The Aptos blockchain network has been making the rounds in the Web3 space in recent times. Infact, virtually every one in the Web3 space seems to be super stoked about the revolutionary structure of Aptos.
However, today we’ll be delving into everything you need to know about this L1 network that seems to be on the lips of everyone in Web3.
Origin & History
Aptos is co-founded by Mo Shaikh and Avery Ching, both former Meta employees who have years of experience in the blockchain industry. The Aptos blockchain network had been in the works for 3 years and had over 350,000 developers working on it across the globe.
What is Aptos?
Aptos is a layer one network designed to solve the problems of scalability, security, decentralization and high transaction costs using new and novel innovations in consensus, smart contract design, system security, performance, and decentralization.
So, you ask how Aptos intends to achieve this goal?
Firstly, Aptos network uses the Move language (a Rust-based programming language single-handedly developed by Meta) to process and execute transactions faster.
Infact, the team insists the network will be able to process over 130k transactions/second (as against 30k transactions /second obtainable in Ethereum) using its parallel execution engine (Block-STM), which results in lower transaction costs for users.
Intriguing, right? But that’s not all.
Infact, this is barely scratching the surface.
The number one key feature of Aptos is Parallel Execution.
How does this work?
You see, most L1 networks out there either execute smart contracts sequentially or serially and this results in a longer wait time to process transactions.
But here’s what’s interesting about Aptos:
The novel Parallel execution strategy ensures processing of transactions pretty much faster by running multiple simultaneous chains at once. This encourages finality at a pace ridiculously higher than that of other blockchain networks.
AptosLabs, in July, had raised $150 million in a Series A funding round that was led by FTX Ventures and Jump Crypto.
Also, AptosLabs earlier in March, raised $200 million in funding from a16z, Tiger Global, Multicoin Capital, alongside other venture capitalists totalling it to $350 million in funding. AptosLabs currently has the backing of Binance Labs bringing its valuation to $4 billion.
Aptos officially launched its mainnet on 12th Oct., 2022, and with its native token $APT currently listed on a ton of CEXs including Binance and FTX on the 19th Oct., 2022, it’s only fair to take a look at the tokenomics.
The Aptos wallet is where the $APT and AIT-3 tokens are stored on the Aptos blockchain. You can equally send and receive $APT tokens alongside interacting with other dApps on the Aptos network.
Here are a few wallets currently integrated into the Aptos blockchain network…
Currently, there are over 20+ projects currently building on the Aptos blockchain network, and that’s just only a measly count.
More projects are obviously going to be building on Aptos in the near future.
You can get a more insightful info about every single one of these projects here…
There are also the NFT projects currently building on Aptos too…
Ultimately, here are the official links to join the Aptos community…
Twitter : twitter.com/aptoslabs
Written by : Paschal Ajaegbu.