What is the Aptos Blockchain? A Guide to this New Layer 1

What is blockchain technology?

Blockchain technology is a type of distributed ledger technology (DLT) that allows for secure, transparent and tamper-proof transactions. Blockchain is often thought of as the underlying technology for Bitcoin and other cryptocurrencies, but it has many other potential uses.

For businesses, blockchain can provide a secure way to store data and track assets. For consumers, blockchain can provide a convenient way to make peer-to-peer payments. Blockchain is also being used to create new types of smart contracts, which can automate certain business processes. Blockchain is still in its early stages, but it has the potential to revolutionize the way we transact business.

There are many layer 1 blockchains like Ethereum and the Aptos Blockchain, run by Aptos labs, is the latest to be released.

What is a Layer 1?

In the context of blockchain, a "layer 1" refers to a protocol or platform that provides the basic foundation for a blockchain ecosystem. Ethereum, for example, is the original layer 1 smart contract ecosystem that enables developers to build decentralized applications (dApps) on top of it. The Aptos Blockchain is one of the latest layer 1 blockchain protocols, having launched on 19th October 2022.

Layer 1 protocols are often permissionless, which means anyone can develop on top of them. This makes them ideal for innovation and experimentation. However, it also means that they are more vulnerable to attack than permissioned blockchains.

How is the Aptos Network different?

Aptos is a L1 blockchain that has the potential to be one of the fastest and most scalable in its industry. With 160,000 tps and a latency of less than 1 second, transactions will be confirmed quickly.

Aptos employs a new programming language called Move, as well as Move VM (virtual machine). Both technologies were initially developed for Diem – a blockchain project funded by Meta (Facebook). However, when the Diem project was sold to Silvergate Network in March 2022, a group of former Diem engineers went independent to create Aptos.

Aptos, similar to any other blockchain, has a means of approving new blocks and transactions through what is called a consensus algorithm. Specifically, Aptos' method is referred to as AptosBFT which was inspired by Diem's original process - DiemBFT.

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Who is the team behind Aptos?

Aptos was co-founded by Mo Shaikh and Avery Ching, who both used to work for Meta as senior developers and engineers.

The team at Aptos is made up of experienced PhDs, researchers, engineers, designers, and strategists. In fact, they were the original creators, designers, and builders of Diem.

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Key Features of the Aptos Blockchain

Aptos combines key aspects of the former Diem blockchain with Move, a programming language based on Rust. Additionally, the company promises that its parallel execution engine (Block-STM) will let the network manage 130k transactions per second without expensive transaction fees for users.

Most blockchains process smart contracts one after the other or need a high amount of power for improved performance. This necessitates lots of energy. Aptos is different from these kinds of blockchains because if one transaction doesn't go through, it won't stall the entire chain. Rather, all transactions are processed at the same time and validated later on. The ones that didn't work are aborted and tried again--all made possible by STM (software transactional memory) libraries which identify and solve conflicts.

To sum it up, the combination of these technologies make Aptos' network run more quickly and smoothly, which has been a major problem for other layer-1 blockchains. According to their white paper published in August 2022, Aptos relies on cloud infrastructure as a base for building scalable and widely-used applications that are also cost-effective.

With Aptos, DeFi projects can be established on its blockchain. As of now, there are over 30 DeFi projects running on the Aptos ecosystem which contain decentralized exchanges, lending protocols and liquid staking. For instance, Aries Markets – a margin trading protocol is one of these examples.

What is the APT Token?

The APT token is the native token of the Aptos platform. The APT token can be used to pay for transaction and network fees on Aptos.

When using the Aptos network, all transactions will have a set fee in Aptos tokens. By doing this, validators are able to pick and choose which ones they want to process based on importance/value. This ensures that even when the system is full, it can still function properly. In addition, network fees will be put into place so that users cover the expenses of things like equipment upkeep and maintenance costs.

If you stake a minimum number of APT tokens, you can become a transaction validator on the Aptos blockchain. As a validator, you get to choose how rewards are divided between yourself and stakers. On the other hand, as a staker, you can pick any number of validators to entrust your tokens with in order to receive rewards that were pre-agreed upon. Verifiers and stake-holders will earn their respective Epoch Rewards at the end of every epoch.

