What is Aptos Blockchain? A much-anticipated Layer-1 Blockchain

What is Aptos Blockchain? This is a question that many people are asking, as this new technology is gaining a lot of attention. Aptos Blockchain is a much anticipated Layer-1 Blockchain that offers many features and advantages over other blockchains. Let’s take a closer look at what makes this new blockchain so special.

What is Aptos Blockchain?

What is Aptos Blockchain - Aptos Crypto - Aptos Labs

Aptos Blockchain is a forthcoming underlying blockchain that will be built using the Move programming language. Users may enjoy increased blockchain scalability, availability, security, and ease of use thanks to Aptos Crypto.

Aptos is still early on in the planning stages, and as of now, no Aptos Crypto has been generated as the team has just published an official white paper. Even so, cryptocurrency experts are already starting to talk about the Aptos blockchain, which has successfully raised millions of dollars from investors.

The Aptos blockchain will be a Layer 1 blockchain implemented in the Move programming language. High-level security features, as well as low transaction costs, are planned.

Aptos blockchain is intriguing because it is based on the Diem blockchain initiative (from Meta) that was recently abandoned. The Aptos crypto is being created by Diem developers and will use the programming language originally created for Diem. For the ones not familiar with Diem, Diem was the evolution of the initial Libra cryptocurrency from Facebook (Meta).

Despite the fact that it will continue to focus on Diem’s original objective of building a scalable, fast blockchain, it will add several new features to make cryptocurrency more accessible for everyday users.

What is Aptos Labs?

Aptos Blockchain - Aptos Crypto - Aptos Labs

The team behind the Aptos project is called Aptos Labs. They currently lead a diverse group of developers, engineers, and strategists, all under the direction of co-founders Mo Shaikh and Avery Ching.

Shaikh and Ching met when they both worked on the Diem blockchain project at Meta. Shaikh is an expert in product scaling, and he has experience in private equity and venture capital markets.

Ching was a leading software engineer at Meta and has spearheaded many cutting-edge development projects in the past. When Meta decided to put an end to the Diem project, Shaikh and Avery Ching decided to team up to establish Aptos Labs.

Aptos Labs strives to “Build a Layer 1 for everyone.” In other words, they want to create a safe and reliable network that is accessible to all. Though they are new on the scene, many people have already voiced their support of the company’s mission.

In just two financing rounds, the firm has raised over $350 million in capital, established its developer testnet, and successfully handled millions of transactions and thousands of nodes.

What are the key features of Aptos Blockchain?

Aptos Blockchain Key features

Despite the fact that it isn’t yet fully functional, the Aptos blockchain has already accomplished remarkable things. According to the team, it can currently handle 130,000 transactions per second (TPS) while maintaining security and dependability. Behind Aptos’ stunning performance are a few ground-breaking ideas.

Move Programming Language

Aptos crypto is appealing for many reasons, one of which is Move. Move is a custom programming language that was designed specifically for the Diem blockchain. It’s a bytecode language that’s versatile and able to meet the needs of Aptos developers. Plus, its global storage security exceeds that of most other programming languages. With Move, users can define Custom resources that can’t be duplicated or deleted, making it much harder for bad actors to control the Aptos blockchain.

Read: What is Sui Blockhain? A next-generation Layer 1 based on Move 

Block-STM Technology

The Aptos blockchain engine uses parallel execution to handle multiple transactions at the same time, which makes things a lot quicker. This is because if a single transaction fails, it won’t stop the entire chain. Instead, all of the transactions can be processed concurrently and then validated after they have been executed. If you are familiar with Computer Architecture and hardware design, you can think of their parallel execution as the ones used by micro-chip to execute parallel instructions. Although not stated anywhere, it seems that this concept is inspired from hardware design.

To improve efficiency, a collaborative scheduler works to prioritize certain transactions on the Aptos blockchain while also efficiently validating essential activities. Finally, up to 160,000 transactions may be processed simultaneously.

BFT Consensus Protocol

Aptos Blockchain uses a unique consensus protocol that decouples the processes of transaction ordering and confirmation, running them in parallel instead. This both reduces latency and increases speed. To maintain accuracy, Aptos has also built a Byzantine fault-tolerant engine that analyzes individual states on-chain before automatically updating validators as required.

Aptos Governance

Aptos Ggovernance

The Aptos blockchain will be community-owned, operated, and governed. Its built-in Aptos Crypto will be used for transactions and network fees as well as governance voting on protocol upgrades (both on-chain and off-chain processes). The proof of stake model ensures that the network is secure.

According to Aptos team, every significant change and improvement to the Aptos blockchain will proceed through a number of phases, including proposal, implementation, testing, and deployment. This method allows relevant parties and stakeholders to offer comments, raise issues, and make suggestions.

There are two steps in the final phase, deployment. In the first step, software that contains new functionality is released to every node. The second step is enabling the functionality through a feature flag or on-chain configuration variable.

