What is Aptos (APT) – Explaining this blockchain!

With Aptos (APT), a new layer 1 blockchain has appeared on the crypto market, which has attracted many eyes since the launch of the project. And it is not without reason, as Aptos and Facebook have common ground. Before Facebook started focusing on the metaverse, they were working on their own cryptocurrency. Developers working hard on Facebook’s coin started the Aptos project.

When a new layer 1 blockchain comes to market, the important features of these projects are immediately scrutinized. Is Aptos faster than Solana? And what about scalability? It is striking that Apto’s blockchain can process fewer transactions per second than Bitcoin, Ethereum and many other layer 1 blockchains.

Of course, Aptos also has unique advantages! Are you curious about Aptos and APT, the Aptos token? In this blog you can discover everything about this crypto project! From tokenomics and the ties to Facebook, to betting opportunities and places to buy APT!

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Check out Coin Bureau’s Aptos review below:

What is Aptos (APT)?

Aptos is a web3 startup focused on building a scalable layer 1 blockchain. This new crypto project has emerged from Facebook’s cryptocurrency plans. A few years ago, she came up with the idea of ​​Libra, which was later renamed Diem. This stablecoin was supposed to become Facebook’s coin, but this blockchain initiative was ultimately not implemented.

Aptos blockchain has been live since fall 2022, but there was already a lot of activity on the testnet before that. Before the launch of the mainnet, there were already more than 100 projects on their testnet. This mainly concerns many NFT collections, but also DeFi projects, crypto wallets and, for example, launchpads.

While working on Diem, the team developed a new programming language called Move. With this, the team has also continued with Aptos. Move is more secure compared to other coding languages, making it a unique advantage of Aptos. Additionally, Aptos offers 160,000 TPS, making them one of the fastest blockchains out there right now.

Aptos coin: APT

You can use the Aptos coin, called APT, to secure your Aptos name, but you can also do a lot more with APT coins! APT is the coin of the Aptos platform and is used to pay the transaction costs on the Aptos blockchain.

In addition, APT can be used as an administrative token, with which you can contribute to polls and thereby help decide on administrative issues within Aptos. In addition to the various functions of Aptos, you can of course also use the token for speculative purposes.

Apto strike

Aptos has a Proof-of-Stake (PoS) blockchain, making the stake an important part of the system. Within this system, validators ensure that transactions can be performed securely. To become a validator, you must have a minimum number of APT.

But even if you don’t meet the amount of APT, you can contribute to Apto’s blockchain. At the time of writing (November 2022) it is not yet possible, but in a very short time you can delegate your APT to a validator. Aptos validators earn stake rewards for completing their tasks, which they then divide between themselves and the stakers who contribute to the validator.

Aptos blockchain does not use slashing. This is a method where validators who misbehave are penalized. These fines are issued when a validator is inactive or passes an erroneous transaction. The penalty can be a fixed amount or a certain percentage which is paid from a validator’s crypto supply. When you run APT through a validator, you have no risk of getting cut.

If you are not very well-known in the crypto world, there are also other simple solutions to be able to bet. You can easily bet APT on the Binance platform where you can receive 7.5% APR (annual percentage rate) with flexible staking.

APT tokenomics

Much has been said and written about APT’s tokenomics because they are quite striking. In the coming years, the amount of tokens will continue to increase structurally, which will ensure that there is an increasing supply. Therefore, many investors are somewhat hesitant, because it remains to be seen whether the demand side can absorb the increasing supply. When demand is less than supply, it is likely that the price of APT will fall. Below you can discover all about APT’s tokenomics:

Aptos Name Service (ANS)

Like other major blockchain projects, Aptos has introduced the Aptos Name Service (ANS). After, for example, Ethereum (ENS) and Polkadot (PNS), Aptos also sees the benefits of this service, but what exactly does this service entail?

When you have an Aptos wallet, there is a very long code associated with it. This code acts as your wallet address and is also called the public key. The tricky thing about this is that this code is hard to remember, but thanks to Aptos Name Service, a solution to this has been found.

You can use ANS to change your public key to your Aptos wallet. You can compare this to a domain name for a website. Each wallet name is unique, as are all domain names on the web. Via www.aptosnames.com you can easily claim your .apt domain.

To realize your .apt domain you need to pay 5 APT. In return, you own the relevant domain for 1 year. You then have the option to renew your domain name. This allows you to create your unique web3 identity on the Aptos blockchain.

Where can you buy APT?

Currently, you can buy APT on various crypto platforms. Both centralized exchanges (CEXs) and decentralized exchanges (DEXs) have APT in their range. You can get APT on more than 30 different platforms. If you want to get APT via a decentralized exchange, you can use Liquidswap or PancakeSwap (CAKE).

