Aptos

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Discover Aptos's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Aptos?

Aptos (APT) is a fast and scalable layer-one Proof-of-Stake (PoS) blockchain designed to provide high transaction speeds, security, and ease of use. It was founded by former Meta employees and utilizes the Move programming language, which ensures the integrity and control of digital assets. The APT token is the native cryptocurrency, used for transaction fees and network operations. Aptos aims to support decentralized finance (DeFi) projects, non-fungible tokens (NFTs), and other applications, with a focus on speed, security, and scalability.

How is Aptos used?

Aptos (APT) is the native token of the Aptos blockchain, which is a layer-1 blockchain designed for safety, scalability, and upgradability. The APT token is used for several key purposes within the Aptos ecosystem:

  1. Network Fees: APT is used to pay for transaction and network fees on the Aptos blockchain.
  2. Validator Staking: Validators must stake APT tokens to participate in transaction validation and block creation. Staking APT allows validators to earn passive income from Aptos.
  3. Governance: APT is used for governance purposes, enabling holders to participate in decision-making processes within the Aptos network.

Additionally, APT is distributed among various stakeholders, including the community, core contributors, the Aptos Foundation, and investors, with a total supply of 1 billion tokens.

How do I store Aptos?

To store Aptos (APT) tokens, you can follow these steps:

  1. Choose a Wallet: Select a reliable wallet that supports Aptos, such as Trust Wallet, Martian Wallet, or Ledger Wallet. Ensure the wallet is compatible with your country and meets your specific needs (e.g., buying and holding or active trading).

  2. Download and Install: Download and install the chosen wallet on your device.

  3. Add APTOS to Your Wallet: Add Aptos (APT) to your wallet by following the wallet's instructions. This may involve creating a new wallet or adding APT to an existing one.

  1. Secure Your Wallet: Keep your APTOS safe by using features like the Trust Wallet Security Scanner and Encrypted Cloud Backup. Always be cautious of unsolicited messages and never share your private keys or secret phrase.

  2. Manage Your Assets: Use your wallet to manage your APTOS tokens, including buying, selling, swapping, and storing. Compare rates from trusted payment providers to secure the best deals.

By following these steps, you can securely store and manage your Aptos (APT) tokens.

How to buy Aptos?

To buy Aptos (APT) tokens, follow these steps:

  1. Create an Account: Register on a centralized exchange (CEX) that supports Aptos trading, such as Binance, Kraken, or Coinbase. Verify your identity and secure your account with two-step verification.

  2. Fund Your Account: Use fiat currency to purchase a stablecoin like USDT, ETH, or BNB. You can do this through the exchange's over-the-counter (OTC) trading service or by using a financial service platform like PayPal or Robinhood.

  3. Transfer to Aptos-Supporting Exchange: If the exchange where you bought the stablecoin does not support Aptos trading, transfer the stablecoin to an exchange that does, such as Binance, HTX, Bybit, or OKX.

  1. Buy Aptos: Use the stablecoin to buy Aptos in the spot market. Select the desired trading pair (e.g., APT/USDT) and complete the purchase.

  2. Store Your Aptos: Once you have bought Aptos, store it in a secure wallet or hold it in your exchange account. You can also trade it for other cryptocurrencies or stake it for passive income.

Remember to consult the exchange's customer service and local tax authorities for any specific requirements or restrictions in your area.

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History of Aptos

The history of Aptos (APT) began in 2019 when Facebook (now Meta) started working on a blockchain project called Libra, later renamed Diem. After three years and significant resources invested, Meta shut down the project in February 2022 due to regulatory issues. Two engineers from the Diem project, Mo Shaikh and Avery Ching, believed in the project's potential and decided to use the underlying technology to build a new project, which became Aptos.

On August 11, 2022, the Aptos whitepaper was published, and the Aptos blockchain officially launched alongside its native currency, APT, on October 17, 2022. The APT token was listed on most crypto exchanges on October 19, 2022, and it quickly gained traction, reaching an all-time high of $13.73 and a low of $6.73 on the same day.

Aptos is a layer-1 blockchain designed for security, scalability, and upgradeability, utilizing the Move smart contract language. It is a Proof-of-Stake (PoS) blockchain that processes transactions in parallel, allowing for high throughput and low latency. The project has received significant financial backing from investors such as Sam Bankman Fried's FTX, Andreeson Horowitz, and Multicoin Capital.

The Aptos team, led by CEO Mo Shaikh and CTO Avery Ching, aims to deliver a safe, fast, reliable, and upgradeable web3 infrastructure for widespread mainstream adoption. The project's roadmap includes deploying significant features, improving the developer experience, and providing incentive alignment for participants who help secure the network.

Overall, Aptos has quickly gained attention in the crypto community for its potential to become the fastest blockchain network, with theoretical transaction speeds of up to 160,000 transactions per second (TPS).

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How Aptos works

Aptos (APT) is a Layer-1 blockchain designed to be scalable, secure, and reliable. It was founded by Avery Ching and Mo Shaikh in October 2022 and leverages several unique features to achieve high transaction throughput and low latency.

Parallel Execution Engine

Unlike traditional blockchains that execute transactions sequentially, Aptos uses a parallel execution engine called Block-STM. This engine allows for the simultaneous processing of transactions, which significantly increases the network’s transaction throughput. According to Aptos, this engine can handle up to 160,000 transactions per second (TPS).

Move Programming Language

Aptos employs the Move programming language, which is designed to prioritize safety and flexibility. Move modules define the rules governing transactions within the system, allowing users to interact with Aptos in various ways. Users can submit transactions that publish new modules, upgrade existing ones, execute specific functions, or deploy scripts that interact with modules. The Move language includes a compiler, virtual machine, and other tools to support developers.

