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A new layer one blockchain network called Aptos announced the launch of its mainnet on Monday, following a series of capital injections from a number of venture capital (VC) firms. The blockchain protocol, created using a Rust-centric programming language called Move, is backed by VC firms such as Parafi, Andreessen Horowitz (a16z), FTX and Multicoin Capital. The Aptos project originated from two developers from Meta’s Diem project, and the network boasts parallel processing, a technology that reportedly allows the chain to process 130,000 transactions per second (TPS).
For some time now, a proposed layer one (L1) blockchain network called Aptos has been the subject of discussion among crypto and distributed ledger supporters, following the capital the project managed to raise this year. In mid-March 2022, the Aptos team revealed to Techcrunch that it raised $200 million from a funding round led by a16z.
Coinbase Ventures, Multicoin Capital, Three Arrows Capital (3AC), Tiger Global and FTX Ventures also participated. In July, Aptos managed to raise 150 million dollars in funding from FTX Ventures, Jump Crypto, Griffin Gaming Partners, Franklin Templeton, Circle Ventures, Superscrypt, a16z and Multicoin.
The mainnet has arrived.
— Aptos (@AptosLabs) 17 October 2022
The Aptos Network was created by Aptos Labs, a team co-founded by Mo Shaikh and Avery Ching, two former Diem blockchain and Novi wallet developers. When the team disclosed the $200 million capital raising in mid-March, Techcrunch reporters Lucas Matney and Manish Singh wrote that “The Aptos team vows not to license or use any of the Diem IP owned by Silvergate when building out their blockchain . . .
Discussions regarding Social Media and cryptocentric forums say the project is an Ethereum, Avalanche, Cosmos or Solana competitor. Aptos L1 is made with the Move programming language, a rust-based computer programming language.
The Move language was created by Meta developers to make Diem’s transaction logic customizable and interact with smart contracts. “The Move language also facilitates automatic proof that transactions satisfy specific properties, such as the requirement that payment transactions only change the balance of payer and payee,” the Diem white paper notes.
“The Move language has been built, tested and co-designed alongside the Aptos blockchain over four years,” the Aptos team said on Monday.
Furthermore, on the smart contract side of things, Aptos uses an engine called Block-STM technology. The technology is a “parallel execution engine for smart contracts” and “this means faster transaction processing due to a new approach that is core to Aptos,” the team said on Monday.
Like Solana, Aptos uses parallel processing which enables it to process much more transactions than an L1 like Ethereum. Solana, on the other hand, has struggled with constant downtime since the blockchain network was launched.
Aptos Labs announced the project’s mainnet launch on Monday, October 17, 2022, in a blog post called “Aptos Autumn is Here.” At the time of writing, Apto’s blockchain explorer says the chain has completed approximately 1,769,380 transactions to date, and the site says there is a total supply of around 1,000,739,234 tokens.
The original crypto asset aptos (APT) is listed on online crypto market aggregation portals such as coinecko.com and coinmarketcap.com, but the sites do not list any price data and note that “the project is referred to as an ‘untracked listing’.” There are no cryptoasset exchanges that list the APT token, so traders will have to wait for support to be announced by the crypto industry’s trading platforms.
In addition to scaling, the team’s blog post published on Monday notes that Aptos is “aimed at bringing the masses to Web3.” The Aptos team explains that the chain will support non-fungible token (NFT), social networking, gaming, decentralized finance (defi) and trading technologies.
“Aptos supports rapid development of the blockchain to provide optimized user experiences for current and future use cases and allow the integration of next-generation technological advances,” Aptos Labs wrote Monday. “The user experience is continuously improving and developers will be able to build without infrastructure constraints.”
According to Coindesk reporters Danny Nelson and Elizabeth Napolitano, while Aptos Labs “declared its network ‘live,’ the ecosystem is far from complete.” Also, the reporters said they spoke to “people building in Aptos” who noted that the Genesis transaction was initiated on October 12 and also said the mainnet launch was “rushed.”
What do you think about Apto’s mainnet announcement on Monday and the project backed by a number of venture capital firms? Let us know what you think about this topic in the comments section below.
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