Cover photo

Aptos Network

1. What is Aptos?

Aptos, based in Palo Alto, California, is a public blockchain that aims to solve reliability, scalability, and usability issues that have plagued existing Layer 1s, whilst possessing security features lacking in EVM-based blockchains. Aptos uses Move, a Rust-based programming language created for Diem, a now abandoned blockchain project by Meta.

The Aptos network can achieve over 130k transactions per second thanks to its parallel execution engine (Block-STM). This high throughput naturally results in low transaction costs for users on the network.

2. MOVE

The Move is based on the Rust programming language, which is a well-known and supported programming language. MOVE was designed for the Diem blockchain by Facebook, which serves the function of implementing smart contracts and custom transactions. origins of Move largely arise from the known issues in the existing blockchain programming languages such as Solidity, which has security and verifiability issues. Any asset in Move can be represented by or stored within resources while scarcity is enforced by default since structs cannot be duplicated.

2.1 Comparison to other VMs

3. Team

Aptos is founded by Aptos Labs and co-founded by Mo Shaikh and Avery Ching. Mo Shaikh, Avery Ching, and a few other team members worked together at Meta on the Diem blockchain project before. They founded Aptos Labs together to continue building on the technology they had originally developed for Diem. Austin (@austinvirts), the former head of marketing at Solana, is currently working as director of the ecosystem in Aptos Labs. The Aptos Team also has many experienced designers, analysts, engineers, and so on. Obviously, it is a professional team, with the ability to develop the Aptos very well.4. Aptos Investors & Funding Round

4.1 Seed Round

  • Announced Date: Mar 15, 2022

  • Money Raised: $200M

  • Pre-Money Valuation: $800M

  • Lead Investor: a16z

  • Famous Investor: Multicion capital, Kathryn Haun, 3 Arrows Capital, ParaFi Capital, IRONGREY, #Hashed, Variant, Tiger Global, BlockTower Capital, FTX Ventures, Paxos Global, and Coinbase Ventures

4.2 Series A

  • Announced Date: Jul 25, 2022

  • Money Raised: $150M

  • Pre-Money Valuation: $1.9B

  • Lead Investor: FTX Ventures & Jump Crypto

  • Famous Investor: Apollo, Griffin Gaming Partners, Franklin Templeton, Circle Ventures, Superscrypt founded by Temasek, and continued support from a16z crypto and Multicoin.