In this article, we are going to learn about APT or Aptos digital currency and its network. This article is the ultimate guide to digital currency (APT) and its network. Some call it the “Solana killer,” while others tout it as the next big thing in layer one blockchain scaling. Meanwhile, there are those who think the Aptos crypto project is a bit overhyped.
There is no denying that Aptos has managed to capture the attention of the wider cryptocurrency community. Although the project is still in its early stages, it has already been funded by a venture capital firm. So if you are looking to know what the Aptos digital currency project is, stay with us in the rest of this article.
This guide takes an in-depth look at Aptos and its mission to build a secure, scalable, and extensible Web 3 infrastructure. Do you want to know the current price of Aptos? To know the price of APT digital currency or other currencies, you can get help from Persian Elite. Also, by joining the best digital currency group, enjoy all types of futures signals, forex signals and digital currency signals.
What is Aptos?
Aptos is a layer one blockchain built using the Move programming language. You could call it a conceptual successor to the now-abandoned Diem blockchain project.
Aptos Blockchain primarily focuses on scalability, reliability, safety and scalability as its fundamental principles. This project is revolutionizing the layer one space with innovative ideas for consensus mechanisms, performance optimization, system security and smart contract design.
Its ultimate goal is to replicate the cloud infrastructure that builds Web 2 in a decentralized way to create a comprehensive blockchain solution that encourages mainstream adoption of Web 3. At the same time, Aptos plans to develop a DApp ecosystem that focuses on solving real-world problems.
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Advantages of APT digital currency project
The creation of Aptos happened on October 12, 2022. The launch of the blockchain mainnet, Aptos Autumn, took place shortly after on October 17. A project management team promises several benefits, including:
- Parallel execution engine
- Sharding for horizontal operation scalability
- Advanced mode synchronization
- Low transaction costs
- Advanced security features
- Modular design
So far, the project has done a pretty neat job, attracting millions of dollars in capital from investors. For example, in July 2022, the company raised $150 million in a Series A round led by FTX Ventures and Jump crypto.
Before that, it had received $200 million from several venture capital firms, including Tiger Global, Multicoin Capital, and a16z, among others. In September, Binance Labs announced a follow-up investment in Aptos as part of its strategic investment plan. Aptos was reportedly valued at $4 billion.
Aptos was developed by Aptos Labs, a company founded by Mo Shaikh (CEO) and Avery Ching (CTO). Sheikh and Ching are both former Meta employees and have years of experience as developers and senior engineers in the blockchain industry. Aptos Labs is comprised of a diverse group of seasoned designers, engineers, researchers, and strategists.
One of the main reasons for the buzz about the Aptos cryptocurrency project is its fascinating past. While Aptos is an independent blockchain with its own vision and technology, the project is based on the now-defunct Diem blockchain initiative. In fact, a good part of the Aptos team was directly involved in the creation, design and development of Diem.
How does the Aptos blockchain work?
In the following, we will learn about the technologies used in the Aptos blockchain.
PoS with advanced BFT consensus
Aptos is a proof-of-stake (PoS) blockchain with an advanced consensus mechanism and Byzantine fault tolerance (BFT) along with a set of validators for receiving, processing and validating transactions. APT token holders can stake their tokens in validations.
This gives each validation a consensus vote weight proportional to the number of tokens staked in them. Creditors can use their vote weight to contribute to blockchain consensus and governance.
Lightweight and complete node clients
Aptos clients are divided into two categories:
- Full node clients
- Light clients
While full node clients must keep a full version of the Aptos transaction ledger, light clients can only keep a truncated copy of it. Both types of clients send queries for validation and want the history and current state of the Aptos ledger to be added before sending transactions.
Switch programming language
Aptos uses the object-oriented model of the Move programming language to represent the state of its office. Move is a relatively new programmable platform for blockchain, smart contracts and other applications. It was originally designed for Facebook (now Meta) in the now defunct crypto and blockchain projects Libra and Dim.
The Aptos team claims that Move’s sophisticated smart contract language is perfect for allowing fast and secure transactions. In addition, Move makes it easier to audit and analyze blockchain and smart contracts using it.
Move consists of a compiler, a virtual machine (VM), developer tools, and Move Prover, a verifier for secure smart contracts. By focusing on access control, conservation and resource scarcity, Move ensures that it is virtually impossible to create new coins without the correct credentials, while also preventing them from being lost or double-spending.
Parallel transaction processing
The Aptos blockchain is compatible with parallel transaction processing, which is a fundamental requirement for scalability and high throughput. Using BlockSTM, it has optimized a highly efficient in-memory, multi-threaded parallel engine to deliver more than 160,000 unnecessary Move transactions per second.
The entire underlying infrastructure for complex atomic transactions is set up to facilitate the protection of transaction durability. This means that every transaction is either 100% complete or it doesn’t happen at all. And it paves the way for secure p2p transactions without trust and without the need for intermediaries.
Ability to configure and upgrade
One of the main axes of Aptos is configuration and upgradeability. It can be highly secure due to its modular design supported by component-level testing and threat modeling capabilities. Using Move also gives Aptos a better framework for blockchain upgrades and wider web3 implementations.
As of October 2022, the Aptos startup ecosystem includes the following elements:
- Public full node
- Indexer full node
- Aptos probe
Below is a brief summary of each of these elements:
Consensus nodes consist of an Aptos validation node and a full node validation. They depend on Aptos token staking to be able to participate in consensus and governance.
Public complete nodes
Each public full node contains a complete copy of the Aptos blockchain transaction ledger. These are non-authentic nodes that can be created using a randomly generated node identity, or even a static node identity that is useful for certain use cases.
