Aptos crypto guide to how it works for users and investors

Aptos (APT) is a layer 1 cryptocurrency from Aptos Labs co-founded by Avery Ching and Mohammed ‘Mo’ Qasim Shaikh on 12th October 2022. It aims to provide robust security and scalability for smart contracts using the Move programming language. The mainnet is called ‘Aptos Autumn’ and it launched on 17th October 2022. 

Answering the question ‘What is Aptos?’ needs to start with why it was conceived in the first place. Co-founders Ching and Shaikh are former members of the Meta team who developed Diem, Facebook’s now-defunct crypto project. There was so much hope riding on that project but its prospects were seen as threats by local governments worldwide. 

This all happened at a time when crypto is still met with scepticism. Now, Bitcoin (BTC) and Ethereum (ETH) ETFs are launching in 2024 with a full regulatory framework from the Securities and Exchange Commission (SEC) of the United States (US). Is it time to revive Diem as a concept? Aptos Labs thinks so and is thus introducing the crypto Aptos to the world. 

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How does Aptos work?

At its core, many see Aptos as a contender for other layer 1 blockchains like Ethereum (ETH), Solana (SOL), and Polkadot (DOT). Aptos Autumn can also host other blockchains as well as mint utility tokens and non-fungible tokens (NFTs). How it’s different from its contemporaries lies in the Move programming language and Byzantine Fault Tolerant (BFT) consensus.

Move programming language

The Move programming language was initially intended for Diem and it’s now set for the Aptos Autumn mainnet. Its full focus is directed towards security and scalability but it’s credited for having tools easy enough for all kinds of programmers if compared to Solana (SOL). 

However, Move is still considered a lot less user-friendly compared to Ethereum (ETH). That’s a problem if Aptos Labs wishes to achieve its main goal of becoming one of the largest blockchain ecosystems in the world. They have not published a roadmap beyond Q3 of 2023 to address this which makes it hard to establish confidence in investors. 

BFT consensus protocol

While Aptos Labs haven’t made much change for Move, there are headways for their consensus protocol. Aptos BFT is now in its 4th iteration which boasts the lowest latency among layer 1 crypto to date. Its key defining feature is how it separates consensus and execution processes, resulting in an optimised authentication and reduced transaction time. 

This is a parallel transaction execution. It allows multiple commands to happen simultaneously while most consensus systems handle them one at a time in order of priority. This is the greatest advantage APT Coin has over its rivals like SOL and ETH which are currently the leaders of layer 1 blockchain technology. 

Smart contracts are handled using Block-STM technology

Another key component making Aptos Autumn an ideal network is its use of Block-Software Transactional Memory (Block-STM) for smart contracts. It validates every transaction after it is executed to abort or re-execute if the network sees a conflict. Commands are, therefore, more secure for every use case.

STM was originally used for digital systems but it suffered from performance limitations. Such issues are addressed in blockchain technology, allowing it to serve smart contracts and Aptos token transfers. The mainnet’s ability to handle parallel transactions is largely thanks to this and it will be useful in handling a large Web3 ecosystem.

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Closest crypto similar to Aptos

Aptos is, as stated, starting late in the crypto industry because several other networks already provide the same services it offers. The best of which is Ethereum which has undergone the most iterations out of all networks, the biggest of which is the Ethereum Merge. 

Polkadot and Solana are more likely to be used for comparison by many software developers. Both are still developing blockchain even though their mainnet was released in 2019 and 2020, respectively. In fact, Aptos is dubbed the ‘Solana Killer’ by analysts looking into its potential. 

All of them are capable of supporting other blockchain projects and NFT assets, making them all contributors to Web3. They are different from one another solely by the language and consensus mechanism running their respective mainnet. 

Advantages Aptos has that appeal to venture capital firms

To summarise the Aptos and its comparison to other layer 1 crypto, it cannot win against Ethereum. However, it can have an edge against Solana and Polkadot with two primary advantages. One is that Aptos Labs co-founders are highly respected experts in data technology and the other is the combination of its systems. 

