Aptos is a layer 1 blockchain with resource objects and Move programming language.
What is Aptos (APT)? New Layer 1 Chain
Aptos is a Layer 1 blockchain that uses the Move programming language and offers increased scalability, reliability, security and usability.
It was launched on October 17, 2022, after raising millions of dollars from investors.
Aptos is built with Rust-based programming language Move and offers a parallel execution engine, high-level security features, and low transaction costs.
Aptos Labs is the team behind the project, headed by co-founders Mo Shaikh and Avery Ching, who previously worked on the Diem blockchain project at Meta.
Aptos blockchain can theoretically handle 160,000 transactions per second, thanks to its Block-STM Technology, Move Programming Language, and BFT Consensus Protocol. What makes Aptos different is its active community, plenty of investors, and access to unique engines and programming languages.
Aptos and Move
Aptos uses Move, a new programming language for smart contracts, to represent the ledger’s state with a focus on safety and flexibility. Transactions are submitted by users to publish new modules, upgrade existing ones, execute entry functions or scripts that interact with public interfaces. The ecosystem includes a compiler, virtual machine, and other tools for developers to use.
To interact with the Aptos ecosystem, developers can use the programming language that emphasizes resource scarcity, preservation, and access control. The bytecode verified guarantees type and memory safety, even with untrusted code.
Developers can also access Move Prover, a formal verifier that authenticates the functional correctness of a program against a specification to write more trusted code.
Data Model
The state of all accounts defines the ledger state in the Aptos blockchain, which is versioned with an unsigned 64-bit integer that corresponds to the number of network-executed transactions. Anyone can submit a transaction to modify the ledger state, and the output generates zero or more operations that manipulate the state, called write sets. These write sets include resulting events, gas consumption, and transaction status.
The transactions provide information such as the transaction authenticator, sender address, payload, gas price, maximum gas amount, sequence number, expiration time, and chain ID. Additionally, Move’s data model supports native global addressing of both modules and data, and transactions with no overlapping conflicts in their data and accounts can be executed in parallel.
The Aptos Governance
In the Aptos network, the proof-of-stake (PoS) consensus algorithm requires validators to stake a minimum amount of Aptos tokens to participate in transaction validation. The AptosBFT protocol is the network’s BFT consensus algorithm, based on HotStuff. BFT stands for Byzantine Fault Tolerance, which refers to the Byzantine general’s problem, where components can fail, and there is imperfect information on whether a component has failed.
Validators can decide on the reward split between themselves and their stakers, while stakers can choose any number of validators to stake their tokens and agree on a reward split beforehand. Rewards are received at the end of each epoch through the relevant on-chain Move module.
Aptos Labs
Aptos Labs is the team responsible for developing the Aptos project and is led by co-founders Mo Shaikh and Avery Ching, who oversee a diverse group of developers, engineers, and strategists.
Shaikh and Ching first met while working on the Diem blockchain project at Meta. Shaikh has expertise in scaling products and has worked in the private equity and venture capital markets. Meanwhile, Ching served as one of the principal software engineers at Meta and has led several innovative development projects. After Meta discontinued the Diem project, Shaikh and Ching decided to establish Aptos Labs.
The company’s motto is “Building a Layer 1 for everyone,” and they are committed to creating a safe and reliable network. Despite their brief existence, Aptos Labs has garnered significant support for its mission. In two financing rounds, the company has raised over $350 million, launched its developer testnet, and handled millions of transactions and thousands of nodes successfully.
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