What is Aptos?

Aptos is a blockchain platform based on the AptosBFT consensus algorithm. Aptos uses a unique programming language called Move to create smart contracts.

The project was founded by former employees of Diem (formerly Libra), the blockchain of Meta Corporation, which closed in early 2022. In particular, Move was originally developed for Diem.

According to the developers' claims, the use of parallel execution technology allows Aptos to bring the speed of more than 160,000 transactions per second.

The project team has raised $350 million in investments during 2022. Aptos blockchain is in its final testing phase, with the core network scheduled to launch by the end of 2022.

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History of the project

Behind the project are former employees of Meta Corporation, who have been working on the Libra project since 2018, later renamed Diem in 2020. Meta planned to introduce blockchain and Diem cryptocurrency to Facebook, Instagram and WhatsApp. However, the project fell apart under pressure from regulators. In February 2022, it was sold to Silvergate Capital Corporation, presumably for $200 million.

Shortly thereafter, former head of partner relations at Meta Mo Sheikh and head of blockchain development Avery Ching founded Aptos Labs. The Aptos team also included many others who had worked on Diem.

In 2022, the Aptos blockchain project raised $350 million in two funding rounds. The March 2022 seed round was $200 million, led by venture capital fund Andreessen Horowitz with participation from Multicoin Capital, Coinbase Ventures, Tiger Global, FTX Ventures, Paxos and other investors. The $150 million Series A funding round in July 2022 was led by FTX Ventures and Jump Crypto. Binance Labs invested in Aptos in September 2022. The amount invested remained unknown.

Aptos is currently going through several stages of testing and there is no timeline for the launch of the mainnet. However, the portal Token Insight, citing the Discord of the project, reported that it should happen before December 22, 2022 (later message was deleted).