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What is Aptos (APT)?
Aptos is a Layer 1 Proof-of-Stake (PoS) blockchain that employs a novel smart contract programming language called Move, a Rust-based programming language that was independently developed by Meta (formerly Facebook)’s Diem blockchain engineers. Aptos’s vision is a blockchain that brings mainstream adoption to web3 and empowers an ecosystem of DApps to solve real-world user problems. The PoS blockchain can achieve a theoretical transaction throughput of over 150,000 transactions per second (tps) through parallel execution. In March 2022, Aptos raised $200 million in a seed round led by the venture capital firm Andreessen Horowitz (a16z). Other crypto heavyweights like Tiger Global and Multicoin Capital took part in the funding round. Fast forward to July, the startup raised another $200 million in a Series A round with participation from Dragonfly, Apollo Global, Franklin Templeton, Animoca, Jump Crypto and others. Two months later, Binance Labs made a strategic investment of an undisclosed amount in Aptos. On Oct. 18, 2022, Aptos announced the mainnet launch, while the Aptos genesis occurred on Oct. 12, 2022.How Does APTOS Work?
Aptos is built on a parallel execution engine (Block-STM) — a byzantine fault-tolerant (BFT) PoS consensus mechanism. Block-STM allows Aptos to process transactions simultaneously and validate them afterward, instead of executing them sequentially as most blockchains do. This enables Aptos to achieve high scalability, low latency, and high throughput. Aptos also uses Move, a new smart contract language that is designed to be safe, expressive, and modular. Move enables developers to create custom resources, modules, and scripts that can be deployed and executed on the Aptos blockchain. Move also prevents common errors and vulnerabilities that plague smart contracts, such as reentrancy, double-spending, and asset loss. Move is interoperable with other programming languages and frameworks, such as Rust, TypeScript, React, and Solidity.What is APT?
The APT token serves as the native cryptocurrency of the Aptos blockchain and is used for transaction fees, validators, and governance. APT holders can stake their tokens to become validators, who are responsible for proposing and validating blocks on the Aptos network. Validators earn rewards in APT for their service and also have voting rights in the Aptos governance system. APT holders can also delegate their tokens to other validators and earn a share of their rewards. APT holders can also use their tokens to participate in the governance of the Aptos network, such as proposing and voting on upgrades, parameters, and policies. APT holders can also use their tokens to access various DApps and services built on the Aptos platform, such as decentralized exchanges, lending platforms, gaming platforms, and more.Use Cases of APT in the APTOS
APT has various use cases in the Aptos ecosystem, such as:DeFi
APT can be used to access various decentralized financial services, such as lending, borrowing, swapping, and staking. For example, Petra is a DeFi platform built on Aptos that allows users to lend and borrow APT and other assets with low fees and high interest rates. Petra also offers a yield aggregator that optimizes the returns of users’ assets across different protocols. APT can also be used to provide liquidity and earn fees on decentralized exchanges, such as ApeSwap, a cross-chain automated market maker (AMM) that supports trading between APT and other tokens.Gaming
APT can be used to play and earn in various gaming platforms, such as Animoca, a leading gaming company that has partnered with Aptos to create blockchain-based games and collectibles. Animoca has launched several popular games on Aptos, such as F1 Delta Time, MotoGP Ignition, and The Sandbox, which allow users to own, trade, and play with digital assets, such as cars, bikes, and lands. APT can also be used to buy and sell these assets on secondary markets, such as OpenSea, a peer-to-peer marketplace for NFTs.Social
APT can be used to interact and reward in various social platforms, such as Jump, a decentralized social network that leverages Aptos to create a censorship-resistant and user-owned platform. Jump allows users to create and join communities, post and share content, and earn APT for their engagement and contribution. Jump also offers a tipping feature that lets users tip each other with APT for their content and comments.Who are the Founders of APTOS?
Aptos is the brainchild of Mo Shaikh and Avery Ching, both former employees of Meta. Mo, who is the current CEO of the company, is a founder with years of multinational financial services and blockchain/crypto experience. According to his LinkedIn profile, he specializes in scaling products and has experience in the private equity and venture capital markets. Ching, on the other hand, is the CTO of Aptos. He is a software engineer and was one of the principal software engineers at Meta. The duo worked together on the Diem blockchain project at Meta. Shaikh and Ching decided to join forces to create Aptos Labs when the Diem project was discontinued in January 2022. It, therefore, comes as no surprise that Aptos employs some of the technicalities of Diem. Other members of the Aptos team include researchers, designers, and engineers from Diem.What Makes APTOS Unique?
Aptos is unique in several ways, such as:Scalability
Aptos claims to achieve over 150,000 tps, which is orders of magnitude higher than most blockchains. This is possible due to its parallel execution engine, which allows Aptos to process transactions in parallel and validate them afterward. This also reduces the latency and congestion on the network, resulting in faster and cheaper transactions.Safety
Aptos uses Move, a new smart contract language that is designed to prevent common errors and vulnerabilities that plague smart contracts, such as reentrancy, double-spending, and asset loss. Move also allows developers to create custom resources, modules, and scripts that can be deployed and executed on the Aptos blockchain. Move also ensures that the Aptos network is upgradable and adaptable, as it allows for changes and improvements to the core protocol and the smart contracts without compromising the security and integrity of the network.Interoperability
Aptos is interoperable with other blockchains and platforms, such as Ethereum, Binance Smart Chain, Polygon, and Solana. Aptos uses a cross-chain bridge that allows users to transfer APT and other assets between different networks. Aptos also supports various programming languages and frameworks, such as Rust, TypeScript, React, and Solidity, which makes it easier for developers to build and deploy DApps on the Aptos platform.
