Aptos – APT
Aptos Network rose from the ashes of Meta’s deceased blockchain, Diem….
Let’s find out how…
This is a Project Review on Aptos.
AltCryptoGems
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Did you know Meta (formerly known as Facebook), the world’s largest social media giant, had a blockchain in the pipeline that got abandoned at the beginning of 2022?
Well, Diem was initially supposed to be a permissioned blockchain focusing on the financial industry, implementing a stablecoin payments system which was created by a special team within Meta’s company.
The team within Meta that created Diem, was a group of senior developers, engineers, strategists and many others, but due to unknown circumstances, Meta decided to shut the project down.
In March 2022, two team members, Mo Shaikh & Avery Ching, decided to take control and revive the project, improve it and go by a different alias, ‘Aptos’ which managed to raise a total of $4 billion in funding!
Aptos is a Layer 1 Proof-of-Stake (PoS) blockchain that uses a unique smart contract programming language called ‘Move’, which was created by the Meta team when they were making the Diem #blockchain.
The Move language allows the network to achieve an incredible transactional throughput of up to 160k transactions per second while maintaining security. Aptos blows many other competing #blockchains out of the water when it comes to scalability!
Aptos is designed to be the most user-friendly and enjoyable ecosystem of NFTs and decentralised applications (dApps), unlike others which are sometimes labelled as confusing, by newcomers to Web3.
Instead, Aptos promises to have the most scalable, secure and reliable blockchain for both users and developers, as they use three main components to guarantee this:
Firstly, is the Move Programming Smart Contract Language that the network was built on, which is supposedly more flexible and secure than other languages like Solidity or Python for example.
Secondly, the blockchain uses a technology called Block-STM which is designed to help the network complete multiple transactions at any given second, as the Block-STM Tech maintains the smart contracts on the blockchain, ultra-efficiently.
Third and finally, is their unique BFT Consensus which focuses on reducing latency and increasing transactional speed. The BFT Consensus is different to other consensus mechanisms used by other competing networks.
If you’re interested in getting started on the Aptos Network, you will need $APT tokens (the native token), the native Petra Wallet and an optional personal Aptos domain which you can buy using your tokens, e.g. love crypto.apt as a domain.
At the time of writing, the Aptos token $APT is priced at $4.74 with a market cap of over $616M! The blockchain is very still very new but has already seen an ATH of over double its price, $10.25.
Links
Aptos Twitter – @Aptos_Network
Aptos Website – Aptoslabs.com
Aptos Names (Domains) – https://www.aptosnames.com/
Diem Website – https://www.diem.com/en-us/
Petra Wallet Website – https://petra.app/
That’s it! Thanks for reading! Have a look at our Guides section for more!
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