Aptos

What is Aptos (APT)?

Aptos (APT) is a native asset for the layer 1 blockchain of the same name. It is utility and management asset which relies on scalability, reliability and security. You can find the current price of Aptos in the chart above.

The mainnet and Aptos token were launched in October 2022. This is a follow-up project from Diem developers who have applied some of its technical aspects to a new blockchain. Platform highly scalable and received the name “Solana the Killer” due to the expected transaction speed.

What is the story behind Aptos?

Cryptocurrency project Aptos was launched Mohammad “Mo” Sheikh and Avery Chingwhich were previously associated with Diem (also known as Libra), a now-defunct stablecoin payment system from Meta. They went on to create Aptos Labs. Sheikh is the company’s CEO, and Ching is the CTO and developer.

The project was featured on Sheikh’s blog in February 2022. According to the developers, Aptos aims provide a secure, scalable and upgradable network that is completely decentralized and permissionless.. Aptos’ goal is to promote wider adoption of blockchain protocols and accelerate the transition to Web3.

Aptos coin was developed using Move programming language. It is a proprietary transaction language originally created for the development of Diem. Move is used to create smart contracts. In addition, the protocol uses the Move VM application development and optimization tool.

The project was in development for three years. The company has raised more than $350 million in funding through funding rounds. The first version of Devnet launched in March 2022, followed by Testnet two months later. The Aptos blockchain officially moved to the Mainnet in October 2022..

On launch day, the APT price was $8.55. In less than two hours, the price dropped below $7 and continued to fluctuate throughout the first week. The asset is considered highly volatile and prone to rapid price changes.

How does Aptos work?

The initial supply of Aptos tokens after launch was 1 billion APT. At the time of writing, the project team has not announced whether the asset will have a maximum supply limit or will be unlimited. Based on launch tokenomics, APT was distributed as follows:

• Community – 51.02%
• Main participants – 19%
• Foundation – 16.5%
• Investors – 13.48%

Sheikh described APT tokenomics as “designed with people.” Given the initial supply, the asset can be considered deflationary. This means that as the supply of 1 billion becomes increasingly scarce, the price of Aptos is expected to rise.

Aptos can be used as utility token. Due to the relatively young age of this blockchain, not all use cases have been implemented in practice. However, the facility is expected to expand over time, which may impact APT’s price in the market.

APT is also network-based management asset. This means that users who own Aptos coins can directly influence the development of the blockchain since they are considered members decentralized autonomous organization (DAO).

Netizens can subscribe to Aptos Naming Service (ANS) will be used as their wallet address. Aptos names can be used as subdomains. The initial rental period is 1 year at a predetermined Aptos price.

The Aptos crypto network uses Narwhal and Bullshark consensus mechanisms. Custom Byzantine fault tolerant (BFT) engine which handles parallel execution of transactions, thereby increasing network speed and reducing latency.

According to the developers, the blockchain can process more than 130,000 transactions per second (TPS). Using Block-STM technology can increase this number to 160,000. The modular architecture has been designed to support customer flexibility and rapid upgrades.

Aptos gas fees are calculated based on the transaction cost, taking into account resources such as memory, storage, and CPU required for transactions. The APT price for gas charges is measured using Octa, the smallest unit of an asset. One okta costs 0.00000001 APT.