After failing to succeed as Libra and Diem, some of the ex-developers announced plans to relaunch and rename the project Aptos.
The brains behind Meta’s former Diem project have unveiled plans to launch the blockchain network as a separate protocol with support for other web3 solutions. Also, the announcement includes a name change to Aptos.Some members of the now-defunct Diem blockchain project have teamed up and announced plans to proceed with the network’s development and deployment.
Also, the team said it had leveraged the original thesis from Libra’s white paper to build its revamped decentralized network. In addition, Aptos is led by Avery Ching and Mo Shaikh, who both previously worked on building Meta’s Novi digital wallet. Ching is also regarded as a co-creator of the Byzantine Fault Tolerance consensus protocol deployed on the Diem blockchain. BFT ensures that complex computer systems continue to function even if a few components break down.
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.as a global payment method by Morgan Beller, David Marcus, and Kevin Weil back in June 2019. The digital asset project was also backed by Facebook and garnered support from major financial service providers like PayPal, eBay, Visa, and MasterCard, to name a few.