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Aptos: a new layer 1 Blockchain with excellent performance

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The blockchain is so incredibly honest and transparent that you will find the Genesis block if you request to see it. By the way, the Genesis block is the first block of transactions on the Bitcoin blockchain and, therefore, the pioneer transaction on a decentralized exchange platform.

Since then, many other blockchains have emerged, but they all follow the precedence of Bitcoin.

Let’s talk about a budding cryptocurrency project that aims to provide a secure, scalable, flexible, and easily accessible blockchain to the world of decentralized digital finance.

Aptos is a new layer 1 blockchain with excellent performance in terms of asset control, security, and scarcity control. These terms are incredibly important in the DeFi space, so you will want to know more about Aptos and how it can help you.

What is Aptos?

Aptos is a new cryptocurrency project that hasn’t been launched yet. It is a digital asset project created by the Diem Association, an integral part of Meta Platforms Inc.

Initially, Mark Zuckerberg, the founder of Facebook or what is now known as Meta, created Diem as a stablecoin. However, there was not a lot of confidence in the project, so the project was put on hold.

This was back in 2019; Diem was to be a stablecoin pegged to the USD. The plan was that you would be able to buy any cryptocurrency by using the Diem token, but the U.S. Federal reserve was not entirely in support of the project, so it did not leave its budding stages.

Diem Association is now back and ready to impact the world of digital finance, and it is bringing its own Rust-based programming language called Move Language. Programmers use this to build a scalable, safe, flexible, and verifiable blockchain.

There are three layers of blockchains. The first is called layer 1, like Aptos, and it is the fundamental building block of a cryptocurrency network. This means it is what the network will build every other project on.

It records transactions that occur on the platform. Bitcoin has a layer 1 blockchain with a transfer per second speed of seven transactions. Regular Bitcoin transactions can take anywhere between ten minutes to one hour.

This was one of the problems with decentralized transactions back when Bitcoin was introduced. Many other cryptocurrency projects like Ethereum, Solana, and Ada, among many others.

Ethereum processes 20 transactions per second while Solana permits 50,000 transactions per second.

Now, let’s get back to Aptos. Aptos facilitates 130,000 transactions per second. This means you will never have to wait for a significant period before you receive or send a token.

Furthermore, when the time comes, you can engage in staking and other network-based opportunities to make more money with your Aptos tokens.

And you know what? A DDOS prevention system ensures your tokens are safe, regardless. Every transaction on the blockchain is also protected from what may be a malicious attack, and one other way this is done is through validator evaluation.

Validator evaluation is necessary, especially as the various testnet sessions occur. Just for participating in each session, you earn 500 Aptos tokens. And if you are a top-rated participant, you can earn up to 5,000 additional Aptos tokens when the protocol is launched in September.

The best part is you only have to be above eighteen to become a network member. People from every part of the world are welcome to join, especially in the least accessible or popular places.

You can do almost anything on the network, and that speed will still not be affected. Some crypto projects like Avalanche have a remarkable speed, but when NFT games are played by a significant portion of people on the network, there tends to be an increase in gas fees.

What programming language does Aptos adopt?

Aptos adopts the Move Programming Language. What makes this system different and perhaps better? Well, the transfer speed is certainly a force to reckon with.

According to the testnets conducted so far, Aptos has the best ranking network in speed, far outranking a pioneer option like Ethereum.

This is thanks to the Move programming language. It employs diverse technologies and software to ensure that asset control and scarcity control stay within the desired outcome.

Move programming language also seeks to create a smart contract system that supports staking and voting. This means that you can contribute to the governance of the network easily, almost as fluidly as creating an account that allows you to mint and sell NFTs.

Many things make Aptos stand out in the cryptocurrency world, even though its developing team has not launched the project yet. One is Rust, the programming language on which the Move language runs.

Rust is renowned for being the fastest programming language worldwide; it seems Meta came prepared.

Speed is the one thing many cryptocurrencies use as their selling point, so that area is now highly competitive. That is why it is noteworthy that Aptos put a noticeable gap between the transfer per second speed and that of other crypto giants in the market.

However, many cryptocurrency projects have had difficulty maintaining security while increasing speed and scalability. For instance, Solana has been very susceptible to DDOS and other malicious attacks.

Just recently, $10 million worth of Solana and NFTs were wallet drained, sacrificing security for speed. A network that can provide the much-needed security for the NFT industry is needed even as Non-Fungible Tokens promise to revolutionize the world of digital and non-virtual art.

This may make Aptos skyrocket to the top-rated cryptocurrencies shortly after it is launched. The Move Programming language is already fast because of the software it runs on.

So, it only needs to prioritize security, and that is where the thousands of nodes come in.

Have you heard about the Byzantine Generals’ Problem?

Here’s what the scenario is based on – a group of Generals in the Byzantine army. They are situated in different parts of the town but cannot attack or retreat until a consensus has been reached. However, the problem is communication.

