What is Aptos? Aptos is a Layer 1 Blockchain with scalability up to 160,000 TPS, completely solving the problems of transaction speed and transaction fees that still exist on Ethereum. Aptos was built by the same Core Team that built Diem Stablecoin and Blockchain at Facebook. Let’s learn more about Aptos!
To better understand Aptos, people can refer to some of the articles below:
- What is Blockchain Layer 1? The Importance of Layer 1 in the Crypto Market
- What is Parallel Execution? Advantages, Disadvantages & Working Mechanism of Parallel Execution
- What is Sui (SUI)? Sui Cryptocurrency Overview
Aptos Overview
What is Aptos?
Aptos is a Layer 1 Blockchain (platform) similar to projects such as Solana, Near Protocol, Mina Protocol,… but when the market gradually changes direction and considers Modular Blockchain as a new form for the future, Aptos still follow the Monolithic Blockchain path. As a Blockchain platform, Aptos allows developers to build Protocols and DApps in different industries on its platform such as DeFi, NFT, Gaming,…
- Monolithic Blockchain (Monolithic Blockchain) when all issues surrounding a transaction such as consensus, execution, storage and data availability take place on the blockchain.
- Modular Blockchain is when these processes are separated and handled in different places. For example, the model of Layer 2 and Ethereum when execution takes place on Layer 2 and the remaining consensus and storage on Ethereum itself is Modular Blockchain.
Some of the elements that make up Aptos include:
- Move programming language. Move is a programming language built and developed on Facebook’s Diem.
- Byzantine Fault Tolerance (BFT) consensus algorithm.
- Block-STM algorithm. Parallel execution algorithm helps Aptos process hundreds of thousands of transactions in a short time.
Move programming language
Move is said to be a programming language that is more logical, rigorous, optimized and improved than languages being built on Ethereum such as Sodility and Vyper. Additionally, Move is also designed to manage and verify resources on the blockchain to ensure network security.
In fact, Move was developed for Diem Stablecoin & Blockchain a very long time ago, so the basic tools for dev or blockchain development are almost complete. In addition to Move, Aptos also uses the Rust language to implement Smartcontract. Rust is also a language that has been popular recently on Layer 1 such as Near Protocol, Solana,… It can be said that Aptos’s initial determination was a non-EVM.
Block-STM execution algorithm
Aptos has applied the Block-STM algorithm, which is also the core technology of Diem Stablecoin & Blockchain. This algorithm helps Aptos allow Smart Contracts to execute in parallel with each other. With all the above factors in the testnet when testing mint NFT, Aptos reached 160k TPS, a huge number.
Currently, traditional Blockchains use sequential execution where transactions will be labeled (information, sender, time,…) and confirmed by the entire network. With parallel execution, multiple transactions will be executed at the same time. Transactions on Aptos will be grouped into Blocks and each Block execution must have the same determined result.
Some disadvantages of parallel execution on the Aptos Blockchain include:
- Performing too many transactions at the same time makes the work on the network too much and complicated. Parallel execution should be much more difficult to apply than sequential execution.
- Processing many transactions also requires a large amount of computing power, which in turn requires very high hardware requirements from nodes, affecting the decentralization of the network in the long term.
Aptos Ecosystem
Aptos is currently very attractive to developers in the market, especially developers who have worked on Solana or Near Protocol because Aptos also supports Rust. That’s why a large exodus of developers on Solana has moved their home to Aptos.
- DeFi: Pontem Network, Mobius, Vial Protocol, Aptin Finance, Tortuga Finance, Carbo Swap, Alta, Mojito Market, Aries Market, Ferum,…
- Game: Degen Derby, Aptos CoinFlip, Aptos Game,…
- NFT & NFT Marketplace: BlueMove, AptoCoonz, SeaShire, Apt Apes Academy, Aptos Ape Socity, Heroes Of Aptos, Yogis, Aptopenguins, Aptos Yo,…
- Wallets: Fewcha, Martian, Pontem Network, Onto Wallet, Evo Wallet, Rise Wallet,…
- A few other projects: Aptos Name Service, Hythos, Move Name Service, Nutrios, Hippo Labs, Kana Labs, Meerio, Aptos Launch, Thorstater, Proton Sale,…
Development Roadmap
Aptos has taken quick actions in launching and developing its ecosystem such as:
- Q1/2022: Launch testnet version for developers Allows Devs to interact with Move to provide feedback on the project.
- Q2/2022: Launching the “Incentivized testnet launch” program Allowing anyone to run a testnet node for Aptos’ network, according to our research, there are more than 300k participants and from Aptos side, only 100 are randomly selected person to reward.
- April 13, 2022: Announcement of Block-STM algorithm is the foundation that helps Aptos reach 160k TPS.
- May 5, 2022: Launched the Aptos Incentivized Test 1 program to encourage users to participate in running nodes on the Aptos testnet network.
- June 16, 2022: Aptos runs a test of minting NFTs on the testnet.
- July 1, 2022: Launch of Aptos Incentivized Test 2 program
- August 20, 2022: Launch of Aptos Incentivized Test 3 program
- October 18, 2022: Launched Mainet about half a month later than originally planned. Besides, the project is also listed on major exchanges such as Binance, FTX, Bybit,…
Regarding current cooperation, in addition to investment deals, Aptos has only officially Partnered with Google Cloud to help users quickly and easily deploy a node on Aptos’ network.
