What is Aptos?

Aptos is a Layer 1 Proof-of-Stake (PoS) blockchain that utilizes a unique smart contract programming language known as Move. This language was independently developed by Meta's Diem blockchain engineers. Aptos seeks to contribute to the mainstream adoption of web3 and foster an ecosystem of DApps to address real-world user problems. The PoS blockchain of Aptos is designed to handle a theoretical transaction throughput of over 150,000 transactions per second (tps) through parallel execution. The native currency of the Aptos blockchain is APT, with an initial total supply of 1 billion.

How does Aptos work?

Aptos operates on a Byzantine fault-tolerant (BFT) PoS consensus mechanism, which allows for high transaction throughput through a parallel execution engine known as Block-STM. Unlike most blockchains that execute transactions sequentially, Aptos processes all transactions simultaneously and validates them afterward. Failed transactions are either re-executed or aborted, thanks to the blockchain’s software transactional memory libraries, which identify and manage conflicts. Aptos is built using Move, a new smart contract programming language that offers advantages over Solidity, the EVM-based programming language.

What are the potential use cases for Aptos?

Aptos seeks to empower an ecosystem of DApps to solve real-world user problems, thereby promoting the mainstream adoption of web3. The high transaction throughput and parallel execution engine of Aptos may make it suitable for applications that require fast and efficient transaction processing. The smart contract programming language, Move, allows for the creation of complex and secure smart contracts, opening up a wide range of potential use cases. Furthermore, Aptos' upgradeability and configurability enable the realization of new use cases, while its horizontal throughput scalability provides a better user experience.

What is the history of Aptos?

Aptos was founded by Mo Shaikh and Avery Ching, both former employees of Meta. The duo worked together on the Diem blockchain project at Meta and decided to create Aptos Labs when the Diem project was discontinued in January 2022. Aptos received initial funding in a seed round led by venture capital firm Andreessen Horowitz, and additional funding in a Series A round led by FTX Ventures and Jump Crypto. A strategic partnership was formed with Aptos, bringing its valuation to $4 billion. The mainnet of Aptos was launched.