Aptos: All You Should Know About this Blockchain

If there is one layer-one blockchain that has grabbed the attention of the crypto community lately, then it is Aptos. Yes, you might wonder why this recently-launched blockchain is so popular. Not to worry, there are mind-blowing reasons as even the newest of participants seemed to have gained from Aptos and its native cryptocurrency, APT.

Here’s where you may be blown away. On October 19 2022, when Aptos launched, it kept to its promise of airdropping those who participated in its testnet. However, not many expected the airdrop to be so huge but Aptos distributed over $1.2 million worth of its token, APT.

The most interesting part is that even “regular people” were not left out of the distribution. So, we may not focus on all the rewards in this article. On the other hand, you will learn everything there is to know about the Aptos in this article. So, sit back, and read this article to learn about this blockchain with incredible potential. But first, let’s explain what the Aptos blockchain is itself.

What Is Aptos?

Aptos is a blockchain created by Aptos Labs. According to Aptos Labs, it created the blockchain to address some of the problems faced by the crypto community regarding scalability and security. In addition, Aptos says that one of its important objectives is to make blockchain easily accessible to people irrespective of race, colour, or ethnicity.

Besides all of these, Aptos had some other incredible promises as of its mainnet launch. The blockchain said it was going to beat protocols like Solana in proving more than 100,000 transactions per second. While this might sound unattainable, Aptos does not seem to think in impossible ways. The statement from the Medium launch post said,

“To achieve high throughput, the Aptos blockchain leverages a pipelined and modular approach for the key stages of transaction processing. This fully leverages all available physical resources, improves hardware efficiency, and enables highly parallel execution.

With this modular design, Aptos supports faster and safer release cycles, as changes can be targeted to individual modules. The modular design also provides a structured path to scaling validators beyond a single machine, providing access to additional computation, network, and storage resources.”

With this statement, Aptos seems to believe in solving the lingering scalability problems faced by the blockchain ecosystem. Interestingly, Aptos also wants to canary everyone along as it noted that developers can build applications via its chain while putting people- experience as top priority. With all of these said and done, it is time to assess the whole features that the Aptos blockchain offers. So, in the next part of this article, we will be assessing the key features and potential benefits of assessing this incredible ecosystem.

Key Features of the Aptos Blockchain

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The Aptos blockchain seemed to have interesting features. However, in this article, we will only touch a few that matters to both investors and developers. Read on!

High Transactions Per Seconds (TPS)

According to Aptos, its blockchain has the capacity to take over 160,000 transactions per seconds. In fact, Aptos Labs noted that it tested the chain with 100,000 transactions per second before its mainnet launch. Despite that, Aptos has not been able to replicate the reason why it is called the “Solana killer'' in terms of transaction speed and scalability. However, one thing is for sure— Aptos will work hard to bring its promise to life. It is the same reason that its cryptocurrency was listed on several exchanges including FTX, Binance, and platforms like Bitcoin Up are also considering to add it with the help of its broker partners.

Governance

Unlike many blockchain-based projects, Aptos is community-based. This means that everyone in its community has a say in contributing to the decision-making of Aptos Labs. Besides voting on decisions, the governance system also allows developers in the chain and validators to contribute before any upgrade or development is approved by the executives. Since Aptos said that it is building a transparent and open validator system, then it considers it necessary to have the community back its decision or else, it won’t be approved.

Incredible Network Upgradeability

Another fantastic feature of the Aptos ecosystem is the ease of upgrade. Aptos said it considers it necessary because of the fast-paced blockchain environment. For example, Ethereum just transitioned from Proof-of-Work to Proof-of-Stake, and this process took months before final implementation. For Aptos, it doesn't want the process to be similar to the Ethereum Merge. Hence, the reason for maintaining its network upgradeability. In addition to the network upgrade, Aptos believes that it would be easy to onboard or bridge other chains. Also, whether there would ever be an upgrade or downgrade, the network upgradability feature would allow transactions to continue without any hindrance.

While there are more features to know about the Aptos features, these discussed above are three of the most prominent. However, it is noteworthy to maintain that Aptos is still in the building phase even with its public launch. According to the team, it is still innovating while creating room for smart contracts on its chain. The blockchain also seems open to having creators and innovators on its blockchain. Aptos notes that this will allow it to seamlessly build scalable products for the crypto community benefits. Away from its key features, let’s look at the officially token of the Aptos blockchain, called APT

APT: The Aptos Native Token

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Aptos is the native token of the Aptos blockchain. While APT is a tradable asset, Aptos Lans noted that it will also act as its governance token. In addition, it will not be limited to being a fungible asset alone. Since Aptos Labs had long-term goals to delve into the Non-Fungible Tokens ecosystem, APT may also play a part in the development.

At launch, APT skyrocketed as high as 685%. On October 19, 2022, the coin went as high as $8.75 according to CoinMarketCap. For many investors, APT had the potential to rise to fantastic levels once the crypto bear market is over.

Now that you know what the Aptos blockchain, and APT itself is, let’s look at answering some frequently asked questions about the blockchain.

Aptos: Frequently Asked Questions

In this part of the article, we will assess the popular questions that have erupted about the Aptos blockchain. While this art may not be fully loaded as regards answers, it will do well to address the most important parts. So, continue on this reading journey and find out the answers to some of your questions here.

Is Aptos Safe?

The Aptos blockchain is a safe one to use. In fact, the Aptos Foundation team says it is building one of the safest and scalable blockchain you will ever find in the crypto market. So, yes! Aptos is safe to use and you have almost nothing to worry about when you buy into the layer-one blockchain. In addition, the thoughts of an improved decentralisation system and better web3.0 experience make Aptos even more attractive to use— no questions asked!

How Much Is the Aptos Coin Worth?

At the time of this writing. Aptos was worth $7.94. However, several reputable prediction websites see APT as a coin for the future. Hence, there is a high possibility that APT could surge and surge to incredible levels in 2023 and beyond.

Is Aptos Decentralised?

While the crypto ecosystem preaches decentralisation, it is not the case in all aspects. For Aptos, it is decentralised. However, since it has started interacting with centralised institutions, the idea of decentralisation then depends on the way it is used. Hence, Aptos can be centralised in some cases. In others, it is decentralised.

How Do I Get an Aptos Wallet?

Getting an Aptos wallet is easy. For beginners, the easiest way is to get a custodial wallet offered on exchanges. You just need to sign up on any of the legitimate ones, and buy APT. Then, boom!, you have an Aptos centralised wallet.

However, there is another way to get an Aptos wallet which has nothing to do with crypto centralised exchanges. You can do this by using the Petra wallet. The Petra wallet is a special wallet for Aptos. It was created by the Aptos Labs team for APT transactions alone. So, whether you plan to hold APT or trade its NFTs, you can use the Petra wallet. That said, note that the Petra wallet is not an application. To get it, simply add it as an extension on your Google Chrome browser and you can use it from there.

Final Thoughts

In conclusion, know that Aptos is getting a lot of attention from the crypto community. Despite the remarkable interest, there are still some backlogs about the blockchain. For example, its promise of hundreds of thousands of transactions per seconds has not yet been fulfilled.

According to Aptos Explorer, the blockchain was only making 16 transactions per second. However, you might want to cut it some slack since it’s new but the fact that it is farther than normal calls for concern. Irrespective of that, Aptos has support from many Silicon Valley companies including Google, 16z, and FTX Ventures. Still, this does not guarantee anything. So, you should do your own research on the Aptos blockchain and not take this article as investment advice.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes