Aptos Blockchain: Its Meaning, Features And Future

The news that the Aptos blockchain will be released soon is being talked about a lot in the global blockchain community. Aptos says it will fix what its competitors don’t do well and offer 100% safety and reliability. Does it really have that much promise?

Blockchain development services has become a very competitive technology very quickly, with new platforms like Solana and Avalanche chasing after old networks like Bitcoin and Ethereum.

Aptos is a new project with big goals. It wants to be one of the best blockchains. Or do better than them?

In this article, we’ll talk about how the Aptos blockchain came to be and how its features are better than those of other networks. We will also give an overview of projects that use Aptos.

Let’s Understand the Aptos Blockchain!

Aptos is a Layer 1 blockchain that Aptos Labs created. The goal is for it to be the most secure and scalable Web 3.0 solution.

Aptos is running a series of testnets to get ready for the mainnet in the fall of 2022. It asks node operators, developers, auditors, and ecosystem builders to test out the blockchain’s security and functionality and offers Aptos tokens as rewards for active participation. Aptos coins have not been released yet. Instead, testnet tokens have been given out as fake versions.

Aptos Labs

Aptos Labs was started by people who used to work at Meta and were involved in the Diem blockchain project. It was said that Diem would shut down in January 2022, and that all of the blockchain’s assets would be sold to a bank that specializes in cryptocurrencies.

But Aptos Labs still uses parts of the Diem blockchain, like the Move language for smart contracts.

Should You Put Money into Aptos?

Even though no date for the ICO has been set yet, there is a lot of buzz about Aptos coin. ICO Drops thinks that the future coin’s return on investment (ROI) is high and that its risks are low. Aptos’s unique features, such as Move technology and parallel transactions, are the reason for this good review.

The Aptos project was able to get $4 billion in funding and support from well-known investors like Binance, Andreessen Horowitz, and Multicoin Capital.

Key Features of Aptos Blockchain

Even though Aptos isn’t fully working yet, it already has a number of important features that set it apart from all other blockchains. These things are:

Parallel Transaction Execution

Aptos uses a smart contracts engine called Block-STM that can handle many transactions at once. Since a failed transaction won’t stop the whole chain, this makes transactions much faster. At the moment, the Aptos testnet can handle 160,000 transactions at once, with a time-to-finality of less than 1 second. Transaction fees will also go down because of this.

The Move Language

Move is a flexible language that makes it easy for Aptos developers to meet their needs. For instance, it lets software engineers create custom resources that can’t be copied or thrown away. This makes it very hard for fraudsters to change the blockchain.

The Consensus Algorithm for Aptos Byzantine Fault Tolerance (AptosBFT)

Aptos uses two consensus protocols: Proof-of-Stake and AptosBFT, which is based on the HotStuff protocol but was made specifically for Aptos. This algorithm looks at the state of the chain and updates the leader rotations automatically to account for validators that aren’t responding.

Private Key Recovery

Aptos users can change their private keys to make them less likely to be stolen. Validators can also change their consensus key from time to time.

Streamlined Upgradability

The Blockchain consulting firm places a lot of importance on being able to upgrade, so that the network can be improved without going down. This is possible with Aptos’s modular design and built-in change management protocols on the chain.

Overall, Aptos can offer benefits like fast transactions, better security and scalability, and low transaction costs. All of these things make Aptos a good choice for businesses of any size.

What’s different about Aptos compared to other Blockchains?

The Aptos blockchain stands out because it is fast, safe, and will last for a long time. To get a clearer picture, we’ll take three popular blockchains and compare them with Aptos side by side.

Aptos vs.Ethereum

Ethereum is a popular blockchain with 500,000 daily active users and a large ecosystem. On September 15, 2022, Ethereum got a big update. Instead of the Proof-of-Work (PoW) algorithm, it switched to the Proof-of-Stake algorithm (PoS).

Now, both blockchains use Proof-of-Stake, which is one of the most eco-friendly ways to reach a consensus. So, Apos and Ethereum both have the same effect on the environment.

PoS also has fast transactions. It is now thought that Ethereum will be able to handle 100,000 transactions per second. Aptos still wins, though, because it can handle 160,000 tps even with this increase. Also, Aptos takes less than a second to reach finality, while Ethereum takes 15 seconds to five minutes.

Ethereum has one of the most expensive transaction fees, which can cost anywhere from $1 to almost $200. It’s hard to say right now if the update will also help lower the fees, but it’s possible. In the meantime, we still don’t know anything about Aptos’ transaction fees because the blockchain hasn’t gone live yet. But the high throughput of the blockchain points to low transaction costs.

So, Aptos has a good chance of being faster and cheaper than Ethereum when it comes to transactions. They both use the same PoS consensus, which keeps their impact on the environment to a minimum. Aptos still needs to get to the mainnet, while Ethereum is a well-established network with a large community and a lot of power in the blockchain industry.

Aptos vs Solana

Both Aptos and Solana use the Proof-of-Stake consensus, but Aptos has an extra algorithm called Byzantine Fault Tolerance and Solana has Proof-of-History. This helps get a high throughput and more scalability. Aptos can handle 160,000 transactions per second, while Solana can only handle 65,000 transactions per second. Solana’s time-to-finality is 2.5 seconds, while Aptos’s is less than a second.

Solana has one of the lowest transaction costs, at $0.00025 per transaction. The Aptos transaction fee is not known yet, but it is also expected to be less than a dollar.

Solana had a hard year in 2022 because it went down more than once. This happened because spam bots slowed down the network. There were also two cases of wallets being hacked. These events hurt Solana’s reputation a lot, which made people look for safer alternatives.

Aptos seems like a good choice because the team working on it is focused on making sure it is secure. For example, users can change their private keys, which makes it almost impossible to hack a wallet.

Aptos vs Avalanche

Avalanche is another Proof-of-Stake blockchain from the new generation. It can do 4,500 transactions per second, which is pretty fast, but Aptos can do 160,000 transactions per second, which is a lot faster. Aptos also has a shorter time-to-finality than Avalanche, which is less than a second.

Since many play-to-earn games run on Avalanche and players constantly trade in-game tokens and claim rewards, the transaction cost of the blockchain has gone up to $3–$14.

The Aptos blockchain is therefore better in terms of how it works, making transactions faster and cheaper. But Avalanche has a good ecosystem with a lot of dApps like play-to-earn games and decentralised file sharing apps.

What kinds of projects run on Aptos?

The code for the Aptos blockchain is open source, so many different projects are now being built on the testnet and getting ready to join the ecosystem. Let’s look at a few of these:

• Martian Wallet is a crypto wallet for managing Aptos digital assets and getting to the decentralised applications on the blockchain.
• Topaz is a market for NFTs.
• The first Automated Market Maker built on Aptos was Liquidswap.
• Aries Markets is a protocol for borrowing, lending, and trading on margin that is not centralised.
• Econia is a digital asset order book that runs on the blockchain.

The Future of Aptos Blockchain!

Aptos’s claim that it will be the most secure and scalable blockchain has definitely made a lot of noise in the blockchain community. So far, it has been able to keep its promises, delivering a well-thought-out and reliable network architecture and fast transaction speeds.

Aptos looks like it has a good chance of becoming one of the best blockchains because of the way it is being built and the people who are working on it. But before we can say for sure, we need to know more about things like how tokenomics work.