Former Diem members raise R$1 billion to create parallel stablecoin

The Libra project, now called Diem, has completely failed in its purpose. From a cryptocurrency backed by other currencies, Diem has become a simple stablecoin. Then Diem itself was definitively abandoned in February. But former employees of the Meta group and key names behind the former stablecoin intend to revive the project. According to a recent announcement, this group managed to raise $200 million to expand a new stablecoin project. Titled Aptos, the project was co-founded by Mo Shaikh and Avery Ching, leaders of Meta’s former cryptocurrency unit. – Strategic Partnerships Lead. The duo now work as the new company’s CEO and chief technology officer, respectively.

decentralized stablecoin

According to the team, the new stablecoin will be built on a decentralized blockchain, unlike the old Libra. The programming language used is Move, the coding language initially developed for Diem. At the time of writing, the company is in the process of building its developer ecosystem. Next, the network will focus on finding projects to integrate blockchain. As an incentive, Aptos will sell itself as a cheap, secure and scalable network. As for the US$ 200 million raised (R$ 1 billion in current values), the project already has a strong investment. The round was led by venture capital giant Andreessen Horowitz (A16Z), as well as three other major companies: Three Arrows Capital, FTX Ventures, Paxos and Coinbase Ventures. With the amount raised, Aptos intends to hire new employees and support “companies, brands and builders” that are looking to develop projects on its blockchain. The team added that several decentralized finance (DeFi) projects, payment systems and others are already active on the network. Therefore, the network has a huge potential to be born big. In an interview with TechCrunch, Aptos said it could reach a market value of $1 billion in the future. That is, the company would earn the famous title of “unicorn” given to startups that reach this market value.

open source foundation

Along with the funding announcement, APTOS also launched a public DevNet with an open source foundation. That is, anyone can contribute by giving suggestions for the construction of the network code. According to the team, DevNet has already had significant contributions from companies such as Anchorage, Coinbase and Binance. After this phase, Aptos will launch a test to assess the level of resistance and operability of the blockchain.

“Later in Q2 2022, there will be an incentivized test to help scale the network and test the stress level as we roll out the mainnet. We invite validators and other infrastructure providers to join our community now in anticipation of this.”

Finally, Aptos will carry out the corrections and launch the Mainnet, its main network. This stage should be completed in the third quarter, according to the company’s roadmap. In the meantime, developers will have six months to build projects before the network is open to the public. In a blog post late last month, the fitters emphasized that the focus of their blockchain is based on “absolute security, extensible scalability, and neutrality.” A trilemma that, given the examples of failures that have occurred so far, seems quite difficult to achieve. Another objective of Aptos is discretion, as the company seeks to work on its ideas without intense scrutiny from regulators. In this way, the team seeks to avoid the problems that led to the modifications and the end of the Libra project.

“Aptos is using Move, a safe and reliable language originally developed for Diem. The original ideas are still relevant and will serve as an important foundation for building a secure and scalable Web3. Our decentralization and permissionless access plans are progressing rapidly.”

Also Read: Shiba Inu Price To Complete Bearish Pattern With 70% Drop Read Also: Bitcast: Twists in Bitfinex Hack Case is Crypto Podcast Theme with cryptocurrencies