1. What is the Aptos blockchain?
Aptos aims to be a fast, scalable, and reliable blockchain that supports decentralized applications (DApps) and aims to accelerate the development of Web3.
Avery Ching and Mo Shaikh launched the Aptos blockchain on October 12, 2022. It is designed to achieve high throughput and low latency, meaning it can process approximately 160,000 transactions per second and verify them in less than 1 second on average.
Aptos technology natively integrates the Move language to provide these fast, secure transactions, allowing developers to write smart contracts and build DApps. Aptos provides everything you need to “build your big idea” and even incorporates artificial intelligence to make Web3 easy for novices and experts alike.
Aptos is the native token of the Aptos crypto ecosystem. It powers the blockchain through transaction fees, governance, and validators. To transact on the blockchain, fees are charged in APT tokens, although these fees are very low, typically less than 0.001APT or $0.0009. The initial total supply of APT is 1 billion, with 130 million tokens in circulation at launch, and the distribution in the ecosystem is as follows:
51.02% allocated to the community
19% allocated to the team, advisors and private investors
16.5% allocated to the foundation
13.48% allocated to investors
By 2031, the total supply of APT will increase to 1.5 billion.
The project has grown exponentially since its launch, boasting a multi-billion dollar market cap and becoming a top 25 token by October 2024.
Did you know that both of Aptos’ founders, Mo Shaikh and Avery Ching, worked for Meta (Facebook)’s Diem team, the predecessor to the Libra blockchain project. This inspired them to create Aptos without being bound by the red tape that comes with working for a large organization.
2. How does the Aptos blockchain work?
Aptos uses the Move smart contract programming language, which allows for a parallel execution engine called Block-STM.
Most blockchains are limited in their total transactions per second (TPS) because they use serial transactions. This means that tasks are executed one at a time in sequence. The Aptos blockchain features Block-STM and parallel transaction processing, which allows multiple transactions to proceed simultaneously, greatly increasing the network TPS.
The Aptos consensus mechanism uses Proof of Stake (PoS) combined with a unique Byzantine Fault Tolerant (BFT) consensus protocol for validators to collectively process transactions. Aptos processes all transactions simultaneously. This is done by capturing a snapshot of the current state, then processing them in parallel, and then validating them.
While this provides greater speed, it can be a more expensive method of processing and presents challenges in preventing transactions from interrupting each other. Failed transactions are terminated and re-executed using software transactional memory (STM) to manage any conflicts.
Did you know? Aptos is one of the most funded blockchain projects, raising over $200 million from the likes of Andreessen Horowitz (a16z), Coinbase Ventures, and FTX Ventures. FTX Ventures later led a $150 million round.
3. Advantages of Aptos Blockchain
Aptos is one of the most advanced blockchains with low latency, high throughput, and low fees, making it an ideal blockchain for developers seeking speed and efficiency.
High Performance and Cost-Effectiveness: Aptos offers nearly instant response times, allowing transactions to be completed in less than a second with fees typically less than $0.0005. For context, the network can mint 1 million NFTs in just 90 seconds!
Developer-friendly: The native Move programming language is good for builders. It is easy to get started, provides a safe and efficient environment, and simplifies the process of creating new DApps on Aptos.
Technical Innovation: The integration of PoS and BFT in Aptos, along with Block-STM, formal verification, and randomness APIs, differentiates the blockchain from other networks while improving its scalability and performance. BFT refers to the ability of a system to continue functioning properly even if some participants (within certain limits) behave maliciously or fail. It ensures that consensus can be reached even if some validators are unreliable.
Security: The addition of Move Prover acts as a formal verifier to check the behavior of Aptos smart contracts written on the blockchain. This helps provide strong security for applications such as DeFi protocols, gaming, and high-volume NFT trading.
Community Support: Aptos has built a vibrant and supportive community that is creating an exciting collaborative ecosystem. This includes a committed founding team, over 350 developers who have joined the project, and over 500,000 X fans.
Did you know that fast finality, transaction speed and high throughput, along with low gas are the reasons why projects like SushSwap and PancakeSwap chose Aptos over other blockchains?
4. Aptos Blockchain Use Cases
Organizations around the world use Aptos and 180+ DApps to solve complex challenges and deliver innovative solutions.
Games: Aptos provides smooth game speeds and secure asset storage. Developers can create immersive gaming experiences while achieving true ownership and portability of in-game assets.
NFTs: Building on Aptos provides unlimited creative freedom to design a diverse collection of NFTs, which already includes Bruh Bears and MAVRIK NFTs.
Social: Web3 will give users full control over their digital social footprint. Aptos helps bring this power back to the people through on-chain social media apps like Chingari.
Entertainment: Fans and creators can interact more personally than ever before, whether buying and selling tickets, winning collectibles or sharing memorabilia through the Aptos Network.
DeFi: Fast and cheap transactions combined with smart contracts make Aptos a leading place to build DeFi applications. Mastercard is even building an identity verification tool on the network, called the Mastercard Crypto Credentials.
Did you know? Both Mastercard and Visa are experimenting with blockchain solutions, particularly to facilitate cross-border payments. Visa has been experimenting with settlements on Solana and Ethereum, while Mastercard is developing platforms such as crypto credentials and the Multi-Token Network (MTN) to make the ecosystem more secure and interoperable.
5. Future Prospects of Aptos Blockchain
Attracting developers to build on the network is critical to the long-term success of a project and to remaining competitive in the market.
The Aptos Foundation continues to drive blockchain innovation on the network, working to build a future environment with higher transaction speeds and cost efficiencies to attract more developers.
A key feature of Aptos is the growth of its ecosystem. While most competitors are a step ahead, Aptos has had an incredible trajectory since its launch in 2022, attracting developers and large DeFi projects to its platform. In just two years, the Aptos blockchain has attracted more than 180 projects, including DeFi operators such as PancakeSwap, NFT oracles such as SupraOracles, and launchpads such as BuilderDAO.
In addition to a strong community, Aptos aspires to be at the forefront of future trends in blockchain and continue to stand out. New integrations like artificial intelligence could revolutionize multiple areas, including automation in the DeFi space and attracting new users.
Aptos’ scalability is often touted as the most impressive part of the project. While some blockchains are still plagued by outages, low throughput limitations, and high costs, Aptos has developed through novel innovation and smart contract design to become the cornerstone of Web3’s scalable future.
