The Aptos project was launched in October 2022 and immediately drew the crypto community's attention. It received a mixed response, with some calling it a "Solana killer" and "the fastest network in the history of crypto," while others said it was "the most ingenious scam of 2022". So what is Aptos? We'll take you through the basics in this article.
A Brief History of Aptos
Aptos blockchain was created by former employees at Meta, the holding company that owns a couple of social networks we're all familiar with and the WhatsApp messaging service. Since 2018, they have been working on a project to integrate crypto into Meta's products: Facebook, Instagram, and WhatsApp. The Diem stablecoin, however, was not fated to see the light of day. The U.S. Federal Reserve opposed it, and the project was halted after several congressional hearings.
Shortly afterward, former Meta partner relations department head Mohammad Shaikh and head of blockchain development Avery Ching founded Aptos Labs, which served as the basis for creating a new startup. The Aptos team also onboarded many other experts involved in the Diem project.
The project received significant support from major investors, attracted millions of dollars in investment, ran a high-impact advertising campaign, and announced the startup to great fanfare within the crypto community.
What is Aptos?
Aptos is a public Layer 1 network written in the Move programming language created for Diem. It uses the AptosBFT consensus algorithm, which combines proof-of-stake (PoS) and Byzantine fault tolerance (BFT). Other networks, including Fantom, use this combination.
BFT offers networks high protection from hostile acts, allowing the blockchain to function properly even if as many as a third of the network validators don’t respond or produce incorrect data.
Additionally, Aptos processes transactions in parallel rather than sequentially, which the developers say gives the blockchain a TPS of more than 160,000 transactions per second and a transaction completion time (the delay between submission and execution) of less than one second.
The project's core principles are scalability, security, reliability, and upgradability.
The Aptos team is developing an ecosystem of decentralized applications, and the blockchain can be used for all standard crypto use cases, such as DeFi, NFTs, and the metaverse.
Aptos has a modular structure. This allows participants to divide the network into conditional segments and, as a result, quickly implement DApps and new Web3 solutions.
Users, applications, and smart contracts interact via the Move VM in Aptos. The developers hope that it will become a competitor to the Ethereum Virtual Machine (EVM). Aptos is ultimately aiming to compete with the likes of Ethereum and Solana.
The network's native coin
The platform's native token is APT. Its current value is around $6, and the total market capitalization is in the region of $1.5 billion. APT token holders can delegate tokens to validators, i.e., send them for staking.
The Aptos architecture
The basic functioning of the blockchain is provided by the consensus algorithm that uses proof-of-state and BFT, along with delegated validators. Network participants "pledge" their tokens for the opportunity to become a validator and receive a reward for supporting the operation of the network. A minimum of 1 million APT tokens must be staked.
The network is segmented, and participation levels are divided into full nodes and Light clients. Full nodes are responsible for storing a complete copy of the blockchain and validating transactions and blocks. The latter, which uses Simplified Payment Verification (SPV), stores only part of the blockchain. By storing just block headers, for example, they can confirm transactions without downloading the entire blockchain history. They cannot replace full nodes and instead work alongside them. This approach allows them to interact more quickly with the network.
The network is modular, and every element within the system can function independently. The other network parts will be unaffected if a problem is encountered or an update is required. This also improves scalability: participants can add and update modules individually without rebuilding the entire system.
The most exciting feature of Aptos is its resources, which represent objects that cannot be copied or discarded. Resources must be registered by users on their own accounts, which makes token spam impossible and provides security and control for assets on the Aptos network. Since resources cannot be accidentally lost or duplicated, this prevents potential threats and attacks in other blockchain systems.
DApps on Aptos
As mentioned, Aptos is building a decentralized application ecosystem on its network. Aptos is currently home to many DApps, such as DEXs, NFT marketplaces, DAOs, DeFi platforms, cross-chain bridges, crypto wallets, and more. Some examples include Aptos Bridge, Liquidswap, Ditto, Tortuga, Topaz, AptosLauncher, and Petra.
The future of Aptos
Aptos is one of the most advertised projects in the crypto industry. Thanks to its impressive marketing, it is one of the most talked about blockchain platforms. Given that it offers many exciting features and has a serious development team, it certainly has the potential to become a very successful project.
Aptos is also more than capable of solving the blockchain trilemma facing any Layer 1 network. In the future, Web3 developers and parties seeking to expand the capabilities of the DApp ecosystem may choose to develop on top of the network.
Aptos Project FAQ
1. What is Aptos?
Aptos is a Layer 1 blockchain network launched in October 2022. It gained attention for its mixed reception in the crypto community, being labeled both a "Solana killer" and a potential scam. Aptos is designed for scalability, security, reliability, and upgradability.
2. Who founded Aptos?
Aptos was founded by Mohammad Shaikh and Avery Ching, former employees at Meta (owner of social networks like Facebook and WhatsApp). It originated from their work on integrating crypto into Meta's products, which led to the creation of Aptos Labs and, eventually, the startup Aptos.
3. What programming language does Aptos use?
Aptos is written in the Move programming language and was initially created for the Diem project (formerly Libra). The AptosBFT consensus algorithm, combining proof-of-stake (PoS) and Byzantine fault tolerance (BFT), is utilized for enhanced security.
4. How does Aptos achieve high throughput?
Aptos employs parallel transaction processing, claiming a TPS (transactions per second) of over 160,000 and a transaction completion time of less than one second. This is facilitated by the AptosBFT consensus algorithm.
5. What is the native token of Aptos?
The native token is APT, currently valued at around $6, with a total market capitalization of approximately $1.5 billion. APT holders can delegate tokens to validators for staking.
6. What is the Aptos architecture like?
Aptos has a modular structure that allows quick implementation of decentralized applications (DApps) and Web3 solutions. The network is segmented with full nodes and Light clients, promoting scalability and independent functioning of network elements.
7. How does staking work on Aptos?
Validators on Aptos require a minimum staking of 1 million APT tokens. Users can delegate tokens to validators, supporting network operations and receiving rewards. The network includes full nodes responsible for storing the complete blockchain and Light clients using Simplified Payment Verification (SPV).
8. What are Aptos resources?
Aptos introduces resources and non-copyable objects registered by users on their accounts. This prevents token spam, enhances security, and ensures control over assets on the network, as resources cannot be lost or duplicated.
9. What decentralized applications (DApps) are on Aptos?
Aptos hosts various DApps, including DEXs, NFT marketplaces, DAOs, DeFi platforms, cross-chain bridges, crypto wallets, and more. Examples include Aptos Bridge, Liquidswap, Ditto, Tortuga, Topaz, AptosLauncher, and Petra.
10. What is the future outlook for Aptos?
Aptos, with extensive marketing and promising features, is positioned as a noteworthy project. Its modular and scalable architecture and a strong development team suggest potential success. Aptos aims to address the blockchain trilemma and attract Web3 developers for future DApp ecosystem expansion.