Reputable co-founders 

Mohammed Shaikh is known for being the founder and CEO of Meridio, a ConceSys-backed blockchain-based company that issued the world’s first fractional share of real estate. He is also working as a Consultant at Boston Consulting Group and a Real Estate Associate at BlackRock. Shaikh’s time in Meta is short because he worked with them in Strategic Partnerships. 

Avery Ching was a part of the research team working on large-scale distributed system design and implementation at Meta. He was a member of the team that created the Corona/Hadoop infrastructure which improves compute efficiency for expensive pipelines. Both Shaikh and Ching left Meta in December 2021 to co-found Aptos from the remains of Diem. 

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Aptos is a successor to a promising vision

Facebook’s ‘failed’ crypto project had a strong concept that was never realised because government lawmakers feared a private-owned mode of finance. Aptos is no longer backed by a multi-billion dollar corporation like Meta so it is free from allegations that blocked its predecessor from blossoming. 

Diem was once planned to be centralised for the first five years and then decentralised afterwards because Meta wanted to make sure it works. Now, Aptos is skipping that and is going straight to its promised decentralised version. 

Unique architecture with impressive performance

One thing holding many investors back from fully supporting Aptos is its lack of roadmap going through 2024. Mo Shaikh and Avery Ching are mostly working on the system to realise what Diem could have been. However, it is a relatively strong contender to be the next big investment because of its strong infrastructure that promises unmatched scalability and security. 

The Move programming language already catches a lot of developers’ attention because it’s versatile and they have access to help whenever they need it. Pair that with parallel transaction support from BFT consensus protocol and Block-STM technology to also mean it has a big scaling potential.

These are all the qualities a blockchain software developer needs and Aptos have them. The only challenge here is that the Move language is not very user-friendly as stated by many developers before. However, they can work around it using all kinds of Web3 applications. Aptos is interoperable with other blockchains, especially with the help of Oracles. 

Should you invest in Aptos crypto?

APT is a volatile cryptocurrency serving as the native coin to Aptos Autumn. That means its market value can rise and fall significantly with market demands. As of the moment, there are 277.3 million APT in circulation out of the 1.1 billion maximum supply and it is ranked number 36 with a market capitalization of €2.3 billion as of December 2023 according to TheBlock.co. 

The current selling price for APT circulates €6.50 to €7.50. Changelly and other speculators certainly have great hope for the asset because they predict that it can expect a bullish trend as soon as January 2024. The highest potential return of investment is 11.90%. It’s a high hope but feasible given Aptos Crypto’s popularity among developers. 

What also made Aptos Autumn potentially a great investment in 2024 is developers doubling down on Web3 technologies. That includes the Metaverse, more accessible decentralised finance (DeFi) systems and better interoperability between networks. All of these will require powerful scalability and Aptos Autumn is equipped with the right tools to support them. 

APT will raise its prices but it won’t show utility outside of its mainnet any time soon. If you want to use crypto to play games at Gamdom, BTC and ETH are still your only options. Fortunately, Aptos has strong support from various centralised exchanges like Coinbase and Binance. That gives it great liquidity for all users and you can use it to buy crypto accepted at Gamdom. 

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Frequently Asked Questions

Aptos raised many questions and here are some of the most common ones:

What is Aptos crypto?

Aptos crypto or (APT) is the native utility token to the Aptos Autumn network. It’s a volatile cryptocurrency on a layer 1 blockchain that works similarly to Ethereum, Solana, and Polkadot. Aptos aims to provide maximum scalability and security to software development and finance in the Web3 space. 

Is Aptos the Solana Killer?

Aptos was dubbed as the ‘Solana killer’ unofficially on the internet. This term was used to reference its network as similar in structure but with better systems than its rival. However, it’s unclear how successful Aptos will be in replacing Solana or if Aptos Labs even plans to do so. 

Is Aptos better than Ethereum?

Aptos uses the Move programming language, BFT consensus protocol, and Block-STM technology. This combination is highly innovative compared to Ethereum 2.0’s current mainnet. Many developers note that it has the potential to be better than its predecessor but it is still new having been launched in 2022. Thus, it cannot compete with Ethereum’s ecosystem. 

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