Aptos is a cryptocurrency which has attracted lots interest since it’s first design stages. It is heavily backed by Venture Capitalists. The proposed features are appealing and are the subject of discussion of Crypto enthusiasts. Although coins such as Bitcoin and Ethereum definitely have the largest portion of Crypto markets, this brand new coin is a challenge to its rivals in terms of scalability as well as security.
This article will explain the details of what Aptos is and how it works and then dive into the inner workings of blockchain. Let’s examine how it will benefit investors and the crypto industry.
What exactly is Aptos (APT)
Aptos is a layer-1 blockchain designed to be secure and upgradeable. It is scalable and can be upgraded. Aptos was created by over 350 programmers. It is aiming to serve as a key block for Web 3.0 developments of the future. It is the Aptos token has been identified by the symbol of APT.
Aptos has attracted lots of attention because of its historical. Its blockchain is created by creators of Diem. Diem blockchain that was a project of Meta( which was previously Facebook). Although Diem was a failed project, Diem project was dropped, Aptos aims to build on the strengths of Diem’s Diem blockchain. Aptos team is aiming to make crypto more accessible to everyone by leveraging its scalability benefits.
Aptos Labs is headed by Mo Shaik and Avery Ching who were previously working for Diem. Diem Project at Meta. They’ve moved to Aptos following the closure from Diem. Diem project. Shaik is an expert in the areas related to Venture capital markets as well as product scaling. Ching was previously the chief software engineer at Meta. Aptos has been able to raise nearly $ 350 million in capital from prominent investors such as FTX, Multicoin capital, Coinbase ventures, Tiger global and Haun Ventures. Aptos also has established its development testnet.
How Does Aptos Work
Many protocols enable several protocols to allow Aptos blockchain technology to remain safe, reliable, and adaptable. Aptos says its testnet is currently executing more than 130,000 transactions per second. Below are a few of the capabilities that the Blockchain.
- Aptos blockchain is based on the Move language to program. Move is the Move prover, the verification tool for smart contracts comes with a variety of security features. This feature can assist developers better safeguard their code
- One of the main advantages that is unique to Aptos is that Aptos blockchain is its high throughput of transactions. In order to achieve this, the blockchain uses the principle of modular pipelines and pipelines for processing transactions. This approach to transaction processing is extremely efficient compared to the current blockchain systems.
- The blockchain also has the notion of atomicity. Atomicity is the characteristic of transactions in the database occurring in a single moment without delay
- The blockchain’s design allows it to be flexible for future enhancements. Because Web 3.0 is a dynamic area, this feature will be crucial for the future development of the technology.
- Aptos is the potential for horizontal scaling of transactions. This means that additional infrastructure could be added to the blockchain without adding level of complexity
- Additionally, Aptos uses BFT (Byzantine Fault Tolerance) protocol for validation of transactions. Contrary to other protocols, where the validation and creation of blocks are performed sequentially, Aptos has split the two processes in order to run them simultaneously thus reducing the amount of latency.
The Aptos mainnet went live on the 12th of October, 2022 and has an overall supply of 1 billion tokens. The price of APT tokens will be 8 digits in accuracy, with the minimum unit of “Octa”.
|The % of the Token Distribution in the Initial Token Distribution
Information is derived from aptosfoundation.org
It’s the Edge that Aptos is
Aptos has investors who are influential backing the project. FTX which is the backer of the project is among the most well-known cryptocurrency trading platforms. The project is also gaining momentum due to the engineers in the team. The founders of the team have previously been employed in Meta and were part in Crypto projects. The community on Aptos is also thriving. The Aptos Discord channel boasts more than 125,000 users.
Aptos’ applications Aptos are like those of blockchains like Ethereum as well as Solana. However the blockchain is addressing the main issue of scalability. According to media reports this testnet for blockchain has been proven to be faster than the majority of its rivals.
Pros and Pros and
|A competent founding team This Aptos community is run by a founding team with previous experiences in the crypto industry.
|Secure:While it is true that the BFT protocol sets speed as the highest priority, it will prove secure. Sequential consensus mechanisms such as POW as well as POS are extremely secure
|A strong development group: With over 350 experienced developers, the blockchain has a solid technology base
|structure:While Aptos is certainly not decentralised, in practice however, a significant portion of APT is held by the Aptos foundation as well as Aptos labs
|A unique consensus system:The BFT protocol provides an advantage in speed and efficiency of blockchain
|Competitors:Ethereum, Solana and Avalanche have a large user base. Its USP of Aptos is that it will be a compelling reason for developers to change their programming practices.
|Transaction throughputWith the testnet that it has created proving exceptionally rapid, it will be able to enable the use of crypto in everyday usage
|Still needs to prove its worth:The blockchain concepts of Aptos seem appealing in theory. But the company is yet to prove its strength.
Aptos certainly has received lots of attention from numerous famous Venture Capitalists and the Crypto community. If it proves just as impressive as it seems in concept and we’re looking forward to seeing some exciting developments in Aptos. Aptos blockchain. But time will show whether the blockchain is able to substitute for its competitors. Investors looking to investing in Aptos must be thorough in their due diligence and prepare contingency plans.