Aptos blockchain explained: Technology, use cases and prospects

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What is Aptos blockchain? As a seasoned crypto enthusiast with years of experience navigating the digital asset landscape, I’ve seen my fair share of promising projects come and go. However, when it comes to Aptos (APT), I must admit that this blockchain has caught my attention for several reasons. Aptos is built to function as a swift, expandable, and dependable blockchain platform, catering to Decentralized Applications (DApps), with the goal of fostering the rapid expansion of the Web3 ecosystem.On October 12, 2022, Avery Ching and Mo Shaikh unveiled the Aptos blockchain. This blockchain was designed to offer high transaction speed and minimal delay, capable of processing approximately 160,000 transactions per second and typically validating them under a second on average.The Aptos technology seamlessly incorporates the Move programming language to facilitate swift and secure transactions, enabling developers to compose smart contracts and develop DApps effortlessly. Aptos offers all the necessary tools for realizing your ambitious projects, and it also employs artificial intelligence to simplify Web3 for both beginners and seasoned professionals.The Aptos (APT) coin is the native token of the Aptos crypto ecosystem. It powers the blockchain through transaction fees, governance and validators. To make a transaction on the blockchain, a fee is charged to the APT token, although these are incredibly low, usually less than 0.001APT or $0.0009. The initial total supply of APT started at 1 billion, with 130 million tokens in circulation at the launch distributed among the ecosystem as follows:51.02% for the community19% for the team, consultants, and private investors16.5% for the foundation13.48% for investorsThe total supply of APT is set to increase to 1.5 billion by 2031. Since its debut, the project has experienced rapid expansion, reaching a staggering market value of billions and climbing to the rank of one of the top 25 coins by October 2024.By the way, did you realize? The creators of Aptos, Mo Shaikh and Avery Ching, were formerly part of Meta’s (Facebook) team, originally known as Diem but later as Libra, their blockchain project. This experience motivated them to establish Aptos, aiming to avoid the bureaucratic hurdles associated with working for a large corporation.

How does Aptos blockchain work?

Aptos employs the Move programming language for smart contracts, which incorporates a concurrent execution engine known as Block-STM.

Most regular blockchains have a limitation on the number of transactions processed per second (TPS) due to their use of serial transactions, which means tasks are completed one after another in a linear fashion. However, the Aptos blockchain stands out with its Block-STM and parallel processing system, allowing for multiple transactions to be handled concurrently, significantly boosting the TPS capacity of the network.

In simpler terms, the Aptos system employs a proof-of-stake (PoS) method along with its own Byzantine Fault Tolerance (BFT) consensus protocol to handle transactions. This means that multiple transactions are processed simultaneously by first taking a snapshot of the current state and then processing them concurrently. Afterward, these transactions are validated as a group.

Aptos blockchain explained: Technology, use cases and prospects

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This approach provides faster processing but may come with higher costs and difficulties in ensuring transactions don’t interfere with one another. Aborted transactions are restarted using software transactional memory (STM) to handle any conflicts that arise.

Have you heard? Aptos is one of the blockchain initiatives that has garnered significant investment, amassing over $200 million from Andreessen Horowitz (a16z), Coinbase Ventures, and FTX Ventures, among other notable investors. This was followed by an additional funding round of $150 million, led by FTX Ventures.

Benefits of Aptos Blockchain

As a seasoned analyst, I can attest that Aptos stands out among the blockchains for its cutting-edge technology. It delivers lightning-fast response times, impressive transaction speeds, and wallet-friendly fees, making it an optimal choice for developers prioritizing swiftness and efficiency in their projects.

  • High performance and cost efficiency: Aptos offers almost instant response times, allowing transactions to be completed in less than a second, often for less than a $0.0005 fee. For context, the network can mint 1 million NFTs in 90 seconds!
  • Developer-friendly: The native Move programming language is advantageous for builders. It’s easy to get started, delivering a secure and efficient environment that simplifies the process of creating new DApps on Aptos. 
  • Technical innovations: Integration of PoS and BFT in Aptos along with Block-STM, formal verification and Randomness APIs set the blockchain apart from other networks while improving its scalability and performance. BFT refers to a system’s ability to continue functioning correctly even if some participants (up to a certain limit) act maliciously or fail. It ensures consensus is achieved even when some validators are unreliable.
  • Security: The inclusion of Move Prover operates as a formal verifier to check the behavior of Aptos smart contracts written on the blockchain. This helps deliver robust security for applications like DeFi protocols, gaming and high-volume NFT trading.  
  • Community support: Aptos has built a hugely vibrant and supportive community that is creating an excitingly collaborative ecosystem. This includes a founding team that delivers what they promise, over 350 developers joining the project and over 500,000 X followers.

