First Class Research News: Public Chain Aptos

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Aptos was founded at the end of 2021. It is a public chain that inherits many technological innovations in the blockchain field and has been supported by many investors.Since the main online online in October 2022, Aptos has proven its efficiency and reliability and became the leader of the next generation of public chain.With its prosperous ecosystem, it may get more significant growth in the future.

Execute summary

Aptos was established at the end of 2021 and is a public blockchain.

From a team perspective, the DIEM (formerly known as libra) and Novi developed by Aptos and Meta have profound origins.After Meta was forced to abandon the blockchain business, several core members of the original development team chose to create APTOS.In a sense, APTOS can be regarded as one of the inheritors of the Meta blockchain heritage.As one of the leading software development companies, Meta has a strong talent reserve, with excellent academic background and reliable technical development capabilities.With the continuous growth of APTOS, its development will receive solid team support.

In terms of financing, as of November 7, 2024, APTOS has gone through six rounds of financing.