They previously worked on the now-defunct Diem project by Meta Platforms.
3/ Diem (formerly known as Libra) was a permissioned blockchain-based stablecoin payment system.
The project was worked on by Meta for 2 years, before being abandoned in January 2022.
4/ But, born from Diem was Move: A safe and reliable programming language which is now powering two new L1s: Sui (by @Mysten_Labs), and Aptos (by @AptosLabs).
5/ THE TECH
"Move" is aimed to solve the flaws of Solidity and EVM.
It is:
• Originally designed for Meta (FaceBook)
• Memory safe
• Quick for dev testing
• Expressive
• Home to both SUI and Aptos (up-and-coming L1s)
8/ @AptosLabs uses a Block-STM execution method, capable of powering 160,000 TPS.
"We designed and implemented a highly efficient, multi-threaded, in-memory parallel execution engine that can execute over 160k non-trivial Move transactions per second."
9/ They achieve this by bypassing the sequential execution that many blockchains utilise (but isn't optimal for scaling), instead opting for "a parallel execution engine that extracts the maximum inherent speedup that is possible."
The chart below plots Block STM performance.
10/ Even @aeyakovenko (Solana co-founder) is a big fan of Parallelizable execution environments.
13/ Aptos approaches tech developments with user experience in mind.
This stems from the belief that "the user experience needs significant improvement in safety and scalability in order to reach the masses."
If executed correctly, it could offer a major competitive advantage.
14/ DEVELOPMENT
Aptos has a Devnet which allows coders to contribute open-source code.
Impressively, there's already a huge list of developers, including:
Coinbase, Binance, Anchorage, Blockorus, Livepeer, Moonclave, Paxos, Paymagic, Rarible etc.
15/ ~8000 developers are currently in the Aptos Discord server, which consists of 63,000 members.
Additionally, there are already ~4k node operators from 40 countries. This is despite Aptos not yet having a whitepaper.
16/ In order to incentivise development, Aptos announced a grant program.
DeFi, NFTs and Gaming are key focuses for the team, who are paying (a not yet disclosed amount) to developers who successfully apply for their grant program.
22/ Sui by @Mysten_Labs, which is also built on the Move programming language and shares many of the same investors, is an official parter of Aptos.
Both have been heavily bet on by VCs, commanding valuations of $2b+.
They are being touted as 'The Heirs of Diem.'
23/ A partnership between the two likely indicates interoperability, made seamless by Move. The success of one inherently benefits the success of the other (hence why most VCs decided to bet on both).
SocialFi will be one of the biggest narratives this summer.
Friend Tech's V2 launch + airdrop could kickstart a broader SocialFi season.
You still have the chance to be early.
🧵: My FULL guide to SocialFi (+ top picks).👇
In this thread, I'll cover:
• What is SocialFi?
• Friend Tech V2 & Airdrop
• Why SocialFi could be a strong trade in the coming months
• The specific SocialFi projects I'm watching (best proxy plays)
Let's dive in.👇
Firstly, what is SocialFi?
Social Finance, or SocialFi, combines the principles of social media with decentralised finance.
Simply put, it incentivises social media participation with crypto tokens.