Aptos, the new layer-one blockchain network, announced its launch on Monday. It was launched following capital injections from several venture capital firms. Parafi (a16z), FTX and Multicoin Capital have all backed the new blockchain protocol. The language is Rust-centric, called Move. The Aptos project stems from two developers from Meta’s Diem project, and the network boasts parallel processing, a technology that reportedly allows the chain to process 130,000 transactions per second (TPS).
Aptos Labs launches mainnet
Aptos, the proposed L1 blockchain network, has been in the news for some time. This is after all the capital raised this year. Techcrunch reported that Aptos had raised $200 Million from an a16z-led funding round in mid-March 2022.
Moreover, Coinbase Ventures was represented by Multicoin Capital and Three Arrows Capital (3AC), Tiger Global (FTX Ventures), as well. Aptos was able to raise $175,000 in July. $150 millionIn funding from FTX Ventures Jump Crypto and Griffin Gaming Partners. Franklin Templeton. Circle Ventures. Superscrypt. a16z. Multicoin.
Mainnet has arrived.https://t.co/wZajVZMa5Q
— Aptos (@AptosLabs) October 17, 2022
Aptos Labs created the Aptos Network. This team was co-founded in March by Mo Shaikh (a former Novi wallet developer) and Avery Ching (a former Diem blockchain, Novi wallet, and Aptos Labs founder). When the team disclosed the $200 million capital raise in mid-March, Techcrunch reporters Lucas Matney, and Manish Singh wrote that “the Aptos team swears they will not be licensing or utilizing any of the Diem IP that Silvergate owns as they build out their blockchain.”
Discussations on social mediaMany crypto-centric forums claim that the project is a Solana or Avalanche competitor. Aptos L1 was created using Move, a Rust-based programming language.
The Move language was created by Meta developers in order to make Diem’s transaction logic customizable and interact with smart contracts. “The Move language also facilitates automatic proofs that transactions satisfy specific properties, such as the requirement that payment transactions only change the balances of the payer and receiver,” the Diem white paper notes.
“The Move language has been built, tested, and co-designed alongside the Aptos blockchain over four years,” the Aptos team said on Monday.
Aptos uses a technology called Block-STM to manage smart contracts. The technology is a “parallel execution engine for smart contracts” and “this means faster transaction processing due to a novel approach that is core to Aptos,” the team detailed on Monday.
Aptos, like Solana uses parallel processing. It is able to process much more transactions that an L1 such as Ethereum. Since the launch of the blockchain network, Solana has experienced constant downtimes.
Aptos Labs announced the project’s mainnet launched on Monday, October 17, 2022, in a blog post called “Aptos Autumn is Here.” At the time of writing, the Aptos blockchain explorer says the chain has conducted roughly 1,769,380 transactions to date, and the site says there’s a total supply of around 1,000,739,234 tokens.
The Aptos’ ‘Untracked Listing’ Status and Reported ‘Rushed’ Mainnet Rollout
The native crypto asset aptos (APT) is listed on crypto market aggregation web portals like coingecko.com and coinmarketcap.com, but the websites show no price data and note the “project is featured as an ‘Untracked Listing.’” There are no crypto asset exchanges that list the APT token, so traders will have to wait for support to be announced by the crypto industry’s trading platforms.
In addition to scaling, the team’s blog post published on Monday notes that Aptos is “aimed to bring the masses to Web3.” The Aptos team explains that the chain will support non-fungible token (NFT) technology, social networks, gaming, decentralized finance (defi) and commerce.
“Aptos supports rapid evolution of the blockchain to provide optimized user experiences for current and future use cases and allow for the integration of next-generation technological advancements,” Aptos Labs wrote on Monday. “The user experience continuously improves and developers will be able to build without infrastructure constraints.”
According to Coindesk reporters Danny Nelson and Elizabeth Napolitano, while Aptos Labs “declared its network ‘live,’ its ecosystem is far from completed.” Moreover, the reporters said that they spoke with “people building within Aptos” who noted the Genesis transaction was initiated on October 12 and also said the mainnet launch was “rushed.”
How did Monday’s Aptos mainnet announcement and its backing by venture capital funds impact your opinion? Comment below and let us know how you feel about the subject.
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