Indexer full node
These nodes provide decentralized applications in the Aptos ecosystem with raw blockchain data feeds. For example, a DEX or NFT market can access raw blockchain data using full indexer nodes, before an application-specific data model configures the raw data in an omniscient way. to serve multiple DApp users at the same time.
DA applications in the Aptos cryptocurrency ecosystem may include decentralized exchanges (DEX), NFT markets, decentralized independent organizations (DAO), decentralized finance (DeFi) platforms, decentralized social media, and more.
The Aptos Token (APT) is the native digital currency in the Aptos ecosystem. At one point, the project was mired in controversy after preparing to launch the Aptos token without any public information about the total supply or distribution, or even an overall plan.
However, after facing backlash from the community, the Aptos team corrected and shared most of the details via a blog post. The Mainnet was officially launched on October 12, 2022 with an IPO of 1 billion tokens. APT has eight precision digits and each unit is called Octa. Token distribution is currently along the following lines:
Under the Capital Grant Program, original contributors and investors have a four-year lock-in for their tokens, excluding token rewards. The lock-in period starts from the Mainnet launch date (October 12, 2022). Currently, about 82% of the APT supply is circulating on the stock network. After the details of Aptos token and its tokennomics, it is better to get acquainted with the unique features of APT digital currency.
What makes Aptos unique?
The Aptos digital currency project was announced in early 2022. So, it hasn’t been long since its launch and the project is already well in the limelight. One important factor that helps this project stand out is its association with Facebook (now Meta) and its Project Diem.
This association with one of the world’s largest technology and social media platforms makes Aptos look like a safe bet. In addition, Aptos also promises some very exciting solutions. For starters, it promises to be extremely fast, scalable, and secure. It is also upgradeable as and when needed, which in itself is a huge advantage.
Aptos’ modular design is another big plus, as it enables developers to quickly adopt new Web 3 technologies and features, and when it comes to security, it supports secure private key recovery, which means there’s no risk of losing user funds. It is significantly reduced due to lost password or initial phrase. However, Aptos is up against some very tough and established competitors. So let’s quickly find out how it might compete against Solana or Ethereum?
Aptus vs. Solana
Solana is currently one of the best tier one blockchains. Aptos is on par with Solana in terms of speed, meaning both blockchains deploy engines capable of running parallel computations. However, in terms of reliability, Solana fails due to its frequent network problems. What works in Aptos’ favor in terms of reliability is its redundancy measures. Aptos adds redundancy to your network, making it much less prone to failure.
Aptos blockchain synchronizes all its nodes with neighboring nodes and leader nodes. If a leader node fails, one of the other nodes takes over to restart the network. This is a very efficient security measure, but it requires more computational requirements and therefore more powerful hardware compared to Solana. Overall, Aptos seems to be a more reliable solution. It’s still brand new though and needs to be on top for a while to beat Solana.
Aptos vs Ethereum
Aptos is decidedly faster than Ethereum when it comes to transaction processing. While on Ethereum it can take more than a minute to finalize a transaction, Aptos can do it in less than a second. However, given all the design and hardware differences, this stark difference is to be expected. For those out of the loop, Ethereum runs on just one CPU core, compared to the 16 cores required by Aptos.
In terms of reliability, Ethereum remains the granddaddy of the competition. Admittedly, Aptos hasn’t experienced any major outages yet, but it’s simply hard to beat an incredibly stable performance like Ethereum. So, as long as you are fine with high gas payouts and longer transaction times, Ethereum wins.
Aptus vs. Avalanche AVAX
The initial impression is that the Aptos performs slightly better than the Avalanche under optimal test conditions. On paper, Avalanche can finalize a transaction 0.7 seconds faster than Aptos. However, in real-world conditions, Aptos seems to have the upper hand by about 0.3 seconds!
In controlled conditions (TPS), Aptos is much better than Avalanche with 13,000-16,000 TPS per subnet, which is several times higher than Avalanche’s 4500 per subnet. Additionally, the Avalanche suffers from a huge gas problem that the Aptos seems to be immune to.
Can Aptos live up to expectations?
Aptos seems to have incorporated several Libra and Diem related projects into its ecosystem since launch. This is a good sign, as it helps expand access and opportunities for ecosystem growth. Additionally, the project seems to have gained more momentum after launching its testnets. Judging by early community feedback, the network has so far achieved significantly higher TPS and time-to-finish rates than its competitors.
If it continues in this segment with 160,000 TPS and a transaction time of less than one second, the Aptos cryptocurrency project has the potential to surpass many of its competitors over time.
Frequently Asked Questions
In the following, we will try to answer some of the most common questions about APT cryptocurrency:
Where to buy Aptos digital currency?
You can buy APT tokens and digital currency from several centralized and decentralized exchanges, including:
- Huobi Global
- Coin DCX (CoinDCX)
What is Aptos digital currency?
Aptos is a layer one blockchain built using the Move programming language. Aptos Blockchain primarily focuses on scalability, reliability, safety and scalability as its fundamental principles. The native asset on the Aptos network is the Aptos Token (APT).
Who founded the Aptos cryptocurrency project?
Aptos was developed by Aptos Labs, a company founded by Mohammad Sheikh (CEO) and Awari Ching (CTO). Sheikh and Ching are both former Meta employees and have years of experience as developers and senior engineers in the blockchain industry.
In this article, we reviewed APT digital currency. This digital currency has many advantages, such as the experience of the creators, high speed, unique architecture and programming language, it has a bright and growing future ahead, and long-term investment on this digital currency signal seems logical.
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