Crypto Foot Race Heats Up as Ex-Meta Staff Start Blockchain

Soegeefx AppsCrypto MarketCrypto Foot Race Heats Up as Ex-Meta Staff Start Blockchain

Aptos Labs, a startup with its roots in Meta Platform Inc.’s failed crypto ambitions, went live with a blockchain that seeks to make transactions quicker and more secure.

“This is step one in a long journey to create universal and fair access to decentralized applications” via “a safe, scalable, and upgradeable blockchain,” Aptos said in a statement on Tuesday.

Aptos’s blockchain uses a programming language called Move that’s supposed to make transactions faster and cheaper. Move also powered the network of Meta’s cryptocurrency project Diem, which faced strong resistance from regulators and eventually sold its assets.

Aptos has won investment from the likes of Binance Labs, the venture capital arm of the world’s biggest cryptocurrency exchange. Other supporters include Andreessen Horowitz and the venture units of FTX and Coinbase Global Inc.

Projects like Aptos and rival blockchain Solana are pursuing faster transaction speeds, which are seen as key to the wider adoption of digital ledgers. 

The Aptos blockchain processed about four transactions per second on Tuesday, according to Aptos Explorer website. It was designed to be able to execute over 160,000 “non-trivial” Move transactions per second, Aptos said in April. 

“Those 4 TPS are system transactions and don’t include any user transactions yet,” Aptos said on Tuesday. “We expect user transactions to begin starting tomorrow. Hold tight!” 

Source: Bloomberg

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