Facebook did not go ahead with the release of its own Blockchain, named Libra (later Diem), however those who created it went ahead with the creation of another Blockchain, Aptos.
The developers behind this new project believe they have the answer to an experimental order-transaction algorithm, which is essentially the successor to the Diem (Libra) experiment.
What is Aptos?
Aptos is a new blockchain that is about to be released soon. It received an impressive first funding of $150 million, led by FTX, and subsequently received another even larger funding of $200 million from other major players such as Andreessen Horowitz, Multicoin Capital and Haun Ventures.
Aptos was founded by Avery Ching and Mo Shaik, who worked to create the Novi wallet, Diem.
It uses a technique called “parallel execution”, which theoretically increases transaction speeds while keeping them parallel and cheap. It uses the proprietary programming language (like Diem), Move.
The spotlight and the question marks
However, it has gained the limelight, although it has not yet started its operation and has not yet given any more information about its own currency.
There are high expectations around Aptos, however questions still remain about how different it will be from other blockchains, whether “parallel execution” works as promised and how the new blockchain can gather a large enough ecosystem of programmers willing to learn its relatively unknown programming language.
How does Aptos work?
The key feature of Aptos is “parallel execution”. Most blockchains use a method of ordering transactions, called sequential or serial execution, in which a single transaction timeline is continuously updated: every time a transaction takes place or something is purchased, that transaction is added to a single large ledger containing every transaction ever executed on the network and updated through thousands of nodes.
Because they are added one at a time, it is necessary to wait for each new transaction to be verified: This process also determines the speed at which transactions are made on each network.
On the other hand, “parallel execution”, executes simultaneously on multiple chains, allowing – in theory – to process more transactions.
Aptos claims that test networks have already reached 130,000 transactions per second. For example, Ethereum is performing 30 transactions per second.
Is Aptos reliable?
The truth is that parallel execution is controversial. Whatever the benefits it brings in efficiency, it is questionable whether it comes at a cost in safety. “Sequential” blockchains exist for a reason: Relying on a single transaction chronology makes it easier to control the contents of the chain, as there is only one place a transaction can go.
Introducing parallel chains complicates things. With more chains, it is more difficult to have a complete view of transaction history and transactions may attempt to be processed through multiple chains simultaneously, causing them to fail. In addition, it can give opportunists the opportunity to attempt a fraudulent “double spend”.
The solution that Aptos will implement is to wait for transactions to complete and then verify all chains simultaneously. Adequately placed transactions will be passed, while failed transactions will be “re-executed”.
Who is building in Aptos?
- Pontem Network – a project that builds the first decentralized exchange of Aptos.
- Martion DA) – a decentralized autonomous organization that builds the Aptos digital wallet.
What is the future of Aptos?
Since its launch, critics of Aptos have wondered whether its developers can overcome the stigma of working at Facebook.
However, Aptos reports that it has incorporated many of the Libra-related projects into its ecosystem and seems happy to build exclusively in its relatively untested programming language.
The prestige and experience of the Aptos founders seems to have attracted new developers: Aptos’s Discord already has over 63,000 members, about 8,000 of whom are developers, and the protocol is supported by more than 20,000 nodes.
Recently, Aptos completed a test network update and another mainnet release is expected later this year.
However, the Aptos currency will not be available in the US for regulatory reasons.
