Although it is still in the early stages of operation, the Aptos blockchain is already exceeding expectations.
Table of Contents:
Key Features of Aptos Blockchain Block-STM Technology Move Programming Language BFT Consensus Protocol
One of the most difficult challenges in the blockchain is achieving the elusive balance between scalability and security, as one of these variables must be sacrificed for the successful implementation of another.
Newer blockchains, like Solana (SOL), introduced faster transaction speeds, lower fees, and better scalability than Ethereum (ETH), but as evidenced by previous outages, they are vulnerable to exploits and DDoS attacks.
Although this venture capital-backed cryptocurrency is still in the planning stages, its suggested solution to improve scalability while providing distinctive security using an experimental transaction-ordering algorithm is already gaining traction among the cryptocurrency community. Aptos is undoubtedly a promising option if you're looking to invest in new cryptocurrency projects.
What Is Aptos?
Aptos is a Layer 1 blockchain proposal that employs the Move programming language. Users can expect increased scalability, reliability, security, and usability from the cryptocurrency.
This is easier said than done; in order to achieve speed and scalability, chains have frequently had to sacrifice security, which is why Aptos' claim is significant. In fact, its goal is to reach one billion users. If Aptos can accomplish this while addressing the major security issues that have plagued other PoS chains, it has a chance to become a leading Layer 1 blockchain.
Aptos is still in its early stages of development. It has yet to generate Aptos coins or publish an official white paper at the time of writing. However, crypto experts are discussing the Aptos blockchain, which has already raised millions of dollars from investors.
Key Features of Aptos Blockchain
Although it is still in the early stages of operation, the Aptos blockchain is already exceeding expectations. At the moment, it can handle 130,000 transactions per second (TPS) while still being secure and dependable. The outstanding performance of Aptos is the result of a few ground-breaking ideas.
Smart contracts are handled effectively by an engine made possible by block-STM technology. For the Aptos blockchain engine to process several transactions concurrently, parallel execution is essential. The chain won't be stopped by a single failed transaction, and things move much more quickly because transactions can all be executed simultaneously and then validated afterward. In the end, up to 160,000 transactions could be handled simultaneously.
Move Programming Language
Move, a unique programming language that was initially created for the Diem blockchain is one of the features that make Aptos cryptocurrency so interesting. It is adaptable enough to meet the specific requirements of Aptos developers, and its global storage is safer than that of the typical programming language. It is significantly more challenging for malevolent organizations to influence the Aptos blockchain because Move enables users to designate custom resources that can't be duplicated or deleted.
BFT Consensus Protocol
Aptos decouples the two processes and allows them to run concurrently with each other rather than employing a consensus procedure that must adhere to the order of transactions. This increases speed while decreasing latency (the amount of time it takes to confirm network transactions). Byzantine fault tolerant (BFT) engine developed by Aptos examines each state on-chain and automatically updates validators as necessary to ensure accuracy.
Who is the Team behind Aptos?
The Aptos team comprises former Meta developers Mo Shaikh (CEO) and Avery Ching (CTO), leading the original team of engineers, researchers, and designers from the Diem project. Aptos is open-source and publicly available, and its consensus engine is already one of the most forked on GitHub.
What Makes Aptos Different?
There are a lot of blockchains with all promising different things. The question is: How does Aptos fare against the popular blockchains?
Aptos vs Solana
Solana, which is currently the hottest high-performance Layer 1 available, will be one of Aptos' main competitors. So far, Aptos and Solana have comparable speeds because they both rely on engines that can perform parallel computations. However, Aptos appears to be more reliable as its blockchain adds redundancy to its network, making it less prone to failure.
The notable trade-off for reliability is the slightly higher hardware requirements as Aptos is synced with leader nodes and nearby nodes. In case the leader node fails, one of the other nodes can take over.
Aptos vs Avalanche
Early reports indicate that the Aptos blockchain performs better than Avalanche. Avalanche's time to finality is typically roughly 0.3 seconds slower than Aptos under actual circumstances. But the real difference is in the Transactions Per Second (TPS). Aptos completely outclass Avalanche as Aptos blockchain achieves between 130,000 to 160,000 whilst Avalanche manages only around 4,500 per subchain.
Both Avalanche and Aptos have outstanding performance, but the Aptos blockchain outperforms the others in terms of usability. Avalanche's gas fees are notoriously high, especially when NFT games cause spikes in transaction amounts. Aptos, on the other hand, prioritizes low user fees. Its distinct Move-based storage methodology allows users to group items to reduce fees.
Aptos vs Ethereum
In terms of speed, the Aptos blockchain has already surpassed Ethereum. Due to hardware and design differences, Aptos can finalize transactions in less than a second, whereas Ethereum takes more than a minute. Aptos has 16 CPU cores, whereas Ethereum has only one.
Ethereum, on the other hand, is undeniably more reliable. While Aptos does not have many outages, it cannot compete with Ethereum's stability. As long as users are willing to pay higher fees and longer waiting times, Ethereum will remain the more popular option.
The Aptos Labs mainnet launch date is yet to be announced, the team is yet to release data on its tokenomics, and there is no news of a public Initial Coin Offering (ICO). However, the testnet and devnet have already been released on the website for users to test transactions and network speed.
This year, the team has raised an eye-popping $350 million in funding from prominent backers such as FTX Ventures, Andreessen Horowitz, a16z, and Multicoin Capital. With this level of funding and support, the Aptos crypto price could easily rise to a multi-billion dollar market cap.
With backing from top venture capital firms, speed, security, and scalability built into its design, it could be the year's biggest launch. We definitely recommend keeping Aptos on your watchlist (non-financial advice).