The former Diem project’s brains have revealed plans to launch the blockchain network in a separate protocol that supports other web3 solutions. Aptos will also be renamed in the announcement.
Relaunch Protocol with Former Diem Developers
Some members of the now-defunct Diem Blockchain Project have joined forces and announced plans for the network’s development. This news was published in a medium blog post on Thursday, February 24, 2022.
Aptos Labs is a new team that includes original creators, researchers and designers as well as builders of Diem. This effort is to create a new independent project that aims to deliver the most secure and production-ready layer-1 blockchain protocol in the entire world.
The team also stated that it had used the original thesis in Libra’s whitepaper to create its new decentralized network.
Avery Ching is also Aptos’ leader, as well as Mo Shaikh, both of whom previously worked on Meta’s Novi digital currency wallet. Ching is also considered a co-creator the Byzantine Fault Tolerance consensus protocol, which was deployed on the Diem Blockchain. BFT is a way to ensure that computer systems are still functioning even when a few of their components fail.
Shaikh spoke out about the motivation behind the relaunch of the project. He said that Facebook’s original idea was to provide a secure, scalable and neutral solution that could be used by billions. Although the social media giant was forced to close the project by regulators, Shaikh said that Diem’s vision is still alive and well.
Here’s a portion of the blog post written by Sheikh:
“We had the privilege of thinking through these problems with some of the most brilliant engineers in the world over the years. We have been able, since leaving Meta (formerly Facebook), to put our ideas into action, eliminate bureaucratic red tape and build an entirely new network that brings them to life.
Aptos is also reported to be looking for $200 million funding from Andreessen Horowitz, a major venture capital firm.
Libra Sell-Off Under Regulatory Pressure
CryptoPotato stated that Libra was created in June 2019 as a global payment system by Morgan Beller and David Marcus. Facebook also supported the digital asset project and received support from major financial services providers such as PayPal, Visa, MasterCard, eBay and Visa.
Regulators in Europe and the U.S. expressed concern that the virtual asset could be used to circumvent anti-money laundering laws. Although the project was renamed “Diem” in December 2020, it did not stop financial watchdogs from mounting pressure.
After several failed attempts to get approval and licensing from regulators, Marcus was forced to resign as project leader in December 2021. A few weeks later, Facebook, now called Meta, announced that it would sell assets of the Diem project to return capital to investors.
Silvergate Capital Corporation purchased the intellectual property and associated technology in the deal worth $180 million.
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