By Michael Scott
Definition of Aptos Crypto
This layer 1 blockchain utilizes the Proof-of-Stake consensus mechanism and Move, a new smart contract programming language. Its development has happened for more than three years.
Aptos crypto comes after Diem (previously referred to as Libra), a Meta project. Despite Meta abandoning Diem in 2022, the team responsible for the project kept working on it, resulting in the present Aptos.
At present, Aptos Labs leads Aptos blockchain development. Mo Shaikh and Avery Ching, ex-Meta employees, are the founders.
Mo Shaikh is the Aptos Labs chief and has experience in private equity and venture capital markets. On the other hand, Avery Ching is the CTO and was one of Meta’s leading software engineers.
Besides the two, seasoned engineers, strategists, designers, and researchers are part of the Aptos team. They are all committed to ensuring universal decentralization access.
Attracting Talent
The team at Aptos has been growing and hiring more individuals. In this case, several ex-Solana employees, like Austin Virts, have joined the blockchain.
Due to the belief that Solana and Aptos are rivals, the move is prominent. Solana’s performance is high, and the two blockchains have an equal transaction speed.
Generating Funds
The team’s experience in venture capital has resulted in the generation of significant funding for Aptos. A few years ago, $200M was generated from firms like FTX Ventures, Andreessen Horowitz, and Coinbase Ventures.
Afterward, an extra $150M was generated from Jump Crypto and FTX Ventures.
Unveiling the Mainnet
Aptos Crypto’s mainnet unveiling took place in October 2022. Before the launch, a testnet referred to as the Aptos Incentivized testnet happened from May to October 2022.
Apt Technologies
Aptos Ecosystem on the Move
The Move programming language being used by Aptos is a major feature that is excellent for secure and quick transactions. It facilitates blockchain data analysis and audit, boosting its security and transparency.
Move also comprises a virtual machine, compiler, and verifier referred to as Mover Prover. It directs attention to access control and resource scarcity.
Byzantine Fault Tolerance (BFT)
AptosBF is being utilized by Aptos mainnet as the consensus mechanism. The BFT ensures that to avert a major system failure, the actors within the system agree on a single strategy.
In a decentralized network, an actor can offer inconsistent information to other nodes concerning its state. As such, a consensus concerning whether to leave out an actor from the network is not attained.
Aptos Bridge
It went live on 19th October 2022 and permits users to transfer USDC and USDT tokens. It also allows ETH coin movement to the network from various decentralized systems.
Decentralized Applications (DApps)
DApps’ creation in the ecosystem is possible thanks to Aptos.
Aptos Network Throughput
According to the Aptos team, the ecosystem will be capable of processing 130000 transactions per second. All the processing happens concurrently, and transaction authentication happens later.
Aptos Labs’ final goal is to establish a decentralized cloud infrastructure to ensure quicker Web3 protocol’s mainstream adoption.
Aptos Blockchain Tokenomics
At the time of writing, Aptos’s price was $8.69 per CoinGecko data. The price of APT has experienced fluctuations, a similar occurrence in all cryptos.
More About APT Tokens
The APT token is utilized to pay for network and transaction fees on Aptos. It is also utilized for governance voting concerning the Aptos ecosystem updates.
APT in Atomic Wallet
APT is wholly supported in Atomic Wallet. The wallet should be selected for the following reasons:
- A user-friendly interface that presents all the needed information concerning the asset.
- It facilitates APT exchange.
- Aids in holding and managing APT.
Final Thoughts
The existence of Aptos aims to provide a solution to the blockchain scalability problem.
Aptos is unique since it was developed using the Move programming language and was designed to boost the network’s reliability and scalability. The team responsible for APT is constantly working on new features.
Currently, the team plans to continue expanding the network and boosting its accessibility to the world. The latest collaboration with MoonPay demonstrates dedication to the promise of accessibility.
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