Did you know? Fast time to finality, transaction speed and high throughput, and low gas are the reasons projects like SushSwap and PancakeSwap chose Aptos over other blockchains.

How to buy Aptos (APT) You can purchase Aptos (APT) from platforms such as Kraken, which allows you to trade it for traditional currencies or various other digital currencies. There are over 200 different trading options available. To discover additional exchanges, you can check on websites like CoinGecko.Here are the steps to buy Aptos (APT) on Kraken:Create your free Kraken account: Visit Kraken’s platform and sign up with your email address and country of residence.Connect a funding method: Fund your account using your preferred payment method, such as Visa or Apple Pay.Purchase Aptos (APT): Complete your Aptos purchase with as little as $10. As of Oct. 11, Kraken users have purchased 238,446 APT worth $1.96 million.Following the acquisition of APT from Kraken, it’s crucial to safeguard your tokens using a reliable cryptocurrency wallet. Opt for a wallet that is compatible with APT, providing secure storage as well as simple access to your holdings for transfer or transaction purposes.

Use cases of Aptos blockchain

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Globally, various organizations employ Aptos, hosting more than 180 Decentralized Applications (DApps) designed to tackle intricate problems and offer groundbreaking solutions.

  • Gaming: Aptos provides speed for smooth gaming and safe storage of assets. Developers can create immersive game experiences that also enable true ownership and portability of in-game assets.
  • NFTs: Building on Aptos delivers limitless creative freedom to design diverse NFT collections that already include Bruh Bears and MAVRIK NFTs.
  • Social: Web3 is set to give users complete control of their digital social footprint. Aptos helps bring this power back to the people with onchain social media apps such as Chingari.
  • Entertainment: Fans and creators can interact more personally than ever. Whether it’s buying and selling tickets, winning collectibles or sharing memorabilia all through the Aptos network.  
  • DeFi: Fast and cheap transactions combined with smart contracting make Aptos a leading place for building DeFi applications. Mastercard is even building an identity verification tool, known as Mastercard Crypto Credential, on the network.

Have you heard? Both Mastercard and Visa are exploring blockchain technologies, with a focus on streamlining cross-border payments. Visa has been testing transactions on Solana and Ethereum, while Mastercard is working on projects like Crypto Credentials and Multi Token Network (MTN) to enhance security and compatibility within the system.

Future outlook of Aptos blockchain

Enticing developers to build on the network is critical for the long-term success of the project and for maintaining market competitiveness. 

As a passionate crypto investor, I’m consistently impressed by the forward-thinking efforts of the Aptos Foundation. They are tirelessly innovating within the blockchain space, striving to create an advanced ecosystem offering faster transaction speeds and improved cost efficiency. This ambitious endeavor is designed to entice more developers into our thriving community.

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One notable aspect of Aptos is its rapid expansion within its ecosystem. Despite starting later than many competitors, Aptos has experienced remarkable growth since its debut in 2022. This fast-paced development has drawn developers and significant DeFi projects to its platform. In a short span of two years, the Aptos blockchain has attracted over 180 projects, among which are DeFi operators like PancakeSwap, NFT oracles such as SupraOracles, and launchpad platforms like BuilderDAO.

In addition to having a strong community, Aptos aspires to lead the way in the evolving landscape of blockchain technology and maintain its unique identity. Integrating innovative technologies such as AI might bring about transformative changes across various industries, notably automation within the DeFi sector, which could potentially draw in more users.

The scalability of Aptos is frequently highlighted as one of its standout features. Unlike other blockchains that are still grappling with downtimes, low data processing speeds, and high fees, Aptos has been engineered with cutting-edge technology and thoughtful smart contract architecture to serve as a scalable foundation for the future of Web3.

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2024-10-14 16:09