About Aptos Crypto
Aptos Crypto is a Layer 1 Proof-of-Stake (PoS) blockchain that employs a novel smart contract programming language called Move, a Rust-based programming language that was independently developed by Meta (formerly Facebook)’s Diem blockchain engineers.
Aptos’s vision is a blockchain that brings mainstream adoption to web3 and empowers an ecosystem of DApps to solve real-world user problems. The PoS blockchain can achieve a theoretical transaction throughput of over 150,000 transactions per second (tps) through parallel execution.
In March 2022, Aptos raised $200 million in a seed round led by the venture capital firm Andreessen Horowitz (a16z). Other crypto heavyweights like Tiger Global and Multicoin Capital took part in the funding round. Fast forward to July, the startup raised another $150 million in a Series A round led by Sam Bankman-Fried’s FTX Ventures and Jump Crypto.
Two months later, Binance Labs made a strategic investment of an undisclosed amount in Aptos, bringing its valuation to $4 billion in September. On Oct. 18, 2022, Aptos announced the mainnet launch, while the Aptos genesis occurred on Oct. 12, 2022.
Aptos Crypto Coin Point Table
|Coin Name||Aptos Crypto|
|Circulating Supply||200,345,946 APT|
|Official Project Website||Click Here To Visit Project Website|
APT Price Live Data
The Aptos on-chain governance is a process by which the Aptos community members can create and vote on proposals that minimize the cost of blockchain upgrades. The following describes the scope of these proposals for the Aptos on-chain governance:
- Changes to the blockchain parameters, for example, the epoch duration, and the minimum required and maximum allowed validator stake.
- Changes to the core blockchain code.
- Upgrades to the Aptos Framework modules for fixing bugs or for adding or enhancing the Aptos blockchain functionality.
- Deploying new framework modules (at the address
Who Are the Founders of Aptos Crypto?
Aptos is the brainchild of Mo Shaikh and Avery Ching, both former employees of Meta. Mo, who is the current CEO of the company, is a founder with years of multinational financial services and blockchain/crypto experience. According to his LinkedIn profile, he specializes in scaling products and has experience in the private equity and venture capital markets.
Ching, on the other hand, is the CTO of Aptos. He is a software engineer and was one of the principal software engineers at Meta.
The duo worked together on the Diem blockchain project at Meta. Shaikh and Ching decided to join forces to create Aptos Labs when the Diem project was discontinued in January 2022. It, therefore, comes as no surprise that Aptos employs some of the technicalities of Diem.
Other members of the Aptos team include researchers, designers, and engineers from Diem.
What Makes Aptos Unique?
For a start, the Aptos Crypto team claims that its network can process over 150,000 tps. By comparison, Ethereum’s mainnet tps is around 12 to 15.
This high transaction throughput is possible through a parallel execution engine (Block-STM) — a byzantine fault-tolerant (BFT) PoS consensus mechanism. For context, most blockchains execute transactions sequentially, which means that a single failed transaction or high demand on the network could hold up the entire chain.
In the case of Aptos, all transactions are processed simultaneously and validated afterward. Failed transactions are either re-executed or aborted, thanks to the blockchain’s software transactional memory libraries, which spot and manage conflicts.
Aptos is built using Move, a new smart contract programming language that claims to offer advantages to Solidity, the EVM-based programming language. This includes blockchain commands that can be easily verified, modification of private key and modular design of Aptos.
Aptos Crypto Features
Layer 1 PoS Consensus
At the foundational level of the blockchain, Aptos uses a Proof-of-Stake consensus method. As opposed to traditional Proof-of-Work (PoW) blockchains, which rely on energy-intensive mining, validators are chosen to create new blocks based on their stake in the network.
Move Programming Language
The Aptos platform uses the Move programming language to build smart contracts. A Rust-based language called Move was created primarily for creating safe and resource-focused smart contracts. Its main goal is to eliminate common vulnerabilities like uninitialized storage, reentrancy attacks, and other such dangers.
Aptos Crypto Enhanced Security
Aptos wants to make smart contracts more secure by utilising Move. Safety and security are given priority in Move’s design principles, lowering the possibility of serious faults and vulnerabilities. Strong static verification methods are required by the language.
Modularity and upgradeability
At the level of smart contracts, Aptos provides modularity and upgradeability. To design complicated systems, developers can combine independent modules with reusable code. With this modular approach, smart contracts are more adaptable, easier to maintain, and easier to upgrade.
Community & Developer Support
By offering tools, documentation, and resources to make the development process simpler, Aptos wants to promote a vibrant community of developers. Aptos recruits developers who are already familiar with or interested in studying the Rust programming language by capitalising on its popularity and familiarity.
Scalability and Throughput
As a Layer 1 blockchain, Aptos focuses on scalability and high throughput. By utilizing the PoS consensus mechanism, it can achieve faster transaction finality and improve overall network scalability. This enables Aptos to support a larger number of transactions per second compared to traditional PoW blockchains.
Aptos Crypto Interoperability
Aptos aims to provide interoperability with other blockchains and ecosystems. By incorporating standards and protocols, it allows for seamless integration and interaction with external systems. This feature enables developers and users to leverage the capabilities of other blockchains and expand the possibilities of decentralized applications.
How Much Aptos is in Circulation?
APT is the native currency of the Aptos blockchain. It has an initial total supply of 1 billion and at the time of writing, its circulating supply is 130 million APT.
The distribution is as follows: Community (51.02%); Core Contributors (19.00%); Foundation (16.50%); Investors (13.48%).
Under the Community allocation, around 80% are held by the Aptos Foundation and the remaining by Aptos Labs. This will be used to support community growth and Aptos Foundation initiatives, and the remainder will be unlocked monthly over the next ten years.
Investors and core contributors are subjected to a four-year vesting schedule from mainnet launch. The Aptos team announced a token airdrop of 20 million APT tokens to early testnet users on Oct. 19, 2022.
How Is the Aptos Crypto Network Secured?
Aptos uses two consensus protocols – Proof-of-Stake and AptosBFT.
AptosBFT is quite similar to DiemBFT, originally developed for Diem. “BFT ” means ‘Byzantine Fault-Tolerant,’ and a network is said to be Byzantine fault-tolerant if it can continue to operate normally even if some of its members go offline or turn malicious.
AptosBFT is a custom-made consensus algorithm based on the HotStuff protocol. While there are a lot of background technicalities around how the protocol secures the network, the algorithm analyzes the on-chain state and automatically updates leader rotations to adjust for non-responsive validators without human intervention.
Where Can I Buy Aptos?
The APT token can be purchased and traded on a number of exchanges, including Binance, FTX, Huobi, KuCoin, Coinbase and more.
Aptos Crypto Conclusion
As a Layer 1 Proof-of-Stake (PoS) blockchain that pioneers novel features in the field of decentralised systems, Aptos stands out. Aptos prioritises security, modularity, and upgradeability in the creation of smart contracts by utilising the Move programming language, which was independently created by Meta’s Diem blockchain engineers.
Comparing Aptos to conventional PoW blockchains, PoS consensus offers a more scalable and energy-efficient solution. As a result, Aptos can process more transactions per second and with faster transaction finality and throughput.
Moving to Move as the smart contract programming language substantially strengthens the platform’s security. Smart contracts are more secure and correctly constructed thanks to Move’s emphasis on preventing vulnerabilities and imposing robust static verification methodologies.