How can these Generals let each other know they are attacking or retreating? This scenario is based on the assumption that there is no going back once a consensus is reached, much like validation works.

This can also be applied to the cryptocurrency sphere, and that is where the Byzantine Fault Tolerant system comes into play. A transaction won’t count as valid until all the nodes or two-thirds agree that it is.

The network can easily track or identify the computers that validated such errors if there is a fault in ten or fifteen years. It gets even better because there is no going back once a transaction has been added to the blockchain.

What is so special about Aptos?

The parallel execution engine it adopts is one of the things that make Aptos a special project. Parallel execution is a system that allows validators to confirm and validate multiple transactions consecutively.

Diem Association has not launched Aptos yet, but the project has amassed an investment north of $350 million. Big wigs believe in the project, and all that is left is the launching, which will happen in September 2022.

Furthermore, pioneer companies in the crypto and financial market also believe in the Aptos project. Coinbase Ventures, most especially, made a significant contribution. This means the chances that Aptos will be listed on Coinbase when launched are pretty high.

Even without the proper launching of the program, the network can already host thousands of nodes. Do you know what this means?

Aside from creating opportunities for the tech-savvier ones, it also means improved security.

The BFT consensus is one notable area that will make Aptos thrive in the decentralized finance world. What this engine does is that it ensures the network continues running smoothly even when a considerable percentage of the nodes are under attack.

It is modeled as a solution to the Byzantine Generals’ Problem but bring this to the crypto sphere.

A node works to validate transactions on the network. However, it must be in consensus with other computers for a transaction to be verified and added to the block.

How does a protocol ensure that every connected node stays loyal or trustworthy? Greed may drive a specific node to make some adjustments to transactions it should validate, but the nature of the blockchain ensures that that does not happen.

If there is a breach in security, the Byzantine Fault Tolerant system will keep operating until things return to normal. Best believe that the network will continue running smoothly, and the Byzantine Fault Tolerant system will update validators so that activities go on as usual.

Aptos is only layer 1, as explained earlier. There are two other blockchain layers – layer 2 and layer 3. Currently, layer 1 is the most important aspect, as that is what other projects are built on. Once a network has a secure and scalable layer 1 blockchain, DeFi projects like games and apps can come into play.

Have you heard of the Block-STM technology? STM is short for Software Transactional Memory, and this is the tech that executes transactions in a parallel manner. It is a smart contract program that ensures every transaction is recorded following a laid-down process.

If things deviate, it will stand out, and BFT will rectify the issue. Meanwhile, about 159,999 other transactions will be happening. Remember, this is the transaction per second speed, which means all this will happen in seconds!

Aptos single-handedly defeats many existing cryptocurrencies in terms of transaction per second speed. The problem, however, is that it has not had the time nor opportunity to prove itself like other highly rated options have.

That is perhaps why many crypto users may choose the Ethereum blockchain over Aptos Layer 1 blockchain.

Does Aptos have a native cryptocurrency yet?

You cannot invest in Aptos tokens just yet because the protocol hasn’t been launched. There are no tokens yet; even the ones used for the testnet programs are dummy tokens.

The crypto sphere does not know what awaits with Aptos tokens, but it may be a worthy investment, given the people working on the development team. You also have to consider the past attempt made by the Diem Association, alongside their commitment to ensuring scalability in the DeFi world.

The Aptos token is also expected to allow you to execute basic financial functions like buying and selling, investing, and even the famed staking.

The Move Language uses software that ensures the smooth execution of smart contracts.

Aptos NFTs

Are you a fan of NFTs? This is how teens and young adults are making millions and retiring early; anyone can do it. Have you got a creative eye? Go for it!

However, not everyone can easily create an account and seamlessly mint an NFT. But with the Aptos project, this barrier can become a thing of the past.

And the best part is that it will be accessible to everyone worldwide. In case you haven’t heard, Aptos is running an incentivized testnet program and is welcoming everyone from around the world to participate because the protocol is trying to ensure accessible service. Therefore, whether you want to buy some tokens as an investment, the platform will accommodate that.

You are also welcome if you merely want to become a member to mint your NFTs for cool cash. Millions of NFTs can be minted on the protocol within an hour – that defeats the scalability problem.

Aptos is a new project that the DeFi world is anticipating eagerly. You must know why already, but reiteration never hurts.

For one, it has a breakneck speed for recording and facilitating transactions. And despite that breakneck rate, users can not encounter the problem of double spending because the protocol has already taken the necessary measures to prevent that. Security will also be rigid, thanks to the BFT and Block-STM technology, among other things.

The team behind the creation of Aptos is quite capable, and the members have worked on equally captivating projects in the past. Peradventure that the parent company that owns Aptos is Facebook does not impress you, then the fast speed, secure network, and other use cases should.

A healthy competitive spirit is perhaps the bedrock of the crypto sphere, but Aptos is about to come and rile up waters like never before.

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