What is Aptos?

Aptos is a Layer 1 blockchain built with the Move programming language. It promises users increased scalability, reliability, security, and usability, with low transaction costs.

A brief history of Aptos

The Aptos blockchain was launched on October 17, 2022, with the mainnet called "Aptos Autumn." The blockchain has raised millions of dollars from investors and is generating a lot of hype because of its intriguing past. Aptos is based on the Diem blockchain initiative (from Meta) that was recently abandoned. It uses the programming language originally created for Diem, with a focus on creating a scalable, fast blockchain and additional features that make the crypto more accessible to average users.

The team behind Aptos is called Aptos Labs, led by co-founders Mo Shaikh and Avery Ching. Shaikh specializes in scaling products and has experience in the private equity and venture capital markets, while Ching was one of the principal software engineers at Meta and has led many exciting and innovative development projects in the past. Aptos Labs' mission is "Building a Layer 1 for everyone," and the company is dedicated to creating the safest, most reliable network possible. Aptos Labs has managed to raise over $350 million in funding, launched its developer testnet, and successfully handled millions of transactions and thousands of nodes in two financing rounds.

How does Aptos work?

The Aptos blockchain can theoretically reach 160,000 transactions per second (TPS) while maintaining security and reliability. It achieves this through a few revolutionary concepts.

Block-STM technology creates an engine that efficiently handles smart contracts, relying on parallel execution to handle multiple transactions at once. Transactions can be processed concurrently, and all of them are validated post-execution. To further improve efficiency, a collaborative scheduler works to prioritize certain transactions on the Aptos blockchain and handle essential validations efficiently. Ultimately, up to 160,000 transactions may be processed simultaneously.

Move is a custom programming language designed for the Diem blockchain, which makes Aptos crypto appealing. Move is a type of executable bytecode language that is flexible enough to handle the unique needs of Aptos developers. Its global storage is more secure than the average programming language. Move lets users define custom resources that can't be copied or discarded, making it much more difficult for malicious entities to control the Aptos blockchain.

Aptos decouples the consensus protocol and the order of transactions, running them parallel to each other. This reduces latency while increasing speed. Aptos has created a Byzantine fault tolerant (BFT) engine that analyzes individual states on-chain and then automatically updates validators as needed to ensure accuracy.

What is APT used for?

APT is the native cryptocurrency of the Aptos blockchain. It is used for transaction fees, staking, and participating in governance decisions. The Aptos blockchain aims to be a decentralized platform for creating decentralized applications (dApps) and smart contracts, so APT may also be used for these purposes.