Aptos, a global leader in retail technology solutions, has raised $200 million from a group of technology and industry veterans to develop a blockchain system for social commerce. Social commerce refers to the ability of consumers to connect online or via mobile devices to share information and make purchases of goods and services as well as cryptocurrency using blockchain systems such as Immediate Profit, says Aptos CEO Tom Traxler. Blockchain will allow us to deliver an enhanced experience that is secure, efficient, and trustworthy. Frank Poore founded Aptos in 1978.
Aptos was acquired by Advantech Corporation in 2003 and began using the name Advantech Aptos before becoming independent again in 2016. Social commerce, which means using the power of social networks to make purchases, has been slow to take off.
But Facebook and other tech companies are trying to change that by offering ways for people to buy things directly from their friends’ posts.
What is Aptos?
Aptos is a blockchain-based platform that will use cryptocurrency to facilitate value exchange between users. It’s like having a Facebook for payments, and it is expected to be an alternative to current payment methods like PayPal and Stripe.
The former Facebook employees have been working on this new venture for the past seven months and are now ready with a product called Aptos. This comes close on the heels of Coinbase launching their crypto exchange in 31 countries across Europe, the United Kingdom, Canada, Australia, and Singapore last week.
Aptos has been in development for seven months by former Facebook employees who had worked together at WhatsApp before leaving the company earlier this year. The entire idea behind the launch of Aptos is to keep blockchain away from social media, which could affect the future of cryptocurrencies and their impact on business.
Blockchain is not just a currency. It’s a decentralised ledger that tracks transactions and allows peer-to-peer networks to operate without a central authority. This means that information stored in the blockchain cannot be changed or altered by anyone. And which makes it nearly impossible to hack. In addition, blockchain can automate transactions with smart contracts: agreements between two parties that execute automatically when certain conditions are met, for example, when someone does something.
A blockchain system for Aptos
Facebook’s blockchain system has been the biggest concern for users due to data leaks. Facebook has been under scrutiny regarding data leaks since it revealed that the social media giant sold users’ information to third-party companies. Several users expressed privacy concerns, and the company has looked at blockchain as a solution. Facebook is working on a blockchain payment system that will be used by its WhatsApp messaging app to handle payments within the platform.
The new blockchain system created by former employees of Facebook will reportedly help people manage their data more efficiently and accurately. The company believes that this could be the key to preserving user trust in online services like Facebook. It has been severely eroded in recent years due to numerous scandals involving third parties’ unauthorised use of personal data. It includes Cambridge Analytica and Kogan Global Research Limited (KGL).
Why should Facebook use blockchain technology?
Because of its ability to store data securely and ensure there are no central points of failure where hackers could attack one system while bypassing all others as they do today. Theoretically, this would make hacking into someone’s account much harder since they need access to their device and the entire network that runs the same software as well as their device itself because they don’t want their private key getting hacked either.
Final Words
Crypto is a field that is growing continuously. Sixty percent of tokens will be locked until the social network reaches 1 million active users and keeps growing by 5 percent every month. The company plans to launch a social media platform by 2019. The startup also announced that it’s partnering with former Facebook employees. This tool will help you to learn about crypto. In addition, you will be able to make easy investments. To create a crypto-first social network called Aptos, which Blockstack’s blockchain protocol will power.
