An Explanation of Aptos
You probably think there shouldn’t be another smart-contract layer that claims to be more scalable than the others. Aptos Labs, the company that founded Aptos, is a web3 firm whose primary goal is to create a scalable layer-1 blockchain. An Aptos Explorer could be used for more information, like the one released by NodeReal.
However, Aptos is not a brand-new startup; it was established by programmers who had previously worked on Diem, Meta’s blockchain project that was shelved in January. It follows that Aptos already has a robust platform upon which to construct its goods.
Characteristics of the Aptos Blockchain
The old Diem blockchain and Move, a Rust-based programming language separately created by Meta, are used extensively in Aptos. By leveraging its parallel execution engine (Block-STM), the business believes the network would be able to handle over 130k transactions per second, resulting in cheap transaction fees for customers.
To put things in perspective, most blockchains execute smart contracts sequentially or demand a substantial parallel workload for better performance, which uses much power. Because a single failed transaction won’t slow down the whole chain, Aptos is different from other blockchains. Instead, every transaction is handled concurrently and then verified. Thanks to its STM (software transactional memory) libraries, which recognize and manage conflicts, the unsuccessful ones are aborted and re-executed.
An overview of Aptos’ brilliant contract execution from their August 2022 white paper. Their business strategy is predicated on the idea that cloud infrastructure offers a scalable and affordable foundation for creating popular apps.
Bui As a consequence, integrating these technologies improves the throughput capacity of the whole network, which has been a significant barrier for existing layer-1 blockchains. On the Aptos ecosystem, there are now more than 30 DeFi projects. Loading DeFi projects on Aptos’ blockchain is possible. Some initiatives include decentralized exchanges, lending protocols, and liquid staking. Aries Markets, a protocol for margin trading, illustrates this.
Who comprises the Aptos Team?
Mo Shaikh, the CEO, and Avery Ching, the CTO, both former Meta workers with years of expertise as senior developers and engineers in the blockchain sector, co-founded Aptos.
The team comprises a battle-tested crew of PhDs, researchers, engineers, designers, and strategists. They are Diem’s original designers, constructors, and creators.
What is going on with Aptos?
Despite the lousy market, Aptos has secured a sizable amount of money from many crypto powerhouses. Along with other venture capitalists, Aptos got $200 million in investment in March 2022 from a16z, Tiger Global, and Multicoin Capital.
Sam Bankman-FTX Fried’s Ventures and Jump Crypto led a $150 million Series A fundraising round for the business in July.
Furthermore, according to Bloomberg, Binance Labs increased its investment in Aptos at the Venture Round on September 15, raising the blockchain startup’s estimated value to a staggering $4 billion. According to a Crunchbase study, Aptos’ worth tripled in six months thanks to the new money from Binance.
A little while later, on September 28, Dragonfly Capital raised an additional sum at the Venture Round.
A project’s potential is shown by the fact that Binance Labs is supporting it. In fact, one of the reasons Yi He, co-founder of Binance and director of Binance Labs, decided to invest in Aptos is the Move programming language Aptos is using to create its blockchain.
Expansion of the Aptos Ecosystem and Team
Additionally, the Aptos team has been aggressively recruiting. Most notably, they have hired numerous former Solana employees, including Austin Virts, a former Solana head of marketing.
In addition to Solana workers, several ardent Solana supporters have left for Aptos. People are discussing if the notion that Aptos would be the next Solana is true or whether it is just a pump-and-dump scheme by venture capital companies (VC) and whales to recoup their losses from the market’s numerous liquidations. A lot of venture capital funding should be a warning sign, but in the case of Aptos, there may be more going on.