Stakers currently receive a maximum reward of 7% per annum, which is reviewed periodically. The maximum staking reward will decrease annually by 1.5%, until it reaches 3.25%. However, the entire rewards system can be changed through voting among those with skin in the game.

APT Listing on Binance

On 19th October 2022, 01:00 UTC, Binance announced the listing of Aptos (APT) on their exchange. This means that trading of the APT token can now commence. The spot trading pairs include APT/BTC, APT/BUSD, and APT/USDT. Withdrawals for APT opened on 20th October 2022 at 01:00 UTC.

The APT token can also be purchased and traded on the following exchanges: Coinbase Exchange, OKX, and Digifinex.

Is Aptos the “Solana Killer”?

Aptos has been built on the same principles as Solana. However, Aptos aims to be more scalable and have cheaper transaction fees. Additionally, Aptos plans to use cloud infrastructure to make its blockchain more widely available and cost-effective. So far, Aptos has been successful in attracting DeFi projects to its platform with over 30 projects running on its ecosystem. Only time will tell if Aptos can truly dethrone Solana as the king of scalability.

What are the best Aptos wallets?

The Aptos Whitepaper provides useful information for users and developers to help them understand what the network can do. For the testnet, two key wallets are integrated into Aptos which can be used to claim the Aptos Zero NFT as well as assess the network's performance. The following wallets can be used:

• Petra Wallet is a Google Browser extension that is convenient and easy to use. It encrypts your keys, allowing you to store, collect, and trade coins as well as view and develop NFTs. You can also import private keys and mnemonics for added security.
• The Martian Wallet is reliable, easy-to-use, and perfect for those who want to keep a close eye on their Aptos transactions.
• The Fletch Aptos Wallet will decentralize control of tokens/NFTs for mobile users, allowing them to trade or flipping them tightly attach them to websites. With this wallet, they'll also be able to sign messages.
• Rise Wallet is a safe and powerful crypto wallet that gives you access to all of the advantages of using Rise. With this easy-to-use wallet, you can take full control of your finances without worries.

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Aptos NFTs

The Aptos blockchain also supports the creation of non-fungible tokens (NFTs). NFTs are digital assets that are unique and cannot be replaced. They can be used to represent items such as art, in-game items, and even real estate.

Aptos' engineers have found that the Aptos blockchain is especially useful for handling NFTs, even though this was not the primary focus when designing the Aptos blockchain. If minting NFTs becomes more popular, then investing in Aptos crypto could become a lucrative option.

Aptos blockchain's parallel execution engine is a key factor that allows it to manage NFTs exceptionally well. This enhancement increases users' ability to fund new accounts and create NFTs for their accounts. Aptos' command line interface tools make it easy to test contracts before sending them out onto the network, while the TypeScript SDK makes writing scripts for minting NFTs straightforward.

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Aptos NFT Marketplaces

There were a few Aptos NFT marketplaces that launched at the same time as the blockchain went onto the mainnet.

Topaz is arguably the top NFT marketplace created on the Aptos blockchain that includes security and flexibility. Topaz's products actually enable trading activities such as buying, casting, and sale, as well as endorse Launchpad and developments to be showcased on the Mint section.

BlueMove is the NFT exchange focused on the Aptos and Sui Network. This framework reimburses traders, collectors, and creators who engage with it.

Souffl3 has launched both the Aptos environment and the NFT market. The platform provides programmers with access to the Aptos environment's primary and secondary NFT markets, as well as infrastructure for developing NFT applications.

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Top Aptos NFT Projects

Like most new blockchains, there were so many NFT projects launched to try and ride the hype. However, there have been a few that have emerged as strong projects that are worth considering for purchase on the secondary market.

Aptos Monkeys

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Aptos Monkeys is a skilled team of monkeys working together to create a successful civilization. Each monkey has its own unique intellectual ability that helps contribute to making long-lasting products that encourage efficiency and productivity in the Aptos ecosystem. This group should be minted as collectibles. A cute bunch of monkeys with jungle mojo who want to live on the upcoming Aptos Blockchain!

