Aptos Review: The Next Generation of Blockchain Platforms?

Main

• Aptos is a blockchain platform based on the AptosBFT consensus algorithm. Aptos uses the unique Move programming language to create smart contracts.
• The project was founded by former employees of Diem (formerly Libra), the blockchain of Meta Corporation, which was closed in early 2022. In particular, Move was originally designed for Diem.
• According to the developers, the use of technology for parallel execution of operations allows you to bring the speed of Aptos to more than 160,000 transactions per second.
• During 2022, the project team attracted investments in the amount of $350 million. The Aptos blockchain is undergoing the final stage of testing, and the main network is planned to be launched by the end of 2022.

Project history

Behind the project are former Meta employees who have been working on the creation of the Libra project since 2018, later renamed Diem in 2020. Meta planned to implement blockchain and Diem cryptocurrency in Facebook, Instagram and WhatsApp. However, the project collapsed under pressure from regulators. In February 2022, he was sold to Silvergate Capital Corporation, presumably for $200 million.

Shortly thereafter, former head of partnerships at Meta, Mo Sheikh, and head of blockchain development, Iveri Ching, founded Aptos Labs. The Aptos team also entered many other specialists who worked on Diem.

In 2022, the blockchain project Aptos raised $350 million in investments in two funding rounds. The size of the seed round, which took place in March 2022, amounted to $200 million. It was led by Andreessen Horowitz venture capital fund with the participation of Multicoin Capital, Coinbase Ventures, Tiger Global, FTX Ventures, Paxos and other investors. A $150 million Series A funding round in July 2022 was led by FTX Ventures and Jump Crypto. In September 2022, Binance Labs invested in Aptos. The amount of investments remained unknown.

Now Aptos is going through several stages of testing, and the mainnet launch date has not been announced. However, the Token Insight portal with a link to the project’s Discord informed that this should happen before December 22, 2022 (the message was later deleted).

How is testing

Public testing of the Aptos network began in May 2022. According to road mapit is divided into several stages with specific goals:

• Aptos Incentivized Testnet 1 (AIT1). Registration the first participants, the launch of a limited network of nodes, the documentation for the validator. Completed in June.
• AIT2. Validation of the staking mechanism and economic incentives for validators through “decentralized faucets”. Completed in August.
• AIT3. Implementation of the on-chain voting system and mechanisms for supporting new validators. Successfully completed in mid-September.
• AIT4. Stress test of validators before mainnet launch. Started from mid-September 2022.

At each stage, participants were offered rewards in test Aptos tokens for completing certain tasks. After the launch, they will be exchanged for the project’s cryptocurrency issued on the main network. For anyone who wants to participate in testing Aptos, a detailed technical documentation.

Aptos Blockchain Features

Aptos is designed to be a flexible, easily upgradable platform for the ever-changing Web3 market landscape. According to the developers in whitepaper project, Aptos introduces a unique combination of consensus, new smart contract design, security, performance and decentralization.

Aptos architecture

The Aptos network is not officially launched, and at the time of writing, the platform is still in the testing phase. For this reason, the benefits described in technical documentation, cannot be confirmed by actual data. However, here are the main points:

1. The Move programming language is suitable for fast and secure transactions, allowing developers to better protect their software from malware;
2. Flexible private key management and transaction results preview provide better user experience;
3. High throughput and low latency of transaction execution is possible thanks to the technology of parallel transaction processing − Block-STM. According to the developers, its use allows to bring the performance of the Aptos network to more than 160,000 TPS.
4. The modularity of Aptos allows you to break the blockchain into conditional segments for the rapid implementation of applications and new mechanisms for using Web3 solutions. It also makes it possible to test and implement updates at the protocol level without having to shut down the network.

The Aptos architecture involves participation at various levels and with separate roles to achieve integrity:

• Blockchain form validatorsconfirming user transactions and forming blocks using the consensus procedure.
• Coin holders block or place their funds on the addresses of selected validators.
• Clients is any part of the system that will send transactions, request blockchain history or other data.
• Light Clients support a limited set of current validators only and can securely request partial blockchain state from full nodes.
• Full nodes are clients that replicate the state of the transaction and the blockchain from validators or other full nodes on the network.

Cryptocurrency Aptos

Aptos will have a native cryptocurrency of the same name. At the time of preparation of the material, the Aptos blockchain has not yet been launched, and there is no data on the tokenomics of the project in the public domain. However, the Aptos documentation indicates several key areas where the coin will be used:

• Payment for transactions. As with other blockchains, cryptocurrency is needed to pay transaction fees.
• Vote. APTOS will be used to vote on upgrades and other issues related to protocol governance.
• Staking. Aptos cryptocurrency can be used to generate additional income through staking.

How the Aptos ecosystem is evolving

One of the first initiatives at the start of Aptos blockchain testing was close cooperation with Google Cloud service in April 2022, which helped set up the ability to run hosts within 15 minutes in the cloud.

As of the end of June 2022, in the Aptos ecosystem developed more than 100 projects in the field of such popular areas as DeFi, NFT and blockchain games. The Aptos team also noted the developer communities involved in the development of the ecosystem: Pontem Network, Nutrios, PayMagic, MartianDAO, Solrise.

As a bridge for DeFi applications and to improve the user experience in interacting with the Web3 market, the LayerZero team announced the integration of the cross-chain protocol with the Aptos platform.

Plans to create infrastructure solutions for the Aptos blockchain were announced by Scale3 Labs, a startup founded by former Coinbase specialists. The project is going to provide solutions for the smooth operation of node operators.

Now, based on the existing documentation, Aptos is already developing several applications:

1. decentralized exchange liquidswap. The Pontem team is responsible for its development. The protocol will operate using the standard Automatic Market Maker (AMM) mechanism.
2. Blocto Crypto Wallet integrates Blockchain Aptos. In addition to storage and transfers, staking of the project’s cryptocurrency will also be available in it.
3. In the niche of liquid staking, two applications work at once – Ditto And Tortuga Finance.
4. The marketplace is responsible for the direction of NFT Topaz.
5. Platform Aptos Launcherbuilt using smart contracts, is designed for crowdfunding projects on the Aptos blockchain.