Former Executives of Diem Build Layer-1 Blockchain Aptos and Launch ArgoUSD Stablecoin

UTC by Bhushan Akolkar · 2 min read
Former Executives of Diem Build Layer-1 Blockchain Aptos and Launch ArgoUSD Stablecoin
Photo: Unsplash

The Aptos platform is powered by the Move programming language which is very modular and will facilitate faster upgrades to modules and their programmability in a very seamless and effective manner.

Former executives at Meta’s stablecoin project Diem have arrived with a new Layer-1 blockchain platform Aptos built using the Move smart contract programming language. Moreover, the project has also launched ArgoUSD (USDA), an USD-backed stablecoins.

Mo Shaikh and Avery Ching, who worked as the core team members of Meta’s stablecoin payment system, Diem, are responsible for developing the Aptos blockchain. Founded last year in 2021, Aptos Lab’s vision is to create a “reliable, safe, and high-performance” blockchain network.

The project’s whitepaper speaks of upgrading the blockchain platform with time without user concern or downtime. So far we have come across multiple blockchain platforms, including the top projects, that experience significant downtime during the upgrades. Aptos seeks to solve this issue for the industry once and for all.

Recently, Aptos Labs launched their own mainnet dubbed Aptos Autumn that focuses on three core principles of robust user experience, upgradeability, and the Move programming language.

Understanding the Working of Aptos Blockchain

Aptos is basically a Proof-of-Stake (PoS) blockchain platform as it uses a network of validators to securely process and verify transactions.

It is powered by the Move programming language which majorly focuses on safety and flexibility. The Move language is very modular and will facilitate faster upgrades to modules and their programmability in a very seamless and effective manner. Under its programmable framework, Move also offers developers with greater control over data management and execution.

Aptos Labs is also developing a technology on Aptos that uses AptosBFT, a byzantine fault-tolerant consensus mechanism. This means that the system will be able to function even with a certain amount of component failure and trustlessness.

Another important feature of Aptos’ core design principles is that it will emphasize scaling horizontally using shared ledger states. This will significantly reduce network stress even as it grows.

Aptos Labs has recently launched its mainnet Aptos Autumn. Earlier this year, Aptos also announced its partnership with Google Cloud which is congruent with the latter company’s commitment to developing Web3 technology. As part of the partnership, google will be running some of the validator nodes for Aptos.

The governance token of the Aptos platform is $APT. A large part of the initial APT supply has gone towards community initiatives, grants, and other incentives. In addition to voting on decisions, the $APT token is used for paying network and transaction fees.

Altcoin News, Blockchain News, Cryptocurrency news, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

WhaleMaker
Related Articles
WhaleMaker