Major crypto exchanges, such as Binance and Coinbase, have included the token in their lineup. These centralized exchanges are not the only big names that have included APT in their range, but also the following centralized exchanges:

At the time of writing (November 2022), APT has only just been released, so the fact that more than 30 crypto platforms already have APT in their lineup is very remarkable. It cannot be ruled out that more exchanges will include APT in their range in the future.

Suitable wallet for Aptos

Once you have invested in APT, it is useful to have full control over your investment. Many investors leave their coins on an exchange or other crypto platform, but this makes you lose control. A well-known saying about this is: not your keys, not your coins.

This means that without the private keys to a wallet, you have no control over the cryptocurrencies. Therefore, never store your coins on an exchange, but use a wallet for this. You can use both a software wallet and a hardware wallet for this.

The best-known wallets are the software wallet from Metamask and the hardware wallet from Ledger. Therefore, I imagine you would like to know if you can store APT in these crypto wallets. Unfortunately, it is not possible to store your APT on these crypto wallets because they are wallets that work on the Ethereum network.

But which wallets can you lose your APT tokens on? Another well-known wallet where you can store APT is the software wallet from Trust Wallet. Trust wallet is not the only party with this, the following wallets also accept APT token:

  • Spike wallet
  • Hive wallet
  • FOX wallet
  • Marian Wallet
  • Pontem wallet
  • Petra wallet

the aptos team

Aptos was founded by Mo Shaikh (CEO) and Avery Ching (CTO). Both founders are former employees of Meta (formerly Facebook) and have many years of experience as developers within the blockchain industry. Besides these two team members, there are more notable team members within the Aptos team. Austin Virts is an example of this. He was marketing manager at Solana, but is now at Aptos.

Austin Virts isn’t the only team member to hail from Solana. In addition, many members of the Solana community have also switched to Aptos. On the one hand, it is a positive sign, but there are also those who are skeptical about the situation. These people are afraid that venture capitalists (VCs) have bought APT very cheaply and will sell it, which could cause the share price to fall.

Would you like to stay informed about the latest news about Aptos? Then you’re in luck, because you can continue to follow the project through various social media channels. Judging by the number of followers and members, you are not the only one with an interest in this crypto project, as Aptos’ social media channels have a relatively high number of followers. Especially for a crypto project that has only just launched the token and hasn’t been around that long.

Surprisingly, most people follow the latest news about Aptos via Discord. Aptos’ Discord server has over 155,000 members. An unprecedentedly high number that most crypto projects can only dream of. That this number is so high will no doubt be due to the Aptos airdrop, which has earned many investors thousands of dollars.

In addition to Discord, you can also follow Aptos via Twitter. Almost 60,000 people follow Aptos on Twitter. A very high number, but less than half the number of Discord members. The number of Twitter followers is often the highest for a crypto project because crypto enthusiasts can follow different crypto channels at the same time this way.

If you prefer to discover the latest news about Aptos through articles, you can use Medium. On this platform, the Aptos team shares various news facts and generally the articles are much more detailed than tweets and other reports.

More than 13,000 people follow Aptos on Medium. Compared to Twitter and Discord this is of course a very low number, but compared to other projects this is a very good score. Especially for a new crypto project, this number of followers on Medium is extremely good. Major crypto projects like Litecoin and Chainlink have 600 and 2,600 followers respectively on Medium.

Conclusion

At first glance, the Aptos project looks promising. The team has known each other for a long time and has worked together on Facebook on the Diem project. As a result, the team has demonstrated that they have the knowledge and can handle responsibility.

In addition, the unique design of the blockchain is a positive point. With Move as its own programming language, Aptos has a unique competitive advantage. In addition, it can also be interesting for the attackers that there is no slashing present. Finally, the number of dApps on Aptos is a positive development. Over 100 projects already built on the testnet, which is a promising development!

However, there are also smaller sides to Aptos. For example, tokenomics is something to watch out for. In the coming years, the amount of circular tokens will continue to increase, which may have a negative effect on the price. In addition, Aptos, despite the fact that the team is aligned with each other, remains a start-up project and there can always be child problems.

Looking for more information about Aptos? Or would you like to meet other crypto enthusiasts? In it free Discord channels of our product Money Mastery from AllesOverCrypto you can ask questions and talk to thousands of other crypto enthusiasts. Have other crypto-related questions? The easiest thing is to enter your question our FAQ to look up. What you can also do is that you google your question + AllesOverCrypto. Please let us know what you think about Aptos!.


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