Aptos network has been referred to as a Solana killer as it has a theoretical throughput of over 130,000 tps. It uses a novel smart contract programming language known as Move. This language was initially developed at Meta or Facebook to power the Diem blockchain. This language emphasizes safety and flexibility. With this programming language, the network is able to achieve high throughput without sacrificing safety.
Briefly about Aptos
This blockchain was created by several individuals, including Mo Shaikh and Avery Ching. According to its official website, the network was created with the key principles of scalability, reliability, safety, and upgradeability. More than 350 developers from all around the world have been working to achieve these goals.
Aptos is a layer 1 blockchain designed for people. Engineered to evolve.CryptoLists.com
Aptos network is set to process more than 130,000 tps. This will be possible because the ecosystem will integrate a parallel execution engine known as Block-STM. The use of this engine will also lower transaction fees for users of the network. It is worth noting that a single failed transaction on the Aptos ecosystem will not hold up the entire blockchain. All transactions will be processed at the same time and will be validated later on.
Utility of Aptos?
This blockchain is mainly used for regular financial transactions. Its main advantage is its scalability as it is expected to process more than 130,000 tps. The network is especially useful for people who want to avoid censorship as it is decentralized. You can spend your money anonymously without worrying about getting your funds frozen.
Aptos
Aptos Consensus Method: Proof of Stake
Release Date: October 12, 2022
Advantages at Aptos
+ Aptos Network offers high levels of scalability.+ Users enjoy high security levels on this network.
+ The team behind Aptos blockchain is skilled and reputable.
+ This network uses the proof of stake consensus.
Disadvantages
- Aptos ecosystem is very new.- Aptos network isn’t as decentralized as Ethereum.
- This blockchain will have to beat many similar blockchains.
- Its tokenomics are dubious.
Costs
▪ Rated at 9/10The gas fees on this network depend on the computing and storage resources required for the transaction. Governance will set the minimum gas unit price, but the market will determine the actual gas fee you will pay. The current transfer fee is around 0.006 APT. You should note that the network allows users to pay higher gas fees for their transactions to be processed faster.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 9/10
Aptos blockchain has generated a lot of buzz since its release. It has been able to raise a lot of money in investments and has generally created a positive reputation. Its main issue arose from the handling of Aptos tokenomics. A large proportion of the total supply of ATP, the native coin of this ecosystem, has been staked. That means insiders are profiting heavily from the project. Also, it has received heavy VC funding, and the fact that it grew out of Facebook makes it controversial to some people. Even with these issues, the network has been growing rapidly and is highly likely to be successful.
FAQ
Who created Aptos Blockchain?
This blockchain was developed by Mo Shaikh and Avery Ching. It evolved out of Meta’s Web3 project and uses the same technology as Diem. The project involves lots of former Meta employees.
Is Aptos Blockchain proof of stake?
This network uses the proof of stake consensus mechanism. This consensus is preferred since it uses less energy than the proof of work mechanism. In this way, proof of stake is more environmentally-friendly.
Will Aptos Blockchain overtake Ethereum?
There are many blockchains that compete directly with Aptos, but Ethereum is among the largest ones. Aptos is not likely to ever overtake Ethereum since the older network has already implemented many changes to improve its service. It also enjoys the first-mover advantage.
Why is Aptos blockchain controversial?
The main problem with this blockchain is its tokenomics. Its native coin is predominantly held by founders and early private investors. Also, the fact that it has received a lot of VC funding makes it seem less decentralized.
History about Aptos
13th of May, 2022 - Aptos launch their testnet. In order to try it out, you need to pass a short KYC process and should preferable also validate your Discord profile. Feedback is highly appreciated.
21st of April, 2022 - Aptos network reveals that Google Cloud is one of the first inaugural cloud partners.
Screenshots from Aptos
