Aptos is a new Layer 1 blockchain that is currently generating a lot of buzz in the crypto community. It is a venture capital-backed cryptocurrency that is still in the planning stage, but its proposed features have already caught the attention of many investors. Aptos aims to increase scalability while offering unique security and usability options that make it accessible to average users.
The Aptos blockchain is built with a Rust-based programming language called Move. It has a parallel execution engine, high-level security features and low transaction costs. The blockchain is based on the Diem blockchain initiative (from Meta) that was recently abandoned. The Aptos team, Aptos Labs, is made up of former Diem developers who decided to continue working on the project after Meta discontinued it. The Aptos Labs’ motto is "Building a Layer 1 for everyone."
Aptos Labs has raised over $350 million in funding, launched its developer testnet, and successfully handled millions of transactions and thousands of nodes. The Aptos blockchain can theoretically reach 160, 000 transactions per second (TPS) while maintaining security and reliability. The revolutionary concepts at work behind Aptos' impressive performance include Block-STM Technology, Move Programming Language and BFT Consensus Protocol.
Block-STM Technology creates an engine that efficiently handles smart contracts by using parallel execution to handle multiple transactions at once. This improves efficiency and allows for up to 160,000 transactions to be processed simultaneously. Move Programming Language is a custom programming language that was first designed for the Diem blockchain. It is flexible enough to handle the unique needs of Aptos developers, and its global storage is more secure than the average programming language. BFT Consensus Protocol decouples the process of order of transactions and lets them run parallel to each other, reducing latency and increasing speed.
Aptos has a lot of competition in the market, with other high-performance Layer 1s like Solana and Avalanche, but it differentiates itself with its reliability and access to unique engines and programming languages. If Aptos delivers on its promises, it could be a game-changer in the crypto space.