Former Facebook Employees Get $200 Million Blockchain System For Aptos.

Former Facebook Employees Get $200 Million Blockchain System For Aptos.
Photo by Morthy Jameson:

The former employees of Facebook are receiving an additional $200 million in funding as their blockchain startup moves closer to public release. Aptos has already received investment from Silvergate Capital, Tiger Global, Katie Haun, and 3 Arrows Capital. Although it won’t license the Diem IP, the company will build its blockchain using this Layer 1 technology as part of the funding round, the company is announcing its official launch, “devnet,” and expects to publicly release it in Q3 of 2022.

Silvergate Capital Corporation recently acquired the technology assets of Diem Group, which operated a blockchain-based payment network. Silvergate has since further invested in the platform and its stable coin infrastructure. The acquisition gives Silvergate the unique opportunity to leverage the Diem network and its controls. While Silvergate has not yet released details of its plans to use this technology, it is expected to benefit consumers by facilitating cross-border payments.

In addition to buying Diem’s technology assets, Silvergate also acquired Meta, which has been unsuccessful in its efforts to launch a digital currency. The company, formerly known as Meta, had hoped to partner with Silvergate Bank to operate a blockchain-based payment network, but regulatory scrutiny led to the firm’s bankruptcy. In addition, the association had planned to sell its technology assets to recoup some of its investments.

Diem’s software 

The Diem development team has announced the use of the Move programming language in developing the digital asset. The language will be instrumental in developing the payment system and procedures for transferring funds. The company chooses to Move over other programming languages because of the benefits it can bring to the industry. The new software will also solve several existing problems. Here are the key advantages of Move. Read on to learn more about how the new language will benefit the industry.

In 2016, Facebook and the Libra association created the Libra project, which aimed to develop a global digital currency. However, They later dropped the project due to regulatory pressure. As a result, the project was renamed Diem, and they moved the operations from the U.K. to the United States. The Diem Association also announced a partnership with Silvergate Capital Corporation, a U.S. state-chartered bank. Silvergate Bank will be the issuer of the Diem USD stablecoin.

Diem’s founder created Aptos.

The two companies use the same blockchain technology and aim to make it more secure and scalable. Aptos is a decentralised layer-1 blockchain system. It is based on the Move programming language, which they developed for Diem. The blockchain team is currently working on building a developer ecosystem and attracting projects to the blockchain. They also tout cheap, secure, and decentralised networks. Hopefully, these traits will attract more developers and projects to the platform.

The two companies have acquired Diem’s technology assets. Silvergate Capital owns Diem’s technology assets. Aptos has not disclosed a dollar amount for the acquisition, but the team says it’s well over unicorn territory. Diem’s founders have created Aptos as a result of their experience. Aptos has also acquired the software used by the developers of Diem, Move.

Aptos’ network is based on Move.

While Diem was the first blockchain that launched the movement, the team behind the upcoming Layer 1 Aptos project is now focusing on building their own. Aptos uses the Move programming language and will be deploying a Byzantine consensus protocol to make its network more secure. The company hopes to expand its reach to billions of users and aims to launch its Mainnet sometime between July and September of this year.

The Move language has been designed for secure resource management and verifiable execution on the blockchain. The move language makes transactions deterministic, sealed, and metered, which means they can’t accidentally destroy them. This means that there is no room for error when executing a transaction, and it completely avoids the class of potential attacks. The Move is also designed to be fast and suitable for continuous integration testing.

Final Words

Although the name seems intriguing, the blockchain project is not yet ready for primetime. Although it was developed by a group called Meta, Aptos will have some difficulty attracting developers. The programming language it uses is Move, an open-source language that focuses on secure resource management. Since it is metered and deterministic, it is well-suited to a stringent auditing process.