Aptos, a public chain project initiated by former team members of the stablecoin project Diem, has received financing again

On March 29, Binance Labs announced that it has invested in the public chain project Aptos Labs. Aptos and Binance will work closely on development, code reviews, infrastructure building and hackathons.

It is reported that the financing is part of the latest round of financing for Aptos. According to previous reports, on March 15, Aptos completed a strategic financing of US$200 million, led by a16z, with participation from Tiger Global, Katie Haun, Multicoin Capital, Three Arrows Capital, FTX Ventures and Coinbase Ventures.

Bill Qian, head of Binance Labs, made the following statement on the investment: “We believe in Aptos’ vision — to build a more reliable and scalable blockchain for everyone. Ultimately, a blockchain for mass use will enable users to mass adoption in these applications and accelerate technological and business innovation in these areas. Users can expect a secure and seamless experience with blockchain.”

Former Diem team members launched the public chain project Aptos

Aptos is a public chain project initiated by former team members of Facebook’s stablecoin project Diem. Aptos was founded by Avery Ching and Mo Shaikh, Ching previously worked at the Novi cryptocurrency subsidiary of Meta (Facebook) and is credited as the co-creator of Diem Blockchain’s DiemBFT consensus protocol. Aptos aims to build a more scalable blockchain, using the Move programming language along with the BFT consensus protocol, designed to serve billions of users.

A source familiar with the project said the Aptos team is building its new layer-1 blockchain based on the original Libra white paper. The pitch to potential investors is “Libra without Facebook.” Unlike Libra, the project will not focus on cross-border payments, but on unforgeable tokens.

Aptot states in Origin that our mission is to create universal and fair access to decentralized assets for billions of people. The web3 stack is large and rich, from smart contract platforms to developer infrastructure and tools, wallets and decentralized applications. In the coming years, we hope to build and collaborate with ecosystem players to improve the entire space. The Aptos journey begins with the deployment of a secure, scalable and upgradable smart contract platform in partnership with the decentralized community.

Aptot officials pointed out that there are currently many smart contract platforms deployed in production environments – each with their own unique advantages and trade-offs. Aptot believes that a rapidly innovative and adaptable blockchain is needed to meet the needs of billions of people today and in the future. Aptot’s belief is that the user experience needs to be significantly improved in terms of security and scalability in order to reach the masses (especially non-crypto-native users). Over the past three years, Aptot’s team has been able to research and develop innovative ideas and deploy them securely into production environments. Over the next few months, Aptot will support frequent and rapid upgrades to the network.

Blockchain History of Aptos

The Aptos technology stack is researched, designed, and developed by a cryptographic platform research and engineering team of 30+ people with expertise and PhDs in the areas of consensus, cryptography, distributed systems, formal verification, security, and more. The codebase has grown substantially over 3+ years. Featuring 292 unique developers and dozens of community-driven improvement suggestions. The codebase is open source and community managed, with the long-term goal of building infrastructure that can be used across many networks.

Aptos is committed to launching the mainnet as soon as possible so that the wider community can start building. On the journey to mainnet and beyond, Aptos will announce a series of global hackathons. Once enterprise-ready is achieved during Aptos’ testnet and deployment process, Aptos will leverage the ability to upgrade the network with new features, functionality, security and scalability improvements.

Aptos (Ohlone means “the people”) encapsulates the mission and philosophy of Aptos, why Aptos was built.

The specific development plans are:

2022 Q1 (March 15) – Developer Testnet Launch

Q2 2022 – Incentivized Testnet Launch

Q3 2022 — Mainnet launch

2022 Q4–2023 Q1 — Deploy the next major release to the Aptos mainnet with the next set of important features.

The developer testnet launch of Aptos will provide developers around the world with a playground to explore. Soon, there will be an incentivized testnet followed by the mainnet, which Aptos expects to launch later this year. At the same time, Aptos will also begin to announce some partners that have already committed to long-term cooperation with Aptos.

Aptos is currently being tested and built by several partners.


Technical details of Aptos

In terms of security, using a secure and flexible blockchain language, the Move language is designed for secure resource management and verifiable execution on the blockchain. Aptos’ blockchain and Move languages ​​were co-developed at the same time more than three years ago. Accounts, transaction fees, standard libraries, validator management and configuration are all implemented through Move. Aptos said it likes Move’s security and is excited to help build a broad ecosystem around it.

Additionally, the Aptos team has developed a production-grade, low-latency Byzantine Fault Tolerance (BFT) engine. Over the past three years, Aptos has implemented the fourth iteration of the protocol. The protocol adopted by Aptos clearly separates flexibility from security, and as long as the BFT honesty guarantees are maintained, the chain will not fork. The security of the Aptos consensus protocol has been audited and formally verified.

A large number of validators running in different environments is important for both decentralization and security. Additionally, validator software must be designed securely against attacks—one of the main reasons Aptos chose Rust and Move as the languages ​​of choice for implementing protocols and smart contract logic.

Additionally, to prevent key theft, Aptos supports the ability for any account to rotate its private key. Validators can also periodically rotate their consensus keys for increased security. Multi-agent transactions also enable a wider range of composable patterns and use cases.

In terms of scalability, Aptos is constantly exploring the journey to high throughput and low latency. Parallel account transactions, while retaining control over transaction ordering, consider alternative implementations of parallelism that are more flexible and composable. Fast and flexible state management support for lightweight, full, archiving and validating nodes.

In terms of scalability, the network must quickly adapt to support evolving web3 needs. Blockchain use cases and technological improvements continue to grow and evolve by leaps and bounds. Aptos designed and built the blockchain to be upgradable as a critical asset and has successfully executed several major upgrades over the past few years without downtime. To achieve this, the management and configuration of validators is managed through on-chain state — facilitating community voting and quick execution of upgrades. Robust testing and deployment practices ensure safe and reliable deployments.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/aptos-a-public-chain-project-initiated-by-former-team-members-of-the-stablecoin-project-diem-has-received-financing-again/
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