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In line with the partnership, the projects plan to roll out joint Move hackathons and mentorship programs starting in March 2022.
Easy to use and secure against exploits, the Move language is ideal for developers of all experience levels looking to build complex network governance and participation arrangements quickly. Additionally, Move is a cross-platform smart contract language–it can run without modification on blockchains that use different transaction formats, account structures, cryptography, consensus, etc.
“Move simplifies reasoning about smart contracts by eliminating large attack surfaces such as re-entrancy, which dramatically decreases the scope of audits,” commented Sam Blackshear, CTO of Mysten Labs and creator of the Move programming language.
The funding round more than doubled the startup’s valuation, which was over $1 billion as of March.
Layer-1 blockchain developer Aptos Labs was launched by former Meta employees Mo Shaikh and Avery Ching. They also had a role in advancing Mark Zuckerberg’s failed Diem project.
It is worth noting that Aptos’ blockchain uses Diem’s programming language, called Move, which reportedly makes transactions cheaper as well as more efficient.
For example, Mysten Labs, another blockchain project to emerge from the ashes of Diem, also utilizes the Move programming language.
Even though the so-called crypto winter is upon us, venture capital continues to make strategic investments across the blockchain and crypto industries. Interestingly, venture firms invested $14.67 billion into the sector in the second quarter, basically matching first-quarter commitments.
Tech billionaire Marc Andreessen is tipped to follow PayPal co-founder Peter Thiel in leaving Meta’s board of directors after investing billions in rival web3 projects.
Business Insider relayed sentiment of sources close to the company who say Andreessen’s tenure could be under threat due to the work of his venture capital firm, Andreessen Horowitz (a16z).
Andreessen is currently the longest-serving Meta (formerly Facebook) board member, having been appointed in 2008.
Over the past year, a16z has plowed a fortune into virtually every kind of web3 project, including Bored Apes’ Yuga Labs, Sam Altman’s dystopian Worldcoin, and “climate neutral” blockchain project NEAR Protocol.
A16z finished raising $2.2 billion for its third crypto fund last July and plans to amass $4.5 billion for its next vehicle expected to debut in the next few months.
What happened before? In late April, a16z led the Series A funding round of decentralized identity tools startup Spruce.
The project raised $34 million. Robot Ventures, Okta Ventures, OrangeDAO, and SCB 10X also participated in the round, according to the Spruce blog.
In early December 2021, Andreessen Horowitz (a16z) announced that it would invest $36 million in Mysten Labs.
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This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters.
References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z.
founded by four former
Andreessen Horowitz insiders have even thrown shade at Meta for its metaverse and web3 ambitions. Speaking this week after a16z led a $450-million funding round in Yuga Labs, a16z’s crypto head Chris Dixon told The Verge:
“To me, Yuga Labs, combined with these other emerging web3 companies, are an important counterweight to companies like Meta.”
Read more: [Web3 crypto startups poach top execs from Facebook, YouTube, Amazon]
“There’s a dystopian future where Meta is this kind of dominant digital experience provider, and all of the money and control goes to that company,” added Dixon.
For the record, a16z says there’s nothing in the rumors of Andreessen leaving Meta, telling Business Insider: “If he were to step down, he doesn’t know about it.
So no, it’s not happening.
Mysten’s current projects are taking two forms: partnerships with existing networks that integrate Mysten technology, and open protocols based on Mysten-designed components. Narwhal, which targets scalability issues and can be integrated with any BFT consensus protocol, is being developed for deployment on Celo and Sommelier.
They are also building a next-generation NFT platform with extremely high performance that enables a new class of programmable assets. It is designed to bring about true self-sovereignty and help people seamlessly move their assets across games and virtual worlds in the metaverse.
As with all technology stacks, each improvement at the infrastructure level of web3 can have outsized positive impacts for the applications and services built on top of it.
In addition, programmability is one of the core benefits of blockchains, but smart contract languages may have unintended loopholes that hinder the interoperability and security of services and users’ assets such as NFTs. Fully unlocking the potential of web3 will require solving for scalability and programmability, which is why we’re excited to invest inMysten Labs.
Mysten is building foundational infrastructure for web3 to tackle these challenges and accelerate development and adoption of decentralized services.
There’s significant demand for more efficient and safe smart contract developer tooling, and Mysten has the technology and expertise to make major improvements across multiple chains.
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