Modular Blockchain

Aptos has a modular blockchain design that includes key components such as smart contract execution, consensus mechanism, parallel transaction processing, client interfaces, and validator management. This modular approach ensures flexibility, security, and reliability in processing transactions.

Consensus Mechanism

Aptos uses the AptosBFT consensus mechanism, which is a Byzantine Fault Tolerance (BFT) and Proof of Stake (PoS) approach. A set of validators collectively processes transactions, and clients can download and verify validator-signed proofs. The network includes full nodes that replicate the transaction and blockchain state, as well as light clients that maintain the current set of validators and securely query a partial blockchain state.

Data Model

The Aptos blockchain functions like a giant record book, where each account has a unique version number that increments with every transaction. Anyone can submit a transaction to update this record book, and each transaction includes details such as verification, sender, instructions, cost, limits, sequence number, expiration time, and network ID. The data model allows for the potential simultaneous processing of transactions if they do not affect the same accounts or data.

Validators and Staking

Validators play a crucial role in securing and processing transactions on the Aptos network. To become a validator, one needs to stake a minimum amount of APT tokens. Validators can prioritize high-value transactions and discard lower-value ones, ensuring efficient operation when the system is at capacity. Stakers can choose validators to stake their APT tokens and receive a pre-agreed split of rewards.

APT Token

The APT token is the native cryptocurrency of the Aptos blockchain and is used for transaction fees, validators, and governance. It is primarily used to pay for transaction and network fees on the platform. Validators can prioritize transactions based on the fee offered, and network fees will be implemented to align with the cost of running nodes.

Overall, Aptos aims to provide a scalable, secure, and reliable blockchain ecosystem with innovative solutions to the industry’s longstanding challenges.

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Aptos's strengths

Aptos (APT) has several strengths that contribute to its innovative and robust blockchain architecture. Here are some key highlights:

  • Multi-Level Byzantine Fault Tolerance (MLBFT): Aptos employs a novel consensus mechanism that divides validators into multiple levels, each responsible for a different aspect of the consensus process. This approach ensures high fault tolerance and allows the network to function even if a significant number of validators are compromised, resulting in a highly secure and efficient consensus mechanism.

  • Scalability and Performance: Aptos is designed for high throughput and scalability, utilizing parallel transaction processing, sharding for horizontal throughput scalability, advanced state synchronisation, and modular design. This enables it to handle large-scale applications efficiently.

  • Security: Aptos uses the Move smart contract language, which emphasizes safety and flexibility. This language was developed with a focus on security, making Aptos a reliable choice for decentralized applications.

  • Community: Aptos has built a strong and supportive community, which is essential for the growth and adoption of the blockchain. The community plays a significant role in the development and governance of the network.

  • Strong Team and Backing: Aptos was created by developers from the Meta blockchain project Diem and has received financial backing from prominent investors such as Sam Bankman Fried’s FTX, Andreeson Horowitz, and Multicoin Capital. This backing adds credibility and resources to the project.

  • Governance and Interoperability: The APT token is both a utility and governance token, allowing holders to participate in voting on proposed changes to the network. Additionally, the token standard is designed for interoperability, facilitating liquidity and compatibility across the Aptos ecosystem.

These strengths collectively contribute to Aptos's potential as a robust and scalable layer-1 blockchain, well-suited for widespread mainstream adoption and the development of decentralized applications.

Aptos's risks

Aptos (APT) faces several risks that could impact its value and stability. One significant risk is the potential sell-off due to the unlocking of millions of tokens, which could dilute the circulating supply and lead to a decrease in price. This event, based on the protocol's predefined vesting schedule, could result in a large number of tokens being liquidated by the designated recipients, dampening expectations and potentially causing a price drop.

Another risk is the association of major investors with Aptos Labs, such as FTX, Jump Crypto, Multicoin, and 3AC, which have been linked to criminal activities. This could lead to reputational damage and undermine investor confidence in the project.

Additionally, Aptos is vulnerable to market manipulation due to its relatively low market capitalization and trading volume. This makes it susceptible to price swings based on limited trading activity, which could be exploited by malicious actors.

Overall, while Aptos has shown resilience in the face of harsh market conditions and has a bullish price outlook, these risks need to be considered by investors and stakeholders.

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Did Aptos raise funds?

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Aptos’s team

  • Mohammad Shaikh: Co-founder and CEO of Aptos Labs.
  • Avery Ching: Co-founder and CTO of Aptos Labs.
  • Jake Skinner: Team member at Aptos Labs.
  • Ariana Gianacopoulos: Team member at Aptos Labs.
  • Tom Lorek: Team member at Aptos Labs.
  • Max Unger: Team member at Aptos Labs.
  • Alin Tomescu: Team member at Aptos Labs.
  • David Wolinsky: Team member at Aptos Labs.
  • Neil Harounian: Team member at Aptos Labs.
  • Sasha Spiegelman: Team member at Aptos Labs.
  • Zekun Li: Team member at Aptos Labs.
  • Sherry Xiao: Team member at Aptos Labs.
  • James Hodgkins: Team member at Aptos Labs.
  • David Lawee: Global adviser at Aptos Labs, former VP of corporate development at Google.
  • Pamela Drucker Mann: Global adviser at Aptos Labs, chief revenue officer at Condè Nast Global.
  • Dan Boneh: Global adviser at Aptos Labs, professor of computer science at Stanford University.
  • Alex Mittendorf: Team member at Aptos Labs.

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