News of the impending release of the Aptos blockchain is being widely discussed among the global blockchain community. Aptos asserts it has solved the problems faced by its rivals and can guarantee complete security and dependability. Are we sure it’s got that much potential?
Traditional blockchains like Bitcoin and Ethereum are being aggressively pursued by up-and-coming blockchains like Solana and Avalanche.
Aptos is a brand-new, highly ambitious project with the goal of becoming one of the most prominent blockchains. Or maybe even do better than they do.
This piece will trace the history of the Aptos blockchain and highlight the ways in which it excels in comparison to similar networks. Furthermore, we will offer a survey of initiatives that use Aptos.
What is Aptos blockchain?
As a blockchain protocol created by Aptos Labs, Aptos operates at Layer 1. It aspires to be the most secure and scalable Web 3.0 option available.
“We’ve known for a while that, due to issues like outages and downtime, current blockchains are not fit for purpose when it comes to mass Web3 adoption. That’s why we’re building a blockchain to be the reliable foundation for Web3 that ushers in users from around the world to experience the benefits of decentralization.” ― Mo Shaikh, co-founder and CEO of Aptos.
Aptos is currently operating a number of testnets ahead of its planned mainnet launch in the fall of 2022. It offers incentives in the form of Aptos tokens to node operators, developers, auditors, and ecosystem builders who test out the blockchain’s features and safety. Aptos coins have not been released yet, with testnet tokens being issued instead.
Who is the Team Behind Aptos Labs?
Ex-Meta employees who were involved in the Diem blockchain initiative founded Aptos Labs. According to industry rumors, Diem would shut down in January 2022, with all blockchain assets being sold to cryptocurrency-focused bank Silvergate.
Aptos Labs, however, continues to use features from the Diem blockchain, such as the Move smart contract language.
Why or why not invest in Aptos?
Aptos coin has been receiving a lot of attention despite there being no official ICO date announced. For the future coin, ICO Drops predicts a high return on investment and low risk. Aptos’ innovative features, like its Move technology and its ability to facilitate parallel transactions, are the primary reasons for its high rating.
With the help of prominent backers like Binance, Andreessen Horowitz, and Multicoin Capital, the Aptos project was able to raise $4 billion.
How does the Aptos blockchain Work? Essential features
Aptos has several game-changing features that set it apart from other blockchains, even though it is not yet fully functional. Some examples of these are:
Parallel transaction execution
Aptos uses a multi-transaction capable smart contract engine called Block-STM. Since a single failed transaction won’t affect the rest of the chain, transaction times are drastically reduced. The current capacity of the Aptos testnet is 160,000 transactions per second with a time-to-finality of less than 1 second. Because of this, transaction fees will also be drastically reduced.
The Move programming language
Move is a highly adaptable language that greatly facilitates meeting the needs of Aptos programmers in a timely manner. It makes it extremely difficult for fraudsters to tamper with the blockchain by, for instance, letting software engineers define custom resources that cannot be copied or discarded.
Aptos Byzantine Fault Tolerance (AptosBFT) consensus algorithm
Aptos uses two different consensus protocols: Proof-of-Stake and AptosBFT, a modified version of the HotStuff consensus algorithm. The on-chain state is evaluated by this algorithm, and leader rotations are updated as necessary to account for unresponsive validators without any intervention from the operator.
Private key recovery
Users of Aptos can take precautions against the loss of their private keys by periodically changing them. The consensus key used by validators can also be changed on a regular basis.
Streamlined upgradability
To ensure that the blockchain can be updated with no interruption to service, the development team places a premium on backwards compatibility. This is made possible by Aptos’s modular design and built-in on-chain change management protocols.
Advantages that Aptos can provide include faster transactions, better scalability and security, and cheaper fees all around. That’s why Aptos is a great choice for companies of any size.
How is Aptos different from other blockchains?
In terms of transaction speed, security, and longevity, the Aptos blockchain stands out from the crowd. To get a clearer picture, we’ll compare Aptos to three other popular blockchains in a head-to-head fashion.
