DotBig review: what are the prospects of Aptos
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Despite that, a big number of crypto enthusiasts were following this project long before its final release. Aptos became one of the most widely discussed crypto blockchains since it promised to become the safest, most scalable Layer 1 blockchain. Twitter users couldn’t just ignore such promises, so many of them started considering Aptos to become a “Solana killer”.
Do these considerations have any serious reasons behind them, or is it just hype around a new spectacular blockchain project? We are here to answer this question.
The peculiarities of Aptos
The team behind the idea consists of specialists who have experience being employed by Meta (aka Facebook). Mo Shaikh is the CEO of the project, while Avery Ching is the CTO. These two specialists aimed to create a solution that would provide a prominent user experience.
To achieve the highest scalability and decentralize the network to the maximum possible extent, the developers are going to optimize the use of current solutions and introduce some new technologies. The specialists started working on what we know as Aptos Labs crypto in late 2018. They needed these 3 years not only to build a codebase but also to establish a competitive enterprise. In order to fulfill the aim, the team raised $350,000,000.
The programming language of the blockchain is called Move. Before its introduction to Aptos, it was applied by the Diem team, which in fact developed this technology. Move is a successor of another programming language called Rust. It isn’t the only feature ensuring scalability and high execution speed. The team of the Aptos Lab crypto blockchain has also applied the technology of modified data sharing and the Move Virtual Machine.
Basically, the Move Virtual Machine is the same as the state machine employed by Ethereum. Its main function is to convert the Move modules to bytecodes in order to make them understandable for the blockchain. Here, Move modules have functions similar to the ones performed by Ethereum smart contracts. Thanks to these modules, Aptos can sanction free-running transactions within the network ecosystem. It is supposed to ensure high speed of execution and a prominent security level.
Aptos also employs technology that allows tracking transactions within the ecosystem and analyzing the chain. This explorer is called Aptoscan. By utilizing this solution, Aptos blockchain users can also estimate the activities of validators, explore the account information, see the current supply of APT tokens, and find out gas fees.
In order to handle block data, Aptos applies a special approach that focuses on the speed of processing. According to this approach, Aptos utilizes memory write sets as a cache for the next execution of block data. Such an approach is supposed to make the system more agile since the blockchain is able to broadcast transactions, order block data, and store data and the same time. This system also helps the Aptos blockchain work around 16 times faster than other blockchains. This is because all these processes are executed in parallel.
Higher speed is also achieved by introducing batches of transactions. By packaging a series of transactions, the blockchain is able to identify the ones that fail to meet the pre-determined threshold and remove them from the execution queue very quickly.
To ensure the scalability of the blockchain, the team behind the Aptos project decided to build it based on the proof-of-stake consensus mechanism. Basically, the work of this algorithm here doesn’t differ a lot from other PoS networks, where validators have to stake a certain amount of tokens to get their validator nodes.
Now, that we know the key principles of Aptos work, we can discover some specific characteristics of this network that aren’t common for other blockchains. Basically, the set of unique extra features is one of the reasons Aptos became widely discussed long before the actual launch. Extra features aim to ensure a better user experience, and here are they:
- Move Multi-Account Privacy — the feature that allows one to establish several accounts and either manage them from one account or control each one autonomously.
- Move Prover — a special auditing system that aims to check the work of Move modules (which work like smart contracts) and verify their authenticity to make the processes within the ecosystem more secure.
- Private Key Delegation — a unique function that provides Aptos users with the possibility to delegate their wallets to third-parties without giving full control over the wallets, meaning funds cannot be withdrawn without approval from the actual owner.
What is Aptos crypto?
The native token of the Aptos ecosystem is APT. Similar to other blockchains that have similar architecture, APT will serve as a utility instrument. Users will have the possibility to build different projects on the Aptos platform by utilizing the Aptos crypto coin. It will also work as the gas fee charged by the network.
We’ve already mentioned that Aptos employs the proof-of-stake consensus algorithm. Thus, owners of the coin will be able to stake their holding and receive rewards from the Aptos network for validating the transaction. The amount of staked coins will impact the amount of the reward. Also, it will depend on the annual percentage rate.
The APT coin will also work as a governance instrument within the ecosystem. This function of the token ensures the decentralization of the blockchain because holders will be able to vote for certain innovations and provide their own ideas that can improve the work of the Aptos blockchain.
Currently, the supply of Aptos coins is 1 billion. The Aptos community will receive 51% of all coins, while seed and funding round investors will get 13% of the total supply. 19% will be distributed to the core team behind the project and the rest will go to the Aptos foundation. The supply of APT crypto will grow in the future. It’s expected to increase up to 1.5 billion in ten years.
When the blockchain was launched, which happened on the 18th of October this year, the Aptos Labs crypto price amounted to around $8.5 but it quickly dropped to $6.8 less than two hours after the token release. As of the date of writing, the Aptos crypto price is estimated at $9.30. The market cap of the coin exceeds $1.2 billion, making it the 46th biggest cryptocurrency and one of the fastest-growing crypto projects.
How to buy Aptos crypto?
At this point, you must be wondering where to buy Aptos crypto. Well, this is a trending product, so the majority of big cryptocurrency exchange list this digital asset. Both exchanges and brokers started listing the APT coin a day after the official launch of the Aptos blockchain. You can buy it on Binance, Coinbase, and other minor platforms.
The Aptos-supported wallets are the following solutions:
- Pontem Wallet
- Petra App
- Martian Wallet
- Fewcha Wallet
The bottom line
The Aptos team has a very ambitious goal — to fix the blockchain problems related to scalability, security, and speed. Although the task is quite complicated, Aptos seems to have enough capabilities to cope with it. Aptos doesn’t try to introduce some state-of-the-art technologies, the team is just optimizing the use of the most efficient ones and modifying them in a way that will help to solve the stated issues.
Such an approach might turn out to be quite effective in terms of future prospects for the blockchain industry. We consider that the team has chosen the right strategy and direction, so we dare estimate Aptos as quite a promising and prospective crypto project.
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