Technology, use cases and prospects

What is Aptos blockchain?

Aptos is designed to be a fast, scalable, and reliable blockchain that supports decentralized applications (DApps) and accelerates Web3 development.

Avery Ching and Mo Shek launched the Aptos Blockchain on October 12, 2022. It is designed to enable high speed and low latency, meaning it can handle up to 160,000 transactions per second and confirm them in less than 1 second on average.

Aptos technology integrates the Move language natively to provide these fast and secure transactions, enabling developers to write smart contracts and build DApps. Aptos offers everything you need to “build your big idea” and includes artificial intelligence to make Web3 easy for newcomers and experts alike.

Aptos (APT) coin is the native token of the Aptos crypto ecosystem. It powers the blockchain's transaction payments, governance and verifiers. To transact on the blockchain, a fee is paid for APT tokens, although these are incredibly low, usually less than 0.001APT or $0.0009. The initial total supply of APT started at 1 billion and 130 million tokens were distributed among the ecosystem as follows.

51.02% to the community 19% to the team, consultants and private investors 16.5% to the foundation 13.48% to investors

Total APT supply is set to rise to 1.5 billion by 2031.

The project has grown exponentially since its inception, boasting a multi-billion dollar market cap and peaking at 25 cents by October 2024.

Did you know this? Both Aptos founders, Mo Shek and Avery Ching, previously worked for the Meta (Facebook) Dim team, a blockchain project formerly known as Libra. This inspired them to create Aptos without the bureaucratic red tape of working for a large corporation.

How does Aptos blockchain work?

AptosMove uses the smart contract programming language, which enables the use of a parallel execution engine called Block-STM.

Most blockchains are limited by their total transaction per second (TPS) because they use a series of transactions. This means that tasks are performed one by one in sequence. The Aptos blockchain features block-STM and parallel transaction processing that allows multiple transactions simultaneously to significantly increase the TPS network.

The Aptos consensus mechanism uses Proof-of-Stake (PoS) with a special Byzantine Fault Tolerance BFT consensus protocol for validators to execute transactions together. Aptos processes all transactions simultaneously. This is done by taking a snapshot of the current state and then processing them in parallel before verifying them.

While this provides greater speed, it can be a more expensive method of processing and poses challenges in preventing transactions from interrupting each other. Failed transactions are aborted and re-executed using Software Transaction Memory (STM) to handle any conflicts.

Did you know this? Aptos is one of the most highly funded blockchain projects, raising over $200 million from Andreessen Horowitz (a16z), Coinbase Ventures and FTX Ventures, among others. This was followed up with an additional $150 million in funding led by FTX Ventures.

Advantages of Aptos Blockchain

Aptos is one of the most advanced blockchains, offering low latency, high throughput, and low fees, making it the ideal blockchain for developers who demand speed and efficiency.

High performance and cost-effectiveness: Aptos offers fast response times, allowing transactions to be completed in less than a second, often with a fee of less than $0.0005. For context, the network can generate 1 million NFTs in 90 seconds!Developer Friendly: The native MOVE programming language is useful for developers. It's easy to get started on Aptos, providing a secure and efficient environment that simplifies the process of creating new DApps. Technical Innovations: The integration of PoS and BFT by Aptos with Block-STM, standard authentication and arbitrary APIs distinguish blockchain from other networks while improving its capacity and performance. BFT refers to the ability of the system to continue to function properly even if some participants (up to a certain limit) act maliciously or fail. It ensures consensus even if some proofs are unreliable. Security: The inclusion of Move Prover acts as a formal verifier to test the behavior of Aptos smart contracts written on the blockchain. This helps provide strong security for applications such as DeFi protocols, games and high-volume NFT trading. Community Support: Aptos has built a very active and supportive community which is creating an exciting collaborative ecosystem. This includes a founding team that delivers what they promise, over 350 developers joining the project and over 500,000 X followers.

Did you know this? Fast time to completion, transaction speed and high input flow and low gas are the reasons why projects like SushSwap and PancakeSwap chose Aptos over other blockchains.

How to buy Aptos

Aptos (APT) can be bought through centralized exchanges like Kraken, for fiat currencies or other cryptocurrencies, with more than 200 trading pairs available. Find more exchanges on platforms like CoinGecko.

Following are the steps to buy Aptos (APT) on Kraken.

Create your free Kraken account: Visit the Kraken forum and register with your email address and country of residence. Connect a Funding Method: Purchase your account using your preferred payment method, such as Visa or Apple Pay. Aptos can be purchased for as little as $10. Since October 11, Kraken users have purchased 238,446 APT worth $1.96 million.

After purchasing APT on Kraken, it is important to store your tokens in a secure crypto wallet. Choose a wallet that supports APT and ensures secure storage and easy access to your assets for transfers or transactions.

Use Aptos blockchain issues

Organizations around the world use Aptos with more than 180 DApps that solve complex challenges and provide innovative solutions.

Gameplay: Aptos provides smooth gameplay and secure asset storage speed. Developers can create immersive gaming experiences that enable true ownership and portability of in-game assets. NFTs: Building on Aptos provides unlimited creative freedom to design a variety of NFT collections, including Bright Bear and MAVRIK NFTs. Social: Web3 is designed to provide users. Full control of their digital social footprint. Aptos helps bring this power back to the people with onchain social media apps like Chingari Entertainment: Fans and creators can connect more personally than ever before. Whether it's buying or selling tickets, winning collectibles or sharing memories through the Aptos network. DeFi: Fast and cheap transactions combined with smart contracts make Aptos the premier place to build DeFi applications. MasterCard is building an identity verification tool on the network known as MasterCard CryptoCredential.

Did you know this? Both MasterCard and Visa are trying to facilitate cross-border payments with blockchain solutions. While Visa is testing settlements on Solana and Ethereum, MasterCard is working on things like crypto-credentials and the Multi Token Network (MTN) to make the ecosystem more secure and interoperability.

A vision of the future of the Aptos blockchain

Getting developers to build on the network is critical to the project's long-term success and market competitiveness.

The Aptos Foundation continues to push blockchain innovation across the network, working to build a futuristic environment with improved transaction speeds and cost-effectiveness to attract more developers.

One key feature of Aptos is its ecosystem development. While most of its competitors have a head start, Aptos has had an impressive trajectory since its 2022 launch, attracting developers and large DeFi projects to its platforms. In just two years, Aptos Blockchain has attracted more than 180 projects, including DeFi operators like PancakeSwap, startups like SupraOracles and BuilderDAO.

With a strong community, Aptos wants to be at the forefront of blockchain future trends and distinguish itself. New integrations like AI can transform many sectors in the DeFi space, including automation and attracting new users.

Aptos scalability is often considered the most impressive part of the project. While some blockchains continue to suffer from outages, low resource constraints, and high costs, Aptos is built with innovative and smart contract design as a scalable building block for the future Web3.