After four years of reflection, development and testing, the Aptos blockchain has entered a new era in its growth process. However, despite the popularity of this design, the lights appear to be red. In this post, we will explore these indicators. But first, let’s see together what Aptos is and what its peculiarities are.
What is Aptos?
A few days ago, the Aptos blockchain (APT) announced the launch of its mainnet. Aptos is in fact a level 1 blockchain developed by former Meta employees who worked on the Diem cryptocurrency project. It is powered by the APT token, which doubles as a governance token. Consequently, its owners can contribute to the evolution of the network.
Supported by a large community of developers and projects, this network promises greater security, scalability and accessibility. Indeed, at the heart of Aptos’ vision is the need to improve the user experience in order to drive the mass adoption of Web3.
In this perspective, Aptos offers a wide range of services. Among these are: a wallet (Petra), a decentralized finance platform (Pontem), an NFT market (Topaz) and a domain name registration service (Aptos Names). In addition, its ecosystem also integrates an over-collateralized stablecoin (Thala Labs), a DeFi aggregator (Hippo Finance), a business (Tsunami Finance) and a liquidity pool on chain (Overlap).
Some technical specifications
Aptos presents itself as the blockchain of current and future generations. This claim can in particular be supported by a number of technical specificities, including:
A modular architecture
The Aptos blockchain separates independent processes such as the transmission, execution, storage and certification of transactions from the consensus stage. This modular architecture offers the ability to perform tasks simultaneously. This, together with transaction batching, allows for throughput optimization. Therefore, Aptos expects to reach 160,000 transactions per second (TPS). However, in the latest experiments conducted on the test network, it was able to handle 4200 TPS. Furthermore, the network promises a reduced time to finality (TTF) of less than a second. This is significantly lower than Bitcoin (60 minutes) and Ethereum (13 minutes).
The AptosBFT consensus protocol
To ensure the robustness of the blockchain, Aptos has designed a mechanism Proof-of-Stake Resistant to Byzantine Failures (BFT) (PoS). This identifies failing validators using a leading reputation system. This allows you to react dynamically and consistently to validation errors. This way, their impact on transaction throughput and network latency is limited.
Move is a Rust-based programming language. Helps optimize transaction processing and asset security. That said, it’s also a development environment that makes it easy to build decentralized applications (DApps) on Aptos. Plus, Move lets you write smart contracts modular and compatible with all DApps on the network.
In addition, to ensure maximum safety, it prefers the shortage and the access control. In fact, every resource stored on a Move resource cannot be duplicated by default. Additionally, developers can define a privilege model for each smart contract and asset account. For example, they may require multiple signers to make a transaction on an account.
Aptos, a dream seller?
On October 17, Aptos officially launched its main network. Immediately, many cryptocurrency exchange platforms announced the listing of his token native. These include leading exchanges such as Binance, FTX, and Coinbase. Who also participated in the financing of the project.
After the launch of main network, there was a slight deficit in technical performance and a feeling of hesitation in the market. First, the promises of scalability don’t seem to be effective. In fact, at the time of writing these lines, the network is only capable of processing 11 transactions per second.
Furthermore, the adoption of the platform is currently limited. Since, to date, most of the transactions carried out on the network correspond to maintenance operations carried out by the validators.
A tokenomics that arouses criticism
Recall that the total initial supply was set at 1 billion tokens. It was split between the community (51.02%), contributors (19%), the Aptos Foundation (16.5%) and investors (13.48%).
The tokenomics of the project has been heavily criticized by the cryptocurrency community. Indeed, the APT token economy is considered by some to be centralized. This, in the sense that a good part of the tokens is assigned to venture capitalists. To defend, to boot argued that the distribution of the funds in question would be spread over four years. And this, 12 months after the launch of the main network.
However, on Twitter, a observer he insisted that 80% of the current supply is currently staking. According to him, this amounts to saying that these tokens are under the control of Aptos and its investors. Furthermore, it suggests that Aptos may have transferred the remaining 20% to wallets exchange such as FTX or Binance. The idea is to use them later as part of a dumping. However, this is pure speculation.
According to Coinmarketcap, APT tokens are currently trading around $ 7.2. This represents a 4.27% drop in the past 24 hours and a 15.8% drop from the initial price. In addition, they occupy the 52nd place in the ranking of the most valuable cryptocurrencies with an estimated market capitalization of $ 941.6 million.
It is difficult to consistently assess the performance of such a young network. Aptos is still in its infancy. This could explain its current TPS as the network has not yet had the ability to process a large volume of transactions. However, it is expected to evolve in the coming months as developers and projects join the movement. Meanwhile a hard fork from main network will take place between the fourth quarter of 2022 and the first quarter of 2023. This will integrate a number of important features that could eventually drive the evolution of this blockchain.
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I came to the blockchain out of curiosity and stayed there for passion. I was amazed at the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.