Founders met at Meta and bonded over basketball
Shaik and Ching, CEO and CTO of Aptos Labs, first met in 2021 and bonded over a mutual love of basketball at Meta. Both worked on the Diem project, designed to be a global digital currency for transferring money internationally. The project was not well received by regulators, and Meta eventually had to settle for the pilot of Novi. This digital wallet will soon be discontinued. Aptos will not use any of Diem’s intellectual property owned by Silvergate.
Scalability the goal
Aptos joins a crowded space of Layer 1 blockchains vying for a slice of Ethereum’s stake in decentralized finance by claiming faster speeds and cheaper fees. The company aspires to reach 100,000 transactions per second. In early June, it was processing around 10,000 transactions. To handle scaling, Ethereum proponents advocate using roll-ups or so-called Layer 2 solutions, and sharding, both of which break up a blockchain and reconnect the pieces. Ching told Fortune that they eventually want everyone to use Aptos. The blockchain is undergoing tests with developers, with plans to launch later this year.
Company now faces lawsuit
Concurrently, the company is facing a lawsuit. Glazer alleges that Shaik cut her out of the deal by seeking external funding. Shaik has filed for Glazer’s lawsuit to be dismissed, affirming that Glazer had been interested in the project purely from a venture capital perspective rather than a founder perspective. Samani said Multicoin supports Shaik and Ching and that Glazer’s claims hold no water. The company is developing a blockchain with Move, hoping to reach a transaction throughput of 200,000 transactions per second.
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