How this Layer 1 Blockchain Increases Network Security

Aptos is a public blockchain that employs a novel smart contract programming language called Move. It is a Rused-based programming language that was independently developed by Meta. It is built to facilitate easy adoption of Web3.

Through parallel transactions, the PoS blockchain can achieve a theoretical transaction throughput of over 150,000 transactions per second. Its primary focus is high throughput and robust security for smart contracts which are developed by using the Move programming language.

Founders and History of Aptos

Aptos raised $200 Million in a seed round in March 2022 from the venture capital firm Andreessen Horowitz. Tiger Global and Multicoin Capital are among other crypto heavyweights that took part in the funding round. In Series A round led by Sam Bankman Fried’s FTX Ventures and Jump Crypto, the startup has raised another $150 Million.

Mo Shaikh and Avery Ching, both former employees of Meta, developed Aptos. Presently, Shaikh is the CEO of the company and has years of experience in financial services and blockchain. His LinkedIn profile reveals that he specializes in scaling products. He also has experience in private equity and venture capital markets.

Avery Ching is the CTO of Aptos. He is a software engineer and was one of the main engineers at Meta. Shaikh and Ching both worked together on the Diem blockchain project at Meta. In January 2022, they decided to join the team to create Aptos Labs when the Diem project was discontinued. 

Some other members of Aptos include the researchers, designers, and engineers from Diem.

How is Aptos Unique?

According to the Aptos team, the network can process over 150,000 tps whereas Ethereum’s mainnet tps is around 12 to 15. This high throughput is due to the parallel execution engine Byzantine fault-tolerant (BFT)PoS consensus mechanism. 

Most blockchains execute on sequential transactions which creates slow transactions if the single transaction fails then it could hold up the entire chain. 

But, in Aptos, all transactions are processed simultaneously and validated afterward. The blockchain software transactional memory libraries spot and manage conflicts. Failed transactions are aborted or re-executed.

Aptos uses the smart contract language Move which offers advantages to Solidity, the EVM-based programming language. This includes the blockchain commands 

that can be verified, modification of private key, and modular design of Aptos.

The Move programming language was designed as a secure and programmable foundation for Aptos. It is aimed to solve the main pain points of existing blockchain languages. Apto’s proposed solution can be summarized by four key goals, exceptional resource handling, security, and verifiability. One of the main features of 

Move is the ability to define custom resources. It also confirms that resources can only be moved between program storage locations rather than deleted. This increases the security by reducing the vulnerabilities.

What is Apotos Bridge?

On-chain user application protocol called LayerZero Labs launched Aptos Bridge on October 19, 2022. This will allow easy transfer of ETH, USDC, and USCT from Ethereum, BNB Chain, Avalanche, Polygon, and Optimism to Aptos.

The Aptos bridge transfers assets between Aptos and other blockchains. The user has to connect the source and the destination wallets to get started. The transfers through Aptos takes 2 to 3 days and the waiting is for the security purposes

How is the Aptos Network Secured?

Two consensus protocols secured the Aptos network namely Proof-of-Stake and AptosBFT. AptosBFT is similar to DiemBFT. BFT means Byzantine fault-tolerant. The network is said to be BFT if it can continue to operate normally even if some of the members turn malicious or go offline.

AptosBFT is based on the Hotstuff protocol and is a custom-made consensus algorithm. The on-chain state is analyzed by the algorithm and for non-responsive validators it automatically updates leader rotations without any human intervention.

Aptos Mainnet Launch

Aptos launched its mainnet in October 2022. The test net campaign called “Aptos Incentivized Testnet (AIT)” was launched before the mainnet launch. The testnet was divided into four stages AIT1, AIT2, AIT3, and AIT4. The campaign aimed to invite and incentivize developers, node operators, and auditors to launch applications and also test the network before the launch of the mainnet.

On September 9, 2022, the AIT3 campaign was completed. Through a series of testnets, Aptos onboarded more than 100 projects which include PayMagic, Pontem, and Martian DAO. The mainnet went live on October 18, 2022. Aptos is the first blockchain to debut the Move technology.

Current Market Analysis and its Availability

The token has a market cap of $1,951,020,998. It has a circulating supply of 277,236,824 APT. This token has a total supply of 1,067,872,695 APT. The fully diluted market cap is $7,515,647,753.

It can be purchased and traded on several exchanges including Binance, Huobi, Coinbase, and KuCoin.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.