Core Team
Above are just some of the prominent members of Aptos. Aptos’s team currently has nearly 100 members. Aptos’s founding team is a former member of Facebook, a team that participated in building Diem Stablecoin & Blockchain.
Mohammad Shaikh: Co-Founder & CEO
- While starting to build his career, Mohammad worked at many corporations with different positions at Royal Bank of Canada Capital Markets, KPMG auditing group, and worked in real estate at BlackRock fund, ClearBridge Investments, The Abraaj Group, The Boston Consulting Group.
- Since the end of 2017, Mohammad began participating in the crypto market as Strategy Director at Consensys – a unit that has built many products on HST Ethereum such as Metamask, Infura, Codefi,…
- After that, he worked as CEO & Founder at Meridio – this is also one of Consensys’ products connecting Blockchain and real estate, but on twitter it was seen that the project stopped working in October 2020, the website is no longer active. .
- After that, Mohammad worked as Facebook’s strategic partner in developing Novi Wallet for more than a year after the Diem Stablecoin & Blockchain project stopped operating. Mohammad worked as an Advisor and Board Member at many Stealth and Techstars projects. , R3, BankProv and started building Aptos from the end of 2021 until now.
Avery Ching: Co-Founder & CTO
- As a true software engineer when Avery worked at Yahoo! for 4 years, at Facebook for 10 years and 4 months then transferred to build Diem’s platform Novi Wallet for more than 3 years.
- During that time, Avery also worked as Vice President of The Apache Software Foundation – a fund specializing in developing the environment and community for Developers.
- Then at the end of 2021, he and Mohammad started building Aptos.
James Waugh: Head of Community
- James has built many previous large communities such as Near Protocol, Secret Network,… and has many years of experience in the blockchain market.
Zhenhuan Gao: Software Engineer
- Zhenhuan also started from Facebook when he worked as an engineer at Facebook for 6 years and transferred to build Novi Wallet for more than 3 years.
Rustie Lin: Production Engineer
- Rustie worked at Facebook & Novi for more than 4 years before holding many positions at Blockchain at Berkeley – a university Blockchain development organization.
- When going deeper into each member, not only the leaders such as Co Founder, CEO, CTO come from Facebook & Diem, but even the smaller members of the development team have also worked at Facebook & Diem.
- There is no need to discuss the quality of the team, they are elite people from one of the largest companies in the world. Founders are all very good in their own fields.
Investor
- March 15, 2022: Aptos successfully calls for the first $200M Seed round led by A16Z besides Multicoin, Coinbase Ventures, Katie Haun, 3 Arrows Capital, ParaFi Capital, IRONGREY, Hashed, Variant, Tiger Global, BlockTower, FTX Ventures & Paxos. At the Seed round, Aptos was valued at $800M.
- March 28, 2022: Aptos continues to raise capital for an unknown amount at Stragetic round by Binance Labs
- July 25, 2022: Aptos continues to successfully raise $150M at a valuation of $1.9B led by Jump Crypto and FTX Venture in addition to Circle Venture, Multicoin, Parafi Capital, Franklin Templeton Investments, Griffin Gaming Partners,… In this round, Aptos is valued at $1.9B.
- In the early days of September, Binance Labs continued to increase the amount of additional investment in Aptos after first investing in Aptos from March 2022. At this round, Aptos is valued at around $4B.
Tokenomics
Overview information about Aptos tokens
- Token name: Aptos
- Code: APT
- Blockchain: Aptos
- Total supply: 1,000,000,000
Token Allocation
- Community: 51.02%
- Core Contributors: 19%
- Foundation: 16.5%
- Investors: 13.48%
Token Release
Some outstanding features with Aptos Token Release. Token distribution schedule for Community and Foundation:
These 2 categories are for ecosystem development such as funding, incentives and development initiatives. Also awarded to projects when they complete important milestones in development.
- Paid in installments over 10 years.
- 125,000,000 APT is available from the beginning to support ecosystem development, granting grants to the project and the community.
- 5,000,000 APT available initially to reward institutional support.
For Investors and Core Contributors:
- Pay in installments over 4 years from the time of unlocking.
- When locked for 1 year, the time to pay APT to Investors and Core Contributors is around October 18, 2023.
- 3/4 of the total coins of Investors and Core Contributors will be opened from December 13 to August 18.
- 1/4 of the remaining total coins will be paid in installments over the remaining time.
Token Use Case
APT will be using transaction fees on the Aptos network. Users who own Aptos have a number of benefits such as:
- Participate in staking.
- Join Governance to vote on proposals on the platform.
Exchanges
Users can trade APT on major exchanges such as Binance, FTX, Bybit,…
Aptos Information Channel
- Twitter: https://twitter.com/aptoslabs
- Website: https://aptoslabs.com/
- Medium: https://aptoslabs.medium.com/
- Discord:
Summary
For me, the core technology of Aptos has been completed since the day of building Diem Stablecoin & Blockchain, so now the important thing is what will it be like in practice? Hopefully through this article, everyone will have more perspective on what Aptos is?
