Recently large exchanges like Binance, Coinbase and FTX announced that they are listing the Aptos (APT) token for trading. There are also numerous predictions that the Aptos project will solve Solana and Ethereum platforms' constraints. The current hype that is revolving around Aptos led me to look deeper into the project.
What is Aptos (APT)?
Aptos is a proof-of-stake (PoS), Layer 1 blockchain that aims to be the world’s most secure and scalable layer 1 Blockchain. It uses the Move programming language and virtual machine (MoveVM) to offer new and innovative ways of handling smart contracts and security which is ideal in the advancement of Web3. The high performance capacity of the blockhain further promises to carry out over 100,000 transactions per second. A number of venture capital firms invested around $350 million on Aptos showing the huge potential of the project.
The Aptos mainnet network launched on Monday, 17th of October ahead of schedule as exchanges like Binance and FTX announcing the Aptos token's (APT) listing the following day.
Aptos Token (APT)
Aptos has a total supply of 1 billion token. 51% (510 million) of it is reserved to the community members, 19% (190 million) to core contributors, 16.5% (165 million) to the foundation and 13.48% (134 million) to the investors.
As of writing this post (19 October,2022), APT has an all time high of $13.73 and all time low of $6.73. Currently, APT is priced around $7.70.
Controversies Around Aptos
Some questions a being raised on the blockchain recently. Aptos didn't have airdrops organized to its community so owning the token was not possible before it was listed on exchanges. There is also some concerns regarding the speed of the transactions. Even thought it was promised that the blockchain will have over 100,000 transaction per second speed, it is currently performing in a slower pace.
Final Thoughts
Aptos provides new and innovative blockchain services that can challenge other platforms. This can have positive impact in the advancement of Web3 and the overall blockchain technology. Competition between projects will always yield better performance and innovation which will benefit the users and adoption of the technology throughout the globe. Even thought there are some doubts regarding the Aptos project, I think only time will tell on its success.
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Disclaimer
I am not a financial advisor. The information found here are for educational purposes and cite my personal opinion.
