In 2023, people are no longer ignorant of blockchain and its potential. This increased awareness has put a significant strain on existing blockchain infrastructure, leading to higher inefficiency and transaction costs.
For instance, the early years of Bitcoin saw almost zero transaction costs, but by late 2016, this cost had risen to $0.20 per transaction, with a maximum throughput of only seven transactions per second.
Moreover, there is a rising asset loss caused by security breaches, high gas prices, low scalability, low throughput limitations, and the absence of real-time responsiveness. As a result, the dream of blockchain developers catering to the masses will remain just that, a dream.
To address these issues, the Aptos Blockchain was developed and rolled out in October 2022. With its innovative features and proof of stake mechanism, it is poised to revolutionize the blockchain industry and pave the way for a brighter, more secure digital future.
Let’s understand the Aptos blockchain deeply
Aptos Team & Developers
Bill Bethel famously said, "A successful team is a group of many hands and one mind." This quote perfectly encapsulates the story of Aptos Blockchain, which is widely considered to be the conceptual successor of Meta's stranded Diem blockchain project.
Aptos was founded by Mo Shaikh (CEO) and Avery Ching (CTO), both of whom are highly experienced blockchain professionals and former employees of Meta. The majority of the team members involved in the project also worked on the Diem project, giving Aptos a solid foundation from the outset.
The team at Aptos Blockchain exemplifies the power of collaboration and shared vision in achieving great things. With their combined expertise and passion for the blockchain industry, they are well-positioned to drive innovation and progress in this exciting field.
What is Aptos Blockchain?
Aptos blockchain is the pioneer in revolutionizing the crypto space by bringing groundbreaking technology to the forefront. It focuses on adding scalability, upgradeability, reliability, and affordability to the world of blockchain.
As a layer 1 blockchain developed using the Move programming language, Aptos is breaking the mold and pushing the boundaries of what's possible in the world of decentralized technology.
It does not use the prevalent proof of work mechanism, instead, it works on the proof of stake mechanism. Which has reduced the energy consumption for miners and lowered the infamous 51% attack.
Aptos is working rigorously on manifesting the capability of cloud services, in a decentralized manner for improving its scalability and accelerating the adoption of blockchain technology.
Aptos Mission and Vision
Aptos has been developed with a vision of solving real-world problems through the use of decentralized applications. It aims to empower blockchain technology for mainstream adoption by the masses.
To achieve this vision, they have developed Aptos with a structure that caters to the needs of the contemporary world. Aptos founders have a forward-thinking approach and are constantly working to make Aptos a future-ready blockchain.
They strongly believe in a world where operations are decentralized and users have complete control over their data and have designed Aptos to make this a reality.
Aptos has been designed to be frequently upgraded and is quick to adopt technological advancements. This will ensure that the users are always at the forefront of innovation and that blockchain is able to meet their evolving needs.
Key Features of the Aptos Blockchain
1. Proof of Stake mechanism: Aptos uses an advanced Proof of Stake (PoS) mechanism, which includes a Byzantine Fault Tolerance (BFT) consensus mechanism.
This PoS mechanism reduces the electricity consumption of miners and provides security against a 51% attack.
2. Light and Full node clients: Aptos categorizes its clients into two categories: Full Node clients and Light Node clients.
Full Node clients have complete access to the Aptos transaction ledger, while Light Node clients have curtailed copies of the transaction ledger.
3. Parallel Transaction Processing: Aptos' architecture supports parallel transaction processing, allowing multiple transactions to be performed simultaneously.
It uses BlockSTM to execute over 160,000 non-trivial Move transactions per second.
4. Upgradability: Aptos' architecture is designed to support frequent upgrades, allowing it to adopt new technology expeditiously to meet the evolving requirements of the contemporary world.
Aptos(APT) Token
APT is the native token of the Aptos blockchain. APT will be used to pay transaction fees on the aptos blockchain. These fees are burned currently. Users who stake their APT tokens with validators will receive staking rewards. The current maximum reward rate is 7% per year.
APT token is also used for on-chain voting and governance of the blockchain.
The current market price of APT token is $11.34 with a market capitalization of over $1,940,522,755. About 170,903,462 APT tokens are in circulation. APT token reached an all-time high price of $19.92 in January 2023. APT token is currently ranked at 32 based on the market cap.
Initially APT faced strong resistance from the community, because of its clandestine approach. They kept the key credential about the token secret such as total supply etc. However, later they revealed the majority of the necessary information. Setting the total supply at 1 billion.
Aptos Token Distribution
As part of the commitment to the long-term success of the Aptos blockchain, they have implemented a lock-up schedule for all investors and core contributors.
Under this schedule, all APT tokens will be subject to a four-year lock-up period, excluding staking rewards if applicable, from the mainnet launch. During the first twelve months, no APT tokens will be available for unlocking.
After the initial twelve-month period, 3/48ths of the locked-up tokens will become available for unlocking each month for the next six months, up to and including the 18th month after the mainnet launch.
From the 19th month after the mainnet launch, 1/48th of the locked-up tokens will become available for unlocking each month until all tokens are unlocked on the four-year anniversary of the mainnet launch.
Aptos Blockchain Design and Architecture
Aptos blockchain uses its new smart contract programming language, Move. The Move is a powerful language that enables fast and secure execution, as well as simple auditability and mechanical analysability.
This means that developers can build more sophisticated decentralized applications on the blockchain, without sacrificing security or performance.
Aptos Blockchain has extremely high throughput and low latency. This is achieved through a batched, pipelined, and parallelized approach to transaction processing, which allows multiple transactions to be processed at once.
The blockchain also uses a novel parallel transaction processing method that supports atomicity with arbitrarily complex transactions, without requiring upfront knowledge of data locations to be read and written.
It is designed for performance and decentralization, with rapid stake-weight validator set rotation and reputation tracking.
The Aptos blockchain is also highly upgradeable and configurable, with a modular design that enables rigorous component-level testing and seamless deployment.
The Aptos blockchain is built for scalability while preserving decentralization. Sharing is a first-class concept that's exposed to users and native to the programming and data model, ensuring that the blockchain can grow and evolve to meet the needs of its users.
Aptos vs Solana, Which is better?
Aptos and Solana are two layer 1 blockchains known for their speed and parallel computation capabilities. However, Solana has been plagued by frequent network issues, while Aptos stands out for its redundancy measures.
Aptos synchronizes all its nodes, including leader nodes, to nearby nodes, ensuring that in the event of a leader node failure, another node takes over to keep the network functioning. This redundancy measure enhances the blockchain's reliability but requires more computational resources, and consequently, more powerful hardware than Solana.
Although Aptos is a relatively new blockchain, its redundancy measures make it a potentially more reliable solution than Solana, but it needs to maintain its performance to establish itself as a top-performing blockchain.
How is Aptos better than Ethereum?
Aptos outperforms Ethereum in terms of transaction processing speed, taking less than a second compared to Ethereum's over a minute. This is due to design and hardware differences, with Aptos requiring 16 CPU cores compared to Ethereum.
However, Ethereum is still considered more reliable due to its stability, even though Aptos has yet to experience any major outages. If you are willing to accept higher gas fees and longer transaction times, Ethereum is a clear choice.
Conclusion
The project's ability to handle a large volume of transactions quickly and efficiently is a major advantage over its competitors. If this trend continues, Aptos could potentially outgrow many of its rivals in the market.
While it is important to note that the project has yet to face any major outages or reliability issues, the early signs are promising. With continued development and support from the community, the Aptos project could potentially become a major force in the world of cryptocurrency.
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