What is Aptos Crypto (APT)?

Aptos, a Layer 1 Proof-of-Stake (PoS) blockchain, utilizes a unique smart contract programming language called Move, developed by Meta (formerly Facebook)'s Diem blockchain engineers. The blockchain aims to promote the mainstream adoption of Web3 and enable a thriving ecosystem of decentralized applications (DApps) to address real-world user issues.

With its PoS consensus mechanism and parallel execution capabilities, Aptos crypto can achieve an impressive theoretical transaction throughput of more than 150,000 transactions per second (tps).

In March 2022, Aptos crypto successfully raised $200 million in a seed funding round, which was led by the renowned venture capital firm Andreessen Horowitz (a16z). Notable crypto industry players such as Tiger Global and Multicoin Capital also participated in the funding round. Subsequently, in July, the startup secured another $150 million in a Series A funding round, with leadership from Sam Bankman-Fried's FTX Ventures and Jump Crypto.

Who are the Founder of Aptos Crypto (APT)?

Aptos, founded by Mo Shaikh and Avery Ching, former employees of Meta, is the brainchild of these two individuals. Mo Shaikh currently serves as the CEO of Aptos crypto and brings with him extensive experience in multinational financial services and the blockchain/crypto industry. His expertise lies in scaling products and includes a background in the private equity and venture capital markets, as indicated on his LinkedIn profile.

Avery Ching holds the position of CTO at Aptos crypto and is a seasoned software engineer. He previously worked as one of the principal software engineers at Meta. The collaboration between Shaikh and Ching dates back to their time working together on the Diem blockchain project at Meta.

When the Diem project was discontinued in January 2022, Shaikh and Ching decided to combine their efforts and establish Aptos Labs. Consequently, Aptos crypto incorporates certain technical aspects derived from the Diem project, given their prior experience and involvement in its development.

What makes Aptos Crypto unique?

The Aptos crypto team asserts that their network can process an impressive 150,000 transactions per second (tps), a significant contrast to Ethereum's mainnet, which achieves around 12 to 15 tps.

This high transaction throughput is made possible by utilizing a parallel execution engine called Block-STM, which employs a Byzantine fault-tolerant (BFT) Proof-of-Stake (PoS) consensus mechanism. Unlike most blockchains that process transactions sequentially, which can lead to bottlenecks with a single failed transaction or high network demand, Aptos crypto processes all transactions simultaneously. Validation takes place afterward, and in case of failed transactions, they can be re-executed or aborted due to the blockchain's software transactional memory libraries that detect and handle conflicts.

Aptos crypto is constructed using Move, a novel smart contract programming language that offers advantages over Solidity, the programming language used in the Ethereum Virtual Machine (EVM). Move provides blockchain commands that are easily verifiable, allow modification of private keys, and offer a modular design for Aptos.

The blockchain's upgradeability and configurability open up new use cases, while horizontal throughput scalability is achieved through the natively implemented sharding feature, enhancing the overall user experience. These features position Aptos crypto as a promising platform with the potential to address real-world user problems and foster mainstream adoption of Web3 and DApps.

Network security of Aptos Crypto (APT)

Aptos crypto implements two consensus protocols to ensure the security and reliability of its network: Proof-of-Stake (PoS) and AptosBFT.

AptosBFT is a custom consensus algorithm, drawing similarities from DiemBFT, which was originally developed for the Diem blockchain. The term "BFT" stands for "Byzantine Fault-Tolerant," indicating the network's ability to continue functioning properly even if some of its members become offline or behave maliciously.

The AptosBFT consensus algorithm is based on the HotStuff protocol, a well-known and widely-used BFT-based consensus algorithm. While the technical details of how the protocol secures the network are complex, one crucial aspect is its ability to analyze the on-chain state. It automatically updates leader rotations, ensuring that non-responsive validators are appropriately adjusted without the need for human intervention. This capability enhances the robustness and fault-tolerance of the Aptos crypto network, making it more resilient to potentially malicious actions or temporary failures of network participants.

Recent developments about Aptos Crypto (APT)

Petra, the gateway to Aptos, has launched its mobile app, now available on both Google Play and the Apple App Store. With access to billions of Android and iPhone users, Petra Mobile aims to onboard the next wave of Web3 users.

The app offers the same versatility, reliability, and safety that users have experienced on Petra's platform. Users can easily store their assets, conduct transactions with friends, and interact with apps on the Aptos crypto blockchain, all from their smartphones. Whether it's NFTs, collectibles, or any other token, Petra Mobile supports them all.

To provide users with control and transparency, Petra Mobile offers features like transaction simulation and gas customization, giving users clear visibility and management of all wallet activity. It emphasizes self-custody, ensuring that Petra never has access to users' assets, data, or private keys. Petra's security has been independently audited by Halborn, a renowned blockchain security audit firm, and they have partnered with leading hardware wallets to provide an additional layer of control and flexibility.

The new Petra Mobile app offers a convenient and seamless Aptos crypto management and onboarding experience, granting users a new level of freedom and flexibility in managing their assets from the palm of their hands.

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