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About Aptos
-
What is Aptos?
: A Layer 1 Proof-of-Stake (PoS) blockchain using Move, a Rust-based programming language. -
Vision
: Bring mainstream adoption to web3 and empower an ecosystem of DApps to solve real-world user problems. -
Theoretical transaction throughput
: Over 150,000 transactions per second (tps) through parallel execution.
Funding
-
Seed round
: $200 million in March 2022, led by Andreessen Horowitz (a16z). -
Series A round
: $200
About Aptos: Empowering a New Era of Decentralized Innovation
Aptos: A Next-Generation Layer 1 Blockchain
Aptos is a pioneering Layer 1 Proof-of-Stake (PoS) blockchain that leverages a groundbreaking smart contract programming language called Move, a Rust-based language independently developed by the esteemed engineers behind Meta (formerly Facebook)’s Diem blockchain.
Aptos envisions a blockchain that catalyzes mainstream adoption of web3, thereby empowering a vibrant ecosystem of decentralized applications (DApps) to tackle tangible, real-world user challenges.
The PoS blockchain is capable of achieving a remarkable theoretical transaction throughput of over 150,000 transactions per second (tps), made possible by the power of parallel execution.
In March 2022, Aptos secured a staggering $200 million in seed funding, spearheaded by the esteemed venture capital firm Andreessen Horowitz (a16z). The round also drew participation from other prominent players in the crypto sphere, including Tiger Global and Multicoin Capital. Fast forward to July, the startup further bolstered its coffers with an additional $200 million in a Series A round, featuring a diverse array of investors, including Dragonfly, Apollo Global, Franklin Templeton, Animoca, Jump Crypto, and others.
Two months hence, Binance Labs made a strategic investment of an undisclosed sum in Aptos, thereby forging a pivotal partnership.
On October 18, 2022, Aptos proudly announced the highly anticipated mainnet launch, marking a significant milestone, with the genesis of Aptos having taken place on October 12, 2022.
The Visionary Founders Behind Aptos
Aptos is the brainchild of Mo Shaikh and Avery Ching, both erstwhile employees of Meta. Mo, the current CEO of the company, boasts a storied background in multinational financial services and blockchain/crypto, with a proven track record of scaling products and navigating the private equity and venture capital markets.
On the other hand, Ching, the CTO of Aptos, boasts an impressive background as a seasoned software engineer, having previously held a pivotal role as one of the principal software engineers at Meta.
The duo collaborated on the Diem blockchain project at Meta, laying the groundwork for their future endeavors. When the Diem project was discontinued in January 2022, Shaikh and Ching decided to pool their expertise to establish Aptos Labs. Consequently, it is hardly surprising that Aptos incorporates some of the technical nuances pioneered by Diem.
Notably, the Aptos team also comprises esteemed researchers, innovative designers, and seasoned engineers, many of whom hail from Diem.
Unveiling the Unparalleled Aptos: A Truly Unique Entity
Notably, the Aptos team asserts that their network is capable of handling an impressive throughput of over 150,000 transactions per second (tps). In stark contrast, the Ethereum mainnet’s tps hovers around a modest 12 to 15.
This exceptional transaction throughput is made possible by a parallel execution engine (Block-STM), which leverages a Byzantine fault-tolerant (BFT) proof-of-stake (PoS) consensus mechanism. In contrast, most blockchain networks process transactions sequentially, meaning that a single failed transaction or high network congestion can bottleneck the entire chain.
In the case of Aptos, all transactions are processed concurrently and subsequently validated. Should any transactions fail, they are either re-executed or aborted, courtesy of the blockchain’s sophisticated software transactional memory libraries, which adeptly detect and manage conflicts.
Aptos is built utilizing Move, a novel smart contract programming language that purportedly offers superior advantages over Solidity, the EVM-based programming language. Notably, this includes blockchain commands that can be effortlessly verified, modification of private keys, and a modular design inherent to Aptos.
Aptos’ innovative upgradeability and configurability unlock a plethora of novel use cases, while its natively-implemented sharding feature enables horizontal throughput scalability, thereby delivering a significantly enhanced user experience.
