• Aptos is said to be able to execute over 160,000 transactions per second
• Not the best start – Aptos Labs receives criticism
• This is how the new token is doing so far
On Oct. 17, blockchain company Aptos Labs, founded by two former Meta employees, Mo Shaikh and Avery Ching, launched its mainnet. With its Layer 1 blockchain Aptos, “designed with scalability, security, reliability, and upgradability as key principles,” the company aims to address blockchain challenges such as frequent failures, high costs, low throughput limits, and security concerns.
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Aptos promises a massive increase in transaction speed
Aptos’ Layer 1 blockchain is based on the proof-of-stake mechanism and uses a novel smart contract programming language called Move. Aptos offers parallel processing of transactions and wants to enable a much higher transaction speed compared to other blockchains. In April of this year, Aptos stated: “We have designed and implemented a highly efficient, multi-threaded, in-memory parallel execution engine capable of executing over 160,000 non-trivial Move transactions per second by leveraging the default ordering of transactions and software -Transactional memory techniques combined with a novel cooperative schedule.” In the crypto community, there was even talk of the “Solana killer” in relation to Aptos.
Bumpy start – criticism of Aptos
However, the launch of Aptos and the associated APT token was not entirely optimal. As BTC-ECHO reports, the team’s Facebook past, lack of transparency and lack of access for retail investors brought Aptos criticism. According to CryptoTicker, Aptos had not previously published its offer, the distribution of the tokens or the issue price. However, after the company apologized and released the data, the fact that almost the entire offering was issued to early investors and the company itself did not go down well with some investors.
In addition, the company had to deal with accusations from critics about the processing speed. However, the team explained in a post on the Aptos Discord that the Transactions Per Second (TPS) shown is a “function of network activity” and, having announced mainnet activation just hours before, there are no user transactions yet – there should be start the following day.
This is how the APT token is doing so far
The APT price has been very volatile since it started. The newcomer among cryptocurrencies fell significantly in value when it debuted on October 19. Within the first hour of trading, CoinGecko’s APT price slipped from $13.73 to $8.47, down around 38 percent. At the low, the price of the new token collapsed by more than 50 percent to $ 6.73 on the same day.
In the days that followed, the APT recovered significantly from its crash. On Sunday, October 23, it climbed as high as $10.12, about 50 percent above its low of the first day of trading – but still 26 percent below its high of $13.73.
Most recently, however, the token gave back part of its profits and was still quoted at 7.34 US dollars on CoinGecko (as of November 2, 2022). The 130 million tokens currently in circulation have a market capitalization of around $1.15 billion.
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