Aptos is a scalable Layer 1 blockchain network that leverages the Proof-of-Stake consensus algorithm. Aptos uses an advanced smart contract programming language Move. Aptos blockchain went live on October 17.
Aptos blockchain was created by Aptos Labs which was founded by ex-Meta employees(previously Facebook) who worked on the cryptocurrency project Diem which was abandoned by Meta. The smart contract programming language, Move was also independently developed by Meta and was used to build the Aptos chain.
Aptos Labs claims that the Aptos blockchain can reach up to 160,000 transactions per second which is significantly higher than the other Layer 1 blockchains like Ethereum, Solana, and Avalanche which can process a maximum of 30, 5000, and 4500 transactions respectively.
Aptos blockchain uses Block-STM technology which can handle smart contracts efficiently. Aptos blockchain's parallel execution engine can process multiple transactions at once so that a single failed transaction cannot halt the chain. The Move programming language is also better than other smart contract languages.
Aptos Labs raised $150 million in a seed round led by Andreessen Horowitz, the top VC in Silicon Valley. Aptos Labs was recently valued at $4 billion after funding led by Binance Labs.
APTOS(APT) is the native token of the Aptos blockchain. The APT token is used to pay transaction fees and network fees on the Aptos blockchain. Validators can stake APT tokens to validate the transactions on the Aptos blockchain. Anyone can stake APT tokens to earn rewards.
Aptos APT token was listed on major exchanges like Binance, Coinbase, FTX, etc on October 19, 2022. 150 APT tokens were airdropped to testnet users. The market price of APT is $8.00(at the time of writing this article), with a market capitalization of over $1 billion and a fully diluted valuation of $8 billion. About 130 million APT tokens are in circulation.
Create an Aptos wallet
Here is a step-by-step guide to creating an Aptos blockchain wallet.
We have Metamask wallet for Ethereum, Phantom wallet for Solana and similarly, we have Petra wallet for Aptos. Petra is also a web wallet and is easy to use.
1. Download and install the Petra Aptos Wallet from the Chrome web store
2. Pin the wallet into your browser and click on the wallet icon. Now click on 'Create New Wallet'
3. Set a password and click on 'Continue'. Reveal the secret recovery phrase. Copy the secret recovery phrase and write it or save it somewhere. Don't share the secret phrase with anyone and do not lose it. Doing so may lead to the loss of all your funds in the wallet
4. Now enter the secret phrase as you have copied
5. You have successfully created an Aptos wallet
Now there are no assets in your wallet. To add funds to your wallet, copy the address on the top of the wallet. Purchase Aptos tokens in any exchange(Binance, FTX, Coinbase, Kucoin, etc.) and withdraw them to your wallet address.
Or use the Aptos bridge to bridge your tokens from any other chains like Polygon, Optimism, Ethereum, or Arbitrum.
Aptos promises to be a better layer 1 blockchain than Ethereum or Solana. Ethereum gas fees are on the higher side and the Solana network suffers outages regularly. We definitely need a better L1 chain right now. If Aptos blockchain delivers its promises, then Web3 adoption will be rapid and accessible to everyone.
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