The Aptos Ecosystem– founded by Aptos Labs- has a vision of building a safe blockchain that brings mainstream adoption to web3 and empowers an ecosystem of decentralized applications. The dApps are developed to solve real-world user problems.
However, Aptos is a new web3 blockchain startup, and there is skepticism in the cryptosphere regarding the project’s legitimacy. Is Aptos Ecosystem the next scalable blockchain or another “scalable” rug pull?
What is Aptos?
Aptos is an L1 scalable blockchain with smart contract functionality and has been declared by some as the “Solana killer.”
But Aptos is not a new project or another scalable blockchain that has come into the crypto sphere. The project was founded by a team of developers who worked on Meta’s (formerly Facebook) attempt to create a blockchain- Diem. Unfortunately, the blockchain plan was eventually canceled due to insurmountable opposition from regulators.
However, key individuals from the project found their way to Aptos, with Mohammed Shaikh and Avery Ching heading a team of engineers, researchers, developers, designers, and strategies. As it stands, Aptos boasts of a solid foundation even in its beginning stage of inception.
How Does Aptos Work?
Aptos incorporates features of the nixed Diem experiment and a Rust-inspired programming language called “Move.” The move is critical in boosting security against contract invariants and denial of service (DOS) attacks.
The Aptos blockchain uses these vital elements for fast and secure transaction execution. Developers can seamlessly build consumer-ready decentralized applications to support DeFi, NFTs, and DAOs.
Furthermore, the team behind Aptos blockchain has made a series of radical improvements to the
base technology, with new approaches to governance and decentralization.
But perhaps the best feature of the blockchain is its parallel execution engine, “Block-STM.” It allows the chain to execute over 130k transactions per second, recording higher throughput with cheap transaction fees for users.
The Team Behind Aptos Ecosystem
As earlier mentioned, the team at Aptos Labs is headed by Mo Shaikh, who worked on Meta’s crypto wallet, Avery Ching- the former tech lead of the crypto platform at Meta, and other ex-Meta employees.
The team has also brought in professionals from other thriving crypto blockchains, as many Solana (SOL) staff have jumped ship to Aptos. This has left many investors wondering if the company is the best to invest in at this point or is simply another venture-capital project.
Opinions are leaning towards the former as Aptos has a thriving community of over 60,000 members, with close to 10,000 developers.
Despite the crypto winter, Aptos has secured attention and funds from crypto heavyweights and influencers. Earlier in June, the blockchain project raised over $150 million in a funding round led by FTX ventures, with contributions from Multicoin Capital, Circle Ventures, and Andreessen Horowitz, among others.
This was after another $200 million was raised in March after a tactical investment campaign led by a16z and aided by essential corporations.
Is Aptos Ecosystem A Rug Pull?
Although Aptos has no coin, its whitepaper has been published on its official website. Notwithstanding, the odds are in the project’s favor, as no stops are left unturned in preparation for its launch.
Aptos testnet has also recorded quite the performance with millions of transactions carried out, thousands of active nodes, and partnering projects building on the network.
Of course, the network has notable competition, with Ethereum (ETH) being the head of scalable chains, Solana (SOL) standing firm, and other developed L1 projects. Tokenomics for Aptos is unavailable at this time, but this doesn’t seem to slow down their plans to launch.
Saying that the Aptos project speaks for itself would not be a far-fetched conclusion. With the move at its core, it has immense potential to solve blockchain trilemma. However, investors should exercise caution as VC-funded projects come with many risks.