What is Aptos?
Aptos is a layer 1 blockchain designed with key principles of scalability, safety, reliability, and upgradability. The blockchain came from the ashes of Libra and Diem, the predecessor of the Aptos blockchain.
The Aptos blockchain’s vision is to deliver a mainnet that facilitates mainstream adoption to Web3 and fuels an ecosystem of decentralised applications (dApps) to solve real-world user issues. Aptos plans to achieve this through flexible and modular blockchain architecture supporting frequent upgrades, fast adoption of the most advanced technology, and assistance for new and emerging use cases.
Consequently, the Aptos blockchain is constructed on 7 core principles:
- Fast and secure transaction execution and simple auditability and mechanical analysability using the Move language.
- High throughput and low latency through a batched, pipelined, and parallel transaction process.
- Novel parallel transaction processing that supports atomicity with arbitrary complex transactions using Block-STM
- Rapid and stake-weight validator set rotation and reputation staking for performance optimisation and decentralisation
- Upgradeability and configurability to embrace new use cases and latest tech
- Modular designs for component level testing
- Sharding as a first-class concept for horizontal throughput scalability while preserving decentralisation.
How does Aptos work?
Aptos uses the Move programming language for virtual machine (VM) transaction execution. Move is a new smart contract programming language inspired by the original Rust language, which focuses on safety and flexibility. Aptos has improved Move to better accommodate the diverse Web3 applications that the blockchain offers. Additionally, the AptosBFT consensus mechanism is architected with Byzantine Fault Tolerance (BFT), which means the network functions properly if less than one-third of the validators act dishonestly.
Aptos employs a “modular approach” to transaction processing to allow transaction dissemination (where transactions are grouped into batches and broadcasted to validators), block metadata ordering (organising and sequencing batches into blocks), parallel transaction execution (via a sharded architecture), batch storage (partitioning data to ensure computation accesses only relevant information), and ledger certification (aggregating and sharing validator signatures on the ledger state) to operate concurrently. This modular design facilitates frequent, seamless protocol upgrades with minimal disruption.
Applications of Aptos blockchain
There are currently over 206 dApps and projects built and deployed on the Aptos blockchain, spanning several categories with the main aspects of Gaming, NFTs, Social, Entertainment, and DeFi.
- Gaming: Aptos ensures fast, seamless gameplay while securely managing in-game assets. Developers can build immersive games that empower players with true ownership and the ability to transfer assets across platforms.
Some major projects are: STAN, Aptos Arena, Supervillain Studio, Undying City, and Werewolf vs Witch.
- NFTs: The Aptos network offers creators boundless freedom to design diverse NFT collections, such as Bruh Bears and MAVRIK, fostering innovation and creativity in digital assets. Famous protocols are Aptos Art Museum, Indexer, Moralis, and NFTScan.
- Social Media: Aptos supports Web3 initiatives that give users full control of their digital presence. Projects like Chingari leverage the blockchain to enable decentralized social media, returning power to individuals.
Some projects are the Web3 Social Network Chingari, BuilderDAO, Cafeteria, Kade, and Mereo.
- Entertainment: Aptos enhances fan-creator interactions, enabling activities like buying tickets, trading collectibles, and sharing memorabilia, all powered by blockchain technology.
Some names to call are WonderBus Festival by KYD Labs and Free Renfield. - DeFi: With fast, low-cost transactions and smart contract capabilities, Aptos is a leading platform for DeFi innovation. Notably, Mastercard is utilizing the network for its Crypto Credential tool, focused on identity verification.
There are plenty of DeFi apps on Aptos: Merkle Trade, READYgg, and VIP99.
Aptos native token – APT
Tokenomics
The native token of the Aptos blockchain is Aptos ($APT). The Aptos tokens have a maximum supply limit of 1,090,000,000 APT. The tokens will have 8 digits of precision as part of the fraction where the minimal unit is called an Octa.
The distribution of APT is as follows:
| Category | % of Initial Token Distribution | Initial Tokens |
|---|---|---|
| Community | 51.02% | 510,217,359.767 |
| Core Contributors | 19.00% | 190,000,000.000 |
| Foundation | 16.50% | 165,000,000.000 |
| Investors | 13.48% | 134,782,640.233 |
Distribution Schedule for the Community and the Aptos Foundation
About more than 410.2M APTs are held by the Aptos Foundation, and a smaller portion (100,000,000) are held by Aptos Labs. These are parts of the token pool designed for ecosystem-related items, such as grants, incentives, and other community growth initiatives and are expected to be distributed over a ten-year period. Of these, initially, there are:
- 125,000,000 APT available to support ecosystem projects, grants, and other community growth initiatives for the Community category
- 5,000,000 APT to support the Aptos Foundation initiatives for the Foundation category.
- 1/120 of the remaining tokens for the community and the Foundation are expected to unlock each month for the next 10 years.
Distribution Schedule for Core Contributors and Investors
All current core contributors and investors are subject to a four-year lock-up period starting from the mainnet launch. This excludes any staking rewards, if applicable. The unlock schedule is as follows:
- Months 1-12: No APT tokens are available
- Months 13-18: 3/48ths of the tokens unlock in the 13th month, with the same amount unlocking each month through the 18th month.
- Months 19 – 48: Starting from the 19th month, 1/48th of the tokens unlock each month, continuing until all tokens are fully unlocked by the four-year anniversary of the mainnet launch.
