Aptos unveils a Scalable, Secure and Transformative Blockchain

2022-08-25, 02:39

[TL; DR]

🔹 Aptos, a blockchain founded in 2021, is secure, reliable and scalable.

🔹 Avery Ching and Mohammad Shaikh are the co-founders of Aptos.

🔹 After Facebook (Meta) discontinued the Diem project the core development team chose to continue it under the new name, Aptos.

🔹 Aptos is currently in the testing phase and the team is likely to launch it this year (2022).

Introduction

The blockchain sector is expanding weekly if not daily since new networks come onboard. However, not all newly created and launched blockchains become successful.This is because they come across challenges after their launch. One challenge they face is lack of support from both investors and the wider community. This occurs if the product line is not in sync with what the market demands. Early this year, the founders of a very promising blockchain Diem suspended the project due to some legal restrictions. Nevertheless, several months down the line the project was resuscitated under a new name, Aptos.

What is Aptos?

Aptos is a layer-1 blockchain developed with the aim of overcoming major problems which face most blockchains. The main focus of Aptos is to solve the key issues of security, reliability and scalability which other networks face. Its other objective is to connect with billions of users around the globe as well as help many people to adopt cryptocurrencies and non-fungible tokens. It will achieve this through creating its own token and providing a platform for creators to mint NFTs.

Currently, it has not yet launched a cryptocurrency. However, the blockchain is already in the testing stage, with many developers creating their own applications on it. The former members of DIEM and other incorporated developers comprise the team behind Aptos.

The team behind Aptos
Mohammad Shaikh and Avery Ching are the co-founders of Aptos Blockchain. They established it in 2021. The rest of the team comprise designers, researchers and creators who were at Dien since its early stages.

Aptos Technology
Analysts expect that Aptos will become a secure and reliable blockchain based on its technology and development team. Also, the team promises that the blockchain will process up to 10 000 transactions per second. The reason for such an impressive speed is the technology the team uses.

The Aptos blockchain network is based on the Move programming language and the Move Virtual Machine (MVM). Move is responsible for fast transaction finality. The testing process done, so far, has proven that the blockchain can handle 10 000 transactions per second, making it super fast, with greater speed than MasterCard and Visa.

Apart from the speed, Aptos boasts of a secure network since the Move programming language uses encryption. This will prevent the occurrence of DDOS attacks and wallet-draining. Another plus is that if the private key is saved using the Move Code it is only stored on the local device.

As a layer-1 blockchain, the Aptos Code is open source, meaning that other blockchains can be built on it. Due to its secure network, scalability and speed, analysts say that it will attract many decentralized autonomous organizations and decentralized applications (dApps). For example, Aptos supports minting of non-fungible tokens and metaverse applications. There are already dozens of layer-2 blockchain developing their projects on the Aptos blockchain.

Another advantage of the Move programming language is that it allows other developers to create custom-tailored applications. In addition, it is very difficult for malicious parties to control the blockchain activities and functionalities.

The Aptos Blockchain also uses Byzantine Fault Tolerance protocol to increase its speed. In fact, this system complements the established blockchain infrastructure, thereby adding more features. Already, the team has tested how the two support each other. The results show that the two complement each other.

Block-STM Technology
The Block-STM is the one responsible for handling the smart contracts which facilitate various functionalities. Basically, the technology uses parallel execution which handles multiple transactions at a time ensuring network speed. As a result, a transaction failure cannot stop the processing of the others. In other words, there is concurrent processing of transactions. However, there is a collaborative scheduler which gives priority to certain transactions. That is why it can process up to 160 000 transactions simultaneously.

Key recovery and change protocol
Aptos has another feature which helps to prevent the theft of private keys. The reason is that the users can change their private keys at any time. On the other hand, the validators can change the keys as well. This creates an additional security buffer. The developers have hinted that they are working on a feature to enable key recoveries.

Aptos Supports NFTs

Aptos is also working on an NFT technology. Although NFTs are not one of the primary aims of Aptos, the protocol has the capability to support them. For example, its Type_script_ SDK enables users to write _script_s for developing NFTs. Significantly, the protocol allows users to mint many NFTs at a time. The developers also hint that they are working on developing Aptos’ NFTs.

Testing and launch of the blockchain

The aptos blockchain launched its testnet in March this year. Ever since that time, it has been testing it. So far, it has tested millions of transactions whilst it added many nodes to the system. Soon, it will carry out its largest testing which should involve more than 1 000 participants. Aptos is hoping to launch the blockchain within 2022, possibly in September.

Why Aptos attracts investors

Already, Aptos have well-established venture capitalists such as FTX Ventures, Coinbase Ventures Hashed, Andreessen Horowitz, Tiger Global, Three Arrows Capital, a16z Crypto and Multicoin Capital, Griffin Gaming Partners and Franklin Templeton, to name a few. As a fact, the company said that it has raised over $2 billion by now.

There are several reasons why many investors are ready to put their resources in the blockchain. First, the reputation of the founders gives confidence to the investors. This is because they have a proven track record in the blockchain sector. Apart from their background in the blockchain sectors, they have knowledge and experience in venture capitalism.

Second, Aptos has world class blockchain technology in the form of BFT consensus, Block-STM technology and Move programming. We have already discussed their contribution in the future prospect of the blockchain.

Conclusion

Aptos is a very promising blockchain as it has technology that enhances security, scalability and speed transactions. It has other unique features such as enabling the users to change their private keys from time to time. So far, it has the backing of various well-known venture capitalists.

Author: Gate.io Observer: Mashell C.
* This article represents only the views of the observers and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted, provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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