Aptos Network: Abbreviated Introduction
Aptos Lab’s mission is to build the safest and most scalable Layer 1 (L1) blockchain. The project was inspired by the foundational work done at Diem by a team of engineers, who later launched Aptos with the discontinuation of Diem by Meta (Facebook). Avery Ching and Mo Shaikh led Aptos
with a group of highly skilled engineers, designers, researchers, and advisors.
The original motivation of team building Aptos was to create a blockchain that advanced the decentralization movement without sacrificing reliability, safety, and usability. The smart contracts platforms’ niche market capitalization today stands at $313 billion. The leading L1 blockchain in this category is Ethereum, followed by Binance Chain, Cardano, Solana, and Polkadot. Aptos is part of this group of Ethereum competitors and seeks to address the
issues with scalability, speed, and transaction fees.
A core element of the Aptos project is the Move language, a framework initially developed in the context of Facebook but which has been gaining widespread adoption within the information technology industry.
Aptos was launched in 2021 but is already on its second incentivized testnet. The company is planning to launch its Mainnet in Q3 2022. Security is a central feature of the Aptos blockchain. It is based on the DiemBFT v4 consensus mechanism, which is based on the HotStuff protocol
developed by VMware Research Group.
In March 2022, Aptos Labs announced its seed funding round of $200 million led by a16z at a valuation of one billion dollars. The company is currently building its team and hiring for various software engineering, marketing, business development, and management positions.
The company is currently building its team and hiring for various positions across software engineering, marketing, business development, and management.
The Aptos Blockchain is a trademark of Matonee, Inc., a company registered in Palo Alto, California (USA). The United States is a crypto-friendly jurisdiction with leading investors and research in the Silicon Valley, where Matonee is based.
The company applied for patent registration with the USPTO in February 2022. The application is due to be reviewed in August 2022.
The company has not issued any tokens yet. Aptos has a growing social media presence an implements measures to engage its community and encourage developers to build on its ecosystem.
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