure and production-ready Layer 1 blockchain protocol in the world.
Also, the team said it had leveraged the original thesis from Libra’s white paper to build its revamped decentralized network.
Additionally, Aptos is led by Avery Ching and Mo Shaikh, who both 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 a few components fail.
Regarding the motive behind relaunching the project, Shaikh highlighted that Facebook’s initial idea was to deliver a safe, scalable, and credibly neutral solution accessible by billions of users. Although pressure from regulators eventually led the social media giant to shut down the project, Shaikh opined that the vision behind Diem is not over.
An excerpt from the blog post written by Sheikh reads:
“We’ve had the luxury of thinking through these issues alongside some of the world’s brightest engineers for years. Since leaving Meta (formerly Facebook), we’ve been able to bring our ideas to life, get rid of bureaucratic red tape, and build a whole new network from scratch that brings them to life.
Aptos also reportedly plans to secure $200 million in funding from major venture capital firm Andreessen Horowitz along with a host of crypto investments from industry stakeholders.
Regulatory pressure forces sale of Libra
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 backed by Facebook and has gained support from major payment providers. financial services such as PayPal, eBay, Visa, and MasterCard, to name a few.
However, regulators in the U.S. and across Europe expressed concerns that the virtual asset could circumvent established anti-money laundering systems. The project eventually rebranded as “Diem” in December 2020, but the move did little to staunch mounting pressure from financial watchdogs.
Later in December 2021, Marcus resigned as Project Manager after several failed attempts to gain approval and licensing from regulators. A few weeks later, Facebook, now renamed Meta, announced its decision to sell the assets of the Diem project and return the capital to investors.
Silvergate Capital Corporation acquired the intellectual property and other associated technology from the project in a massive $180 million deal.