The Aptos blockchain encodes its configuration on-chain, in comparison to other blockchains. Every validator is able to sync with the current state of the blockchain and automatically pick the proper configuration (e.g., consensus protocol and Aptos framework version) by using on-chain values. The ability of the Aptos blockchain to upgrade effortlessly and instantly is owed to this feature.

The Aptos blockchain will allow users to be more flexible and configurable in the enablement procedure by supporting on-chain governance, in which token owners may vote with respect to their staked token weights. On-chain voting methods are open, verifiable, and can be completed quickly.

On-chain governance can also support the enablement of non-binary outcomes without software deployment. For example, the on-chain leader election protocol parameters can be modified with on-chain governance whereas a pre-known synchronization point would be unable to handle dynamic modifications since all changes would have to be hardcoded into the system ahead of time.

On-chain governance might be applied to the full upgrade management process over time. Token holders may vote on-chain about changing to a new quantum-resistant signature scheme, for example. Developers then build and test the new signature technology and release it as software. Further, Validators update their software so that it can operate with the new version. Finally, token holders cast their votes on-chain in order for the new signature method to become active, after which the on-chain configuration is updated, and the change takes effect.

The Aptos blockchain, as an open-source project, will rely heavily on the community for feedback and utilize on-chain governance to manage processes. Although under specific circumstances off-chain upgrades may still be necessary, it will become increasingly minimized over time.

Aptos Crypto and its Utility

Aptos Blockchain - Aptos Crypto - Aptos Labs

As stated above, although not a lot of information has been published about the Aptos Crypto and its tokenomics, among others an Aptos Crypto will be used for transaction and network fees as well as for governance voting on protocol updates.

At each stage of the pipeline model, validators have a gas unit price (specified in Aptos tokens) with which to prioritize the most valuable transactions on the network. In addition, there are numerous opportunities to eliminate low-value transactions at every step of the pipelined model (allowing the blockchain to function efficiently when at full capacity).

Over time, network fees will be used to ensure that the costs of utilizing the Aptos blockchain are comparable to those of real-world hardware deployment, maintenance, and node operation. Furthermore, application developers will have greater flexibility in regard to cost trade-offs between computing, storage, and networking.

Why are Aptos Blockchain and Aptos Crypto getting so much attention?

Aptos Blockchain - Aptos Crypto - Aptos Labs

Even though the Aptos blockchain was just launched this year, it has already received significant investment. In March 2022, Aptos accepted its first major set of investments. Several big venture capital firms, including a16z Crypto, Multicoin Capital, Hashed, Tiger Global, Three Arrows Capital, FTX Ventures, and Coinbase Ventures, invested a total of $200 million in all.

In June, Aptos Labs received an additional $150 million from FTX Ventures and Jump Crypto. Investors such as a16z crypto and Multicoin Capital have supported previous funding rounds.

Aptos Labs caught the eye of many major VCs for various reasons. First of all, Aptos Labs’ founders have extensive experience and an excellent reputation. The co-founders of Aptos Labs have years of expertise in generating excellent results. Not only do they have a stellar reputation for launching crypto and other projects, but they also come with a history in venture capital that has aided them in connecting with investors.

Furthermore, Aptos comes with unique architecture, which we haven’t seen in the industry for a couple of years. Venture capitalists are typically on the lookout for the cutting-edge and novel. The Aptos blockchain shines in this area, as it is distinguished from other Layer 1 blockchains in search of funding thanks to its Block-STM technology, Move programming, and BFT consensus.

Although Aptos is still in the very early stages of development, it shows and promises impressive performance. Aptos began doing much better after releasing testnets to the public. Reports of their high transaction-per-second and time-to-finality rates compared to other cryptocurrencies started rolling in. With Aptos’ technology, they can handle up to 160,000 transactions per second and finalize them within a second. Consequently, there is a big possibility that Aptos will surpass its rivals soon.

Finally, the project carries the reputation of Meta (former Facebook). Another reason investors are confident in Aptos is its connection to Diem’s original creators. It’s essentially a continuation of a project that Meta/Facebook began before changing direction and focusing on their “metaverse.” Investors are optimistic about what Aptos has to offer due to its origins.

Conclusion

Aptos Blockchain and Aptos Crypto have much anticipated scalable Layer 1 blockchain. It has unique features that make it stand out from its competitors. Its mainnet launch is planned for late 2022 or early 2023. Aptos team has already received investment from some of the biggest venture capitalists in the industry. Thanks to its founders’ experience, innovative technology, and promising performance, Aptos is one of the most talked about projects in the crypto space.

Aris Ioannou
Aris Ioannouhttps://coinavalon.io
Aris created Coinavalon with the purpose of helping the average person navigate the decentralized web. Aris has been passively in the space since 2017 and full time since late 2020. Before Coinavalon, Aris worked as a Business & IT Architect in the financial services sector. Aris holds an MSc in Advanced Computing from Imperial College London, a BSc in Computer Engineering from University of Cyprus and currently pursuing an MBA degree from CIIM.

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