Last Updated on October 18, 2022 by Bitfinsider
Yesterday, one of the most anticipated blockchains, Aptos, officially launched its mainnet. Since its start, the “Solana killer” project has been surrounded by high hopes and funded by a number of big crypto enterprises, including a16z, Jump Capital, FTX Ventures, and Binance.
The project is a spin-off developed by former Meta personnel that worked on Libra in 2019, which was then renamed Diem. Due to political pressure, Mark Zuckerberg’s business was forced to abandon the initiative. Aptos was established by developers who saw enormous promise in the technical fundamentals. Their objective is to provide a blockchain solution that is extremely scalable, decentralized, and cost-effective in order to promote the widespread adoption of Web3.
The new distributed ledger supports parallel execution. This was intended to enable a scalability of up to 160,000 Transactions Per Second (TPS). According to a pseudonymous analyst known as Paradigm Engineer #420, however, yesterday’s launch was more than disappointing.
Yesterday, the TPS was just about four transactions per second. In addition, the majority of network activity consisted of validators communicating, creating block checkpoints, and adding metadata to the blockchain.
Another concern was that developers were unable to utilize the blockchain efficiently due to the lack of RPCs and the inability to connect to validators. In addition, the anonymous expert criticized: “Aptos knows something is wrong. Between genesis and 1:30 PM PT, the Aptos discord was disabled – users couldn’t chat or ask any questions. They’ve only recently opened a few channels, but important channels like dev-resources are still closed.”
The Aptos team defended the existing network status. The devs said on Discord that yesterday’s rate of four transactions per second does not represent the maximum TPS. Beginning the mainnet is typically marked by a low network load. Aptos indicated that the blockchain will disclose its actual scalability as network activity grows.
Before listing, Aptos Tokenomics faced criticism
The two biggest cryptocurrency exchanges in the world—FTX and Binance—who are both advocates of Aptos have declared that they will launch the APT token on Wednesday, the following day. At 1:00am UTC, the spot trading pairings for APT/BTC, APT/BUSD, and APT/USDT will all begin trading.
The project’s ability to gain the confidence of the crypto community will be demonstrated by its listing on exchanges tomorrow. Tokenomics were heavily criticized in the lead-up but were not made public until today. The fact that FTX and Binance list APT without any tokenomics transparency has drawn criticism.
A blog article addressed this concern, but there are still unanswered questions regarding how APT will be distributed and released in the future.
1 billion tokens are part of the initial APT mainnet offering, with 51.02% going to the community, 19% to core contributors, 16.50% to the foundation, and 13.48% going to venture capitalists. The community token pool is used for ecosystem-related projects, like as awards, rewards, and other community development programs.
A portion of these tokens have already been given to projects created using the protocol and will be given out after accomplishing particular objectives. The Foundation is the owner of the vast bulk of these tokens (410,217,359.767), while Aptos Labs is the owner of a far lesser amount (100,000,000). Over the course of ten years, these tokens are anticipated to be distributed.
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