Key Takeaways
- Aptos is a new high-throughput Layer 1 blockchain that uses a novel smart contract programming language called Move.
- The project is considered the technological successor of Meta’s abandoned blockchain network, Diem.
- Due to its stated theoretical throughput of 100,000 transactions per second, Aptos has been dubbed a potential “Solana killer.”
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Aptos is a scalable Proof-of-Stake Layer 1 blockchain that uses a novel smart contract programming language called Move. The project is developed by Aptos Labs, a blockchain startup led by two former Meta employees.
Aptos Unpacked
Aptos is a Proof-of-Stake-based Layer 1 blockchain that combines parallel transaction processing with a new smart contract language called Move to achieve a theoretical transaction throughput of over 100,000 transactions per second. The project is the brainchild of two former Meta engineers, Mo Shaikh and Avery Ching, and is considered the technological successor of Meta’s abandoned blockchain project Diem.
Aptos first made waves in the crypto industry in March this year after it emerged that it had raised $200 million in a seed round led by the renowned venture capital firm Andreessen Horowitz. In July, the startup raised another $150 million at a $1.9 billion pre-money valuation in a Series A funding round led by FTX Ventures and Jump Crypto, before its valuation hit $4 billion two months later in a venture raise led by Binance Labs.
It is worth highlighting that Aptos did all this before launching its blockchain, which only went live on mainnet on October 17. To reward the early users of its testnet and fairly distribute the initial token allocation, Aptos airdropped 150 APT tokens (worth approximately $1,237 on launch) to 110,235 eligible addresses. Per CoinGecko data, Aptos currently has a fully diluted market capitalization of around $9.2 billion despite launching only a few days ago with little activity happening on the network. Beyond its provenance and links to Meta, the project’s valuation has raised questions.
What Makes Aptos Special?
From a technical perspective, the driving force behind Aptos can be boiled down to two things: Move, the Rust-based programming language independently developed by Meta, and the network’s unique parallel transaction processing abilities.
Move is a new smart contract programming language that emphasizes safety and flexibility. Its ecosystem contains a compiler, a virtual machine, and many other…
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