Aptos Blockchain vs Ethereum
Ethereum’s extensive ecosystem and 500,000 DAU make it one of the best blockchains available. Ethereum underwent a major upgrade on September 15, 2022, switching from the Proof-of-Work (PoW) algorithm to the Proof-of-Stake algorithm (PoS).
Both blockchains have recently adopted one of the most environmentally friendly consensus mechanisms, Proof-of-Stake. Therefore, Apos and Ethereum have the same effect on the environment.
PoS also has a high transaction speed, with an estimated 100,000 transactions per second for Ethereum. However, even with this boost, Aptos still comes out on top, managing 160,000 tps. On top of that, the time to finality in Aptos is under a second, while in Ethereum it takes between 15 seconds and 5 minutes.
Ethereum’s transaction fees are among the highest, ranging from $1 to nearly $200. To what extent the update will aid in fee reduction remains unclear at this time. In the meantime, the blockchain has not yet entered mainnent, so there is no data available about Aptos’ transaction fees. Yet, the high throughput of the blockchain suggests cheap transactions.
Therefore, Aptos may very well outperform Ethereum in terms of transaction speed and, most likely, cost. Together, they use the same PoS consensus to reduce their negative effects on the natural world. However, Aptos has yet to launch its mainnet, while Ethereum has already established itself as a major player in the blockchain industry thanks to its large user base and widespread influence.
Aptos Blockchain vs Solana
Proof-of-Stake is the consensus method used by both Aptos and Solana, but each has an additional algorithm of its own. Solana’s Proof of History and Aptos’s Byzantine Fault Tolerance. Getting high throughput and improved scalability in this way is possible. Compared to Solana’s 65,000 tps, Aptos’s throughput is a whopping 160,000. In terms of time to finality, Solana loses to Aptos as well (2.5 seconds versus less than a second).
Solana has one of the industry’s lowest transaction fees, at just $0.00025. Aptos transaction fees are unknown at this time but are also likely to be less than $1.
Solana had a rough year in 2022 due to multiple power outages. These issues originated from spambots causing congestion in the system. In addition, two instances of wallets being hacked occurred. All of this has severely harmed Solana’s reputation, forcing users to seek out safer alternatives.
Aptos appears to be a viable option due to the developer team’s dedication to maintaining stringent safety policies. By enabling users to frequently change their private keys, they, for instance, render wallet assaults nearly impossible.
Aptos vs Avalanche
Avalanche is yet another Proof-of-Stake blockchain built for the present day. It boasts a relatively fast transaction speed of 4,500 tps, but Aptos’s 160,000 tps puts it light years ahead. Time-to-finality is less than a second in Aptos, whereas it is two seconds in Avalanche.
Since Avalanche is used by many p2w games, and since players constantly trade in-game tokens and claim rewards, the blockchain’s transaction cost has increased to $3-14.
Therefore, in terms of functionality, the Aptos blockchain is superior, allowing for faster and cheaper transactions. But Avalanche has a robust ecosystem, with many different kinds of decentralized applications (dApps), from DeFi apps to play-to-earn games.
What are the projects on Aptos?
Since the Aptos blockchain code is public domain, many new projects are being developed on the testnet in anticipation of joining the ecosystem. Take a look at a few of them:
- The Aptos digital assets can be managed and used in the decentralized applications available on the blockchain with the help of the Martian Wallet.
- Topaz is a marketplace for NFTs.
- The first Aptos-based Automated Market Maker is called Liquidswap.
- Aries Markets is an open protocol for borrowing, lending, and margin trading that operates independently from any central authority.
- Econia is an on-chain order book that facilitates trading in digital assets.
What is the future of the Aptos blockchain?
There has been a lot of talk in the blockchain industry about Aptos and its bold claim to become the most secure and scalable blockchain. It has so far been able to deliver on its promises, showing off lightning-fast transaction times and a solid foundation for a dependable network.
It appears that Aptos has a real shot at becoming one of the top blockchains thanks to its solid development strategy and team of seasoned professionals. However, we cannot be certain until we have all of the information, including tokenomics specifics.
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