What's Aptos (APT)？

Aptos is a Layer-1 blockchain project developed by Aptos Labs, aiming to create a scalable, secure, trustworthy, and upgradable smart contract platform. It employs a parallel execution engine (Block-STM), which is a Byzantine Fault-Tolerant (BFT) Proof-of-Stake (PoS) consensus mechanism, providing higher transaction processing speeds. The Aptos team comprises members from the Diem project at Facebook (now Meta), bringing expertise in cryptography, distributed algorithms, data structures and storage, secure communication, and other relevant domains, along with strong research and development capabilities.

History of Aptos (APT)

Team

Aptos Labs' team consists of a highly accomplished group of engineers, researchers, strategists, designers, and builders. The founders of the team are Mo Shaikh and Avery Ching, both former employees of Meta (Facebook), with years of experience as senior developers and engineers in the blockchain industry. They are the original creators, designers, builders, and developers of Diem, Meta's blockchain project, providing a solid foundation for the Aptos project. Additionally, the team includes members such as Tom Lorek, Gerardo Di Giacomo, Aleks Zi, Jake Skinner, James Hodgkins, Max Unger, and Alex Mittendorf.

The Aptos Labs team is committed to bringing a vision of decentralized access to everyone through a secure, upgradable, and scalable blockchain network. Their goal is to provide universal and equitable access to decentralization for billions of people. Many members of the Aptos team have contributed to the technical innovations of the Aptos blockchain, including the Move language, Move Prover, BlockSTM parallel execution engine, as well as the original creators of the Narwhal and Bullshark consensus mechanisms.

History

• March 15, 2022: Aptos completed a $200 million funding round led by a16z.
• Late June 2022: Aptos launched the Ecosystem Grant Program, providing funding to teams, individuals, and creators to foster ecosystem development.
• October 18, 2022: Aptos announced the mainnet launch, named "Autumn," and major exchanges such as Binance, Coinbase, and FTX issued announcements about the listing of the APT token. On the same day, the Aptos Foundation announced an airdrop of a total of 20,076,150 APT tokens to 110,235 participants in the testnet, as notified through official emails.
• October 19, 2022: Aptos token APT was listed on various major exchanges.
• January 23, 2023: Aptos has gradually developed a well-structured, diverse, and continuously evolving ecosystem. This includes foundational infrastructure services like wallets and oracles, extending to functional applications in DeFi, NFTs, games, and more.

How does Aptos (APT) Work?

Aptos is a Layer-1 blockchain designed with the goal of achieving speed, security, and scalability. It aims to revolutionize Web3 and redefine user interaction. Launched in October 2022, it has made significant progress since then, attracting a substantial decentralized finance (DeFi) ecosystem.

Aptos leverages the Move programming language, initially developed for Meta's Diem project, along with the Move VM for application development. This language and virtual machine are optimized for blockchain use cases, providing developers with a flexible and secure environment to create new solutions for consensus, smart contract design, system security, and performance.

Aptos adopts a robust PoS consensus mechanism, enhancing BFT consensus and Block-STM (block serialization with scalable transaction mechanisms) technology. This combination enables parallel execution, theoretically allowing Aptos to process up to 160,000 transactions per second.

Aptos's data model supports flexible key management and hybrid custody options, offering transaction transparency before signature and practical light client protocols for a more secure and reliable user experience. It also employs a modular transaction processing approach, achieving high throughput and low latency. Additionally, Aptos blockchain's design supports client flexibility and optimizes frequent and immediate upgrades.

Aptos provides built-in on-chain governance protocols for rapid deployment of new technological innovations and supporting new Web3 use cases.

Tokenomics

Token Utility

The Aptos (APT) token serves various purposes within the Aptos blockchain ecosystem. These include paying transaction fees, participating in governance, and serving as proof of stake in the network. As the native cryptocurrency of the Aptos blockchain, the Aptos token is utilized for paying transaction fees and network-related costs. Additionally, Aptos tokens function as governance tokens, allowing holders to participate in the decision-making processes of the network. With a proof-of-stake consensus mechanism, token holders can engage in the network's consensus by staking their tokens. The versatile nature of Aptos tokens makes them an integral part of the network, providing holders with opportunities to engage in both governance and consensus processes.

Token Distribution

Aptos (APT) token has an initial total supply of 1 billion tokens.

• Community: 51.02% of the total token supply
• Core Contributors: 19.00% of the total token supply
• Foundation: 16.50% of the total token supply
• Investors: 13.48% of the total token supply

Why is Aptos (APT) Valuable?

Highly Scalable Blockchain:Developed by a former Diem engineering team, Aptos addresses reliability, security, and user-friendliness issues that hinder the widespread adoption of blockchain solutions.High TPS (Transactions Per Second):Aptos utilizes the Move programming language, allowing for the parallel execution of transactions, boosting the network's transaction throughput to 160,000 transactions per second (TPS).Proof of Stake Chain:Aptos operates on a Proof of Stake (PoS) chain, where tokens are "staked" or locked on the Aptos blockchain. Individuals holding more tokens are more likely to proportionally gain the right to process these transactions and receive new tokens.Strong Development Team:The Aptos team members have expertise in cryptography, distributed algorithms, data structures and storage, secure communication, and other relevant domains, demonstrating strong research and development capabilities.Interoperability with Other Blockchains:Aptos can be used in conjunction with other blockchains such as Bitcoin, Ethereum, Polygon, and more. This interoperability expands the potential applications for the APT token.Innovation:Aptos is the first Layer-1 blockchain to use the Move programming language, providing competitiveness in scalability, security, and reliability. This innovative approach sets Aptos apart in the blockchain space.

Highlights

• August 9, 2023: Aptos is deploying new products that combine artificial intelligence and blockchain using Microsoft's infrastructure. This includes a new chatbot called Aptos Assistant, powered by Microsoft's Azure OpenAI service. The chatbot aims to answer user questions about the Aptos ecosystem and provide useful resources for developers building smart contracts and decentralized applications.
• September 28, 2023: According to Fortune magazine, Aptos Labs is collaborating with Universal Pictures to create an immersive digital experience for the upcoming movie "The Exorcist: Legion."
• November 7, 2023: South Korean telecommunications giant SK Telecom signs a three-party agreement with Aptos and SK Telecom's technical partner Atomrigs Lab. Through collaboration with Aptos, SK Telecom aims to provide users with a seamless and secure Web3 experience.
• November 10, 2023: Aptos Foundation partners with Seoul Land, the largest theme park, and media group in South Korea, to redefine the K-Contents fan experience.