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This overview will be covering Aptos, a new high-throughput Layer 1 blockchain that uses a novel smart contract programming language called Move. The project is considered the technological successor of Meta’s abandoned blockchain network (Diem).
The project is developed by Aptos Labs, a blockchain startup led by two former Meta employees. Due to its stated theoretical throughput of 100,000 transactions per second, Aptos has been dubbed a potential "Solana killer." Austin Virts, the former Head of Marketing at Solana, is also now in charge of ecosystem building at Aptos. Aptos first made waves in the crypto industry in March of this year, after it was made public that it had raised $200 million in a seed round led by the renowned venture capital firm Andreessen Horowitz.
In July, the startup raised another $150 million at a $1.9 billion pre-money valuation in a Series-A funding round led by FTX Ventures and Jump Crypto, before its valuation hit $4 billion two months later in a venture raise led by Binance Labs. The much-hyped blockchain unveiled its mainnet last week. However, over those initial 24 hours, the project took a lot of criticism for the lack of transparency around its tokenomics (the specifics of the cryptocurrency’s economic model and distribution).
Regardless of availability of specific tokenomics, Aptos Labs has stated to be “committed to developing products and applications on the Aptos blockchain that redefine the web3 user experience”. This comes with the intention to build a broad range of blockchain infrastructure tools.
Key Technical Points of Aptos Chain:
From a technical perspective, the driving force behind Aptos comes down to two main things:
1. Move, the Rust-based programming language independently developed by Meta:
- It's a new smart contract programming language which emphasizes safety and flexibility. Its ecosystem contains a compiler, a virtual machine, and many other developer tools that effectively serve as the backbone of the Aptos network.
2. The network’s unique parallel transaction processing abilities:
- This means that its network leverages all available physical resources to process many transactions simultaneously. This leads to much greater network transaction speeds, resulting in significantly lower costs and a better user experience for blockchain users.
What This Means For You:
With the highly reputable/large investment backing, paired with high profile project leads, the foundational elements are highly favorable for Aptos. However, with many projects in web 3.0 having high profile members and backing and still unfortunately struggling to get off the ground, it is important for Aptos to be more clear with their differentiating technological capabilities to the non-technically experienced mass market.
This will allow Aptos to clearly define and align itself with the customer market segment which it is trying to serve in the long term.
For the average crypto user, or someone trying to hold a long term investment in the project, it is best to watch closely the upcoming partnerships which the project will be making. This will give more clarity into what users may expect for upcoming services as well as a great indication of future growth for the project.
The Aptos vision is to deliver a blockchain that can bring mainstream adoption to web3 and empower an ecosystem of decentralized applications to solve real-world user problems. Their mission is to advance the state-of-the-art in blockchain reliability, safety, and performance by providing flexible and modular blockchain architecture. This would support frequent upgrades, fast adoption of the latest technology advancements, and first-class support for new and emerging use cases.
With the powerful backing behind the project, as well as an experienced team behind the technical features of the product, Aptos should be able to utilize these aspects and grow organically even through this Bear market.
Although much of the information is focused on the specific technical aspects of the project, there is not as much direct talk of how Aptos plans to specifically partner with other projects and consumers. However, the strong team of researchers, computing Ph.D.s, and industry-leading engineers building the network should help to properly align its ecosystem.
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