Aptos is a next-generation blockchain set to onboard the first billion users onto the Web3 landscape. With features like low latency, transaction parallelization, and a maximum throughput of 160,000 TPS, many consider Aptos to be a 'Solana Killer.'
Today, we’ll explore what Aptos is, who is behind it, and whether the project can deliver on its big promise.
Backstory
Aptos is a successor to the infamous Diem project(formerly called Libra), a blockchain-based stablecoin payment system developed by Meta. Libra was officially unveiled to the public on June 18, 2019.
However, governments around the world quickly began to scrutinize the project due to concerns about user privacy and went as far as deeming it a threat to monetary sovereignty. Despite numerous changes to the design and cooperation with regulators, the project had to shut down in 2022.
During the late stages of the project’s slow demise, numerous employees, including Aptos founders Avery Ching and Mo Shaikh, left Meta to pursue their vision with a clean slate.
Technology
Aptos utilizes Move, a novel smart contract language developed by the same team while working at Meta. The language forms the foundation of Aptos and enhances the developer experience for creating scalable and future-proof applications.
Drawing from the lessons learned from its predecessor, the Diem network, Aptos has significantly enhanced the Move ecosystem by incorporating innovative language and VM features.
These enhancements include refined security architecture, detailed and customizable gas metering, code upgradability, large-scale tables, resource accounts, and more.
Alongside cutting-edge technical features like parallel transaction processing and sharding, another key aspect that makes Aptos stand out is its future-proof and modular architecture, allowing the network to accommodate frequent upgrades.
As a result, the blockchain can rapidly integrate the latest technological advancements and offer excellent support for new and emerging use cases, all while providing users uninterrupted access to their favorite apps.
Ecosystem
Thanks to the team’s notoriety in crypto and beyond, Aptos has attracted hundreds of partners: infrastructure providers, dApps, tooling, launchpads, bridges, and more.
This includes household names like SushiSwap, Stargate, Ondo, LayerZero, and Moonpay, as well as numerous new and upcoming projects that have dedicated their efforts to growing the Aptos ecosystem.
In addition to the extensive list of Web3 partners, Aptos has also partnered with the biggest names in Big Tech. For instance, well in advance of the mainnet launch, Google Cloud and Aptos embarked on a collaborative effort to equip the Aptos community with the necessary support and tools for building infrastructure, connecting platforms, and nurturing the future of web3.
Moreover, Aptos Labs and Microsoft are working together to facilitate web3 adoption by combining Microsoft’s AI expertise and technology with Aptos Labs’ technical team and advanced blockchain infrastructure.
Investors and Team
Aptos has attracted considerable support from the most prominent venture capital firms and funds in Crypto. A16z, Jump Crypto, Binance Labs, Dragonfly Capital, Multicoin Capital, Circle, and even the infamous FTX have collectively invested over $350 million in Aptos Labs across several funding rounds.
The co-founders, Avery Ching and Mo Shaikh are highly experienced professionals in the industry. Mo Shaikh, the CEO of Aptos Labs, is an accomplished 3-time founder with a remarkable track record. Previously, he was Director of Strategy at Consenys and later played a key role in leading Strategic Partnerships at Meta.
Avery Ching is an accomplished engineer with a PhD in Philosophy and Computer Engineering. For most of his career, he worked at Meta as a Principal Software Engineer and was directly involved in creating the Diem blockchain and Move.
Tokenomics
$APT is the chain’s gas token and secures the network through a delegated Proof-of-Stake mechanism. When users stake their $APT with a validator, they can help secure the network, gain the ability to participate in governance, and receive a consistent APR of approximately 7%, which may vary based on the number of delegators.
The initial total supply of $APT was 1 billion tokens, with over 23 million $APT tokens airdropped to the community. Over 50% of the tokens are reserved for the community, with the rest going to the team, investors, and the Aptos Foundation.
Final remarks
Aptos brings significant advancements to the blockchain design landscape. It features a developer-friendly framework and a future-proof blockchain design that enables seamless upgrades, among other features.
With a team of top-tier talent, including individuals who have contributed to what was once considered one of the most promising projects in the blockchain industry, Aptos is well-equipped to bring its vision to fruition.
The combination of these factors positions Aptos as a formidable contender in the race to onboard the first billion users onto the blockchain. Moreover, the significant backing of venture capital signifies the substantial firepower driving this project toward realizing its vision.
