A new layer one blockchain network called Aptos announced the launch of its mainnet on Monday, following a slew of capital injections from a number of venture capital (VC) firms. The blockchain protocol, crafted with a Rust-centric programming language dubbed Move, is backed by VC companies such as Parafi, Andreessen Horowitz (a16z), FTX, and Multicoin Capital. The Aptos project stems from two developers from Meta’s Diem project, and the network boasts parallel processing, a technology that reportedly allows the chain to process 130,000 transactions per second (TPS).
Aptos Labs Debuts Mainnet
For some time now, a proposed layer one (L1) blockchain network called Aptos has been a discussion among crypto and distributed ledger supporters, after the capital the project managed to raise this year. In mid-March 2022, the Aptos team disclosed to Techcrunch that it raised $200 million from a funding round led by a16z.
Furthermore, Coinbase Ventures, Multicoin Capital, Three Arrows Capital (3AC), Tiger Global, and FTX Ventures participated. In July, Aptos managed to raise $150 million in financing from FTX Ventures, Jump Crypto, Griffin Gaming Partners, Franklin Templeton, Circle Ventures, Superscrypt, a16z, and Multicoin.
Mainnet has arrived.https://t.co/wZajVZMa5Q
— Aptos (@AptosLabs) October 17, 2022
The Aptos network was created by Aptos Labs, a team that was co-founded by Mo Shaikh and Avery Ching, two former Diem blockchain and Novi wallet developers. When the team disclosed the $200 million capital raise in mid-March, Techcrunch reporters Lucas Matney, and Manish Singh wrote that “the Aptos team swears they will not be licensing or utilizing any of the Diem IP that Silvergate owns as they build out their blockchain.”
Discussions on social media and crypto-centric forums say the project is an Ethereum, Avalanche, Cosmos, or Solana competitor. The Aptos L1 is created with the programming language called Move, a Rust-based computer programming language.
The Move language was created by Meta developers in order to make Diem’s transaction logic customizable and interact with smart contracts. “The Move language also facilitates automatic proofs that transactions satisfy specific properties, such as the requirement that payment transactions only change the balances of the payer and receiver,” the Diem white paper notes.
“The Move language has been built, tested, and co-designed alongside the Aptos blockchain over four years,” the…
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