The Circulating Supply of Aptos: A Closer Look
The native cryptocurrency of the Aptos blockchain is APT, boasting an initial total supply of 1 billion, with a current circulating supply of 130 million APT at the time of writing.
The distribution is allocated as follows: the community receives 51.02%, core contributors are allotted 19.00%, the foundation retains 16.50%, and investors hold 13.48%.
Under the Community allocation, approximately 80% is retained by the Aptos Foundation, with the remaining portion held by Aptos Labs. This allocation is earmarked to foster community growth and support Aptos Foundation initiatives, with the balance to be incrementally unlocked over the next decade on a monthly basis.
Investors and core contributors are bound by a four-year vesting schedule commencing from the mainnet launch. On October 19, 2022, the Aptos team unveiled a token airdrop of 20 million APT tokens, rewarding early testnet users for their pioneering efforts.
For a concise overview of Aptos’ token economics, please refer to this resource.
Aptos Bridge: A Seamless Gateway to Interoperability
On October 19, 2022, LayerZero Labs, a pioneering on-chain user application protocol, successfully launched the Aptos Bridge, marking a significant milestone in the realm of decentralized technologies.
The blockchain bridge will facilitate seamless transfers of ETH, USDC, and USDT across multiple networks, including Ethereum, BNB Chain, Polygon, Avalanche, and Optimism, to Aptos, thereby expanding the realm of interoperability.
The Aptos Network’s Security Mechanisms: A Robust Defense
Aptos leverages a dual-consensus mechanism, combining the Proof-of-Stake and AptosBFT protocols to ensure a robust and efficient network operation.
AptosBFT bears a striking resemblance to DiemBFT, initially conceived for Diem. The acronym “BFT” denotes “Byzantine Fault-Tolerant,” a designation bestowed upon a network that can seamlessly maintain its operations even when some of its constituents experience downtime or exhibit malicious behavior.
AptosBFT is a bespoke consensus algorithm, built upon the HotStuff protocol.
While the underlying technical complexities of the protocol are multifaceted,
the algorithm’s primary function is to dynamically analyze the on-chain state
and autonomously adjust leader rotations in response to non-responsive validators,
all without the need for human intervention.
Acquiring Aptos: A Comprehensive Guide to Purchasing Options
The APT token is widely available for purchase and trade on a diverse range of prominent exchanges, including Binance, Huobi, KuCoin, Coinbase, and many others.
Associated Resources:
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Stay up-to-date with real-time APT price updates – download the CoinMarketCap mobile app now!
Delve into the fascinating realm of cryptocurrency with our comprehensive educational resource, Alexandria.
The Dawn of a New Era: Aptos Mainnet Launch
Notwithstanding the substantial investments it received, Aptos delayed the launch of its mainnet until October 2022. Prior to this milestone, the project’s testnet campaign, dubbed “Aptos Incentivized Testnet (AIT)”, had been operational since May.
The testnet was segmented into four distinct stages – AIT1, AIT2, AIT3, and AIT4. The overarching objective of this campaign was to extend an invitation to, and incentivize, developers, node operators, and auditors to deploy applications and subject the network to rigorous stress-testing, thereby paving the way for a seamless mainnet launch.
On September 9, 2022, the network successfully concluded its AIT3 campaign, thereby paving the way for the highly anticipated final testnet. Throughout the series of testnets, Aptos has successfully onboarded over 100 projects, including notable names such as Solrise Finance, PayMagic, Pontem Network, and MartianDAO.
On October 18, 2022, Aptos marked a significant milestone with the successful launch of its mainnet, thereby becoming the pioneering blockchain to harness the power of Move technology. At the time of this publication, the mainnet was operating on the latest iteration of AptosBFT (version 4), which employs a Byzantine Fault Tolerance (BFT) consensus protocol to ensure the integrity of its network. Notably, the company is already forging ahead with the development of AptosBFT (version 5), underscoring its commitment to continuous innovation.