Introduction to Aptos
Aptos is a Layer 1 Proof-of-Stake (PoS) blockchain that utilizes a novel smart contract programming language called Move, independently developed by Meta's Diem blockchain engineers. Aptos aims to bring mainstream adoption to web3 and empower a diverse ecosystem of DApps to address real-world user problems. The PoS blockchain boasts a theoretical transaction throughput of over 150,000 transactions per second (tps) through parallel execution.
Funding and Mainnet Launch
In March 2022, Aptos raised $200 million in a seed round led by venture capital firm Andreessen Horowitz (a16z), with participation from other crypto heavyweights like Tiger Global and Multicoin Capital. In July, Aptos secured another $150 million in a Series A round led by FTX Ventures and Jump Crypto. Binance Labs made a strategic investment of an undisclosed amount in Aptos in September, bringing its valuation to $4 billion. Aptos announced its mainnet launch on October 18, 2022, with the genesis event occurring on October 12, 2022.
Aptos Founders
Aptos was founded by Mo Shaikh and Avery Ching, both former Meta employees. Shaikh, the current CEO, has extensive experience in financial services, blockchain, and crypto. Ching, the CTO, is a software engineer who served as a principal software engineer at Meta. The pair worked together on the Diem blockchain project and founded Aptos Labs after Diem was discontinued in January 2022. The Aptos team includes researchers, designers, and engineers from Diem.
What Sets Aptos Apart?
Aptos claims its network can process over 150,000 tps, compared to Ethereum's mainnet tps of around 12 to 15. This high transaction throughput is achieved through a parallel execution engine (Block-STM) and a Byzantine fault-tolerant (BFT) PoS consensus mechanism. Unlike most blockchains that execute transactions sequentially, Aptos processes all transactions simultaneously and validates them afterward, with failed transactions either re-executed or aborted.
Aptos is built using the Move programming language, which offers advantages over Solidity, the EVM-based programming language. Move features easily verifiable blockchain commands, private key modification, and a modular design. Aptos' upgradeability, configurability, and natively-implemented sharding feature enable new use cases and improved user experience.
Aptos Network Security
Aptos employs two consensus protocols: Proof-of-Stake and AptosBFT. AptosBFT, similar to DiemBFT developed for Diem, is a custom-made consensus algorithm based on the HotStuff protocol. The algorithm analyzes the on-chain state and automatically updates leader rotations to adjust for non-responsive validators without human intervention, ensuring a secure and reliable network.
In summary, Aptos is a Layer 1 PoS blockchain designed for mainstream web3 adoption, offering high transaction throughput, advanced smart contract capabilities, and robust network security. With a strong team and significant funding, Aptos has the potential to empower a wide range of DApps and drive innovation in the blockchain space.