Aptos Monkeys have a Discord server with over 10,000 members. They follow a set of morals and ethics that revolve around their community. This includes cultivating a compassionate yet dynamic environment that is solely dedicated to advancing the product and Aptos ecosystem as well as engaging with a wider community beyond their own.

Follow Aptos Monkeys on Twitter

Join Aptos Monkeys on Discord

Aptomingos

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Aptomingos showcases 1212 flamingos on the Aptos blockchain and are committed to making the environment more powerful and informed. B.FLY LABS is just one of many exciting developments.

Follow Aptomingos on Twitter

Join Aptomingos on Discord

Aptos Flip

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With Aptos Flip, players can earn money passively from revenue sharing and staking. 90% of the game’s earnings will be distributed among NFT owners.

Follow Aptos Flip on Twitter

Join Aptos Flip on Discord

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Pontem Space Pirates

The first-ever Mint-to-Earn NFT offered minters a free Pontem Space Pirate as well as 1 APT.

Follow Pontem on Twitter

Join Pontem on Discord

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Bruh Bears

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Bruh Bears is a collection of ethical, adorable teddy bears with the most eccentric community built on Aptos.

Follow Bruh Bears on Twitter

Join Bruh Bears on Discord

Some Final Thoughts on Aptos

As a new technology, blockchain is subject to a lot of hype and speculation. However, the Aptos Blockchain has real potential to revolutionize commerce and data security on a global scale. The benefits of the Aptos Blockchain for businesses and consumers alike are numerous, making it an exciting development in the world of blockchain technology. With one of the biggest Aptos Launchpads ready to go, we expect to see even more exciting Aptos projects in 2023.

At Chainwiz, we are both helping clients launch on Aptos as well as building some cool tech of our own. If you'd like any support, please join our Discord and let us know what you're up to. We'd love to help you make your idea a reality!

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Aptos FAQS

What is Aptos crypto?

Aptos is a layer-one blockchain developed by Aptos Labs. It uses Proof-of-Stake (PoS) for its consensus algorithm and is presented as a “scalable, safe, reliable, and upgradable” network.

What is Aptos Labs?

Aptos Labs is a Web3 startup focused on building a scalable layer-1 blockchain. It was founded by core contributors of Diem, Meta’s blockchain initiative that was abandoned in January of 2022. 

Is Aptos decentralized?

Aptos (ticker symbol, APT) is a decentralized proof of stake (PoS) blockchain designed to be a more efficient alternative to the likes of Solana and Ethereum.

How do I get Aptos wallet?

Aptos recommends installing the Petra extension. After a successful installation:

1. Open the Wallet and click ‘Create a new wallet’. Then click ‘Create account’ to create an Aptos Account.
2. Copy the private key. You will need it to set up the Aptos CLI in the next step.
3. Install the Aptos CLI.
4. Run aptos init, and when it asks for your private key, paste the private key from the Aptos Wallet that you copied earlier. This will initialize the Aptos CLI to use the same account as used by the Aptos Wallet.
5. Run aptos account list to verify that it is working.

Where can I buy Aptos Crypto?

Currently, the best Aptos exchange to buy APT is through Binance. However, you can also choose from other exchanges that list APT, such as KuCoin, OKX, Huobi Global, and Kraken.

What is the Aptos Bridge?

The Aptos Bridge by LayerZero allows users to move USDC, USDT, and ETH into Aptos from Ethereum, Arbitrum, Optimism, Avalanche, Polygon, and the BNB Chain onto the Aptos Blockchain.

Who is behind Aptos?

Aptos, also known as the “Solana Killer”, was founded by Avery Ching and Mo Shaik, who worked on Diem’s Novi wallet. They scored a $150 million funding round led by FTX and investors including Parafi in late July 2022, the speedy blockchain landed another $200 million strategic round from big players like Andreessen Horowitz, Multicoin Capital, and Haun Ventures in March of the same year.

What is the Aptos Foundation?

The Aptos Foundation is leading key growth initiatives for the Aptos blockchain. It is dedicated to fostering participation and growth, encouraging application development, and cultivating a strong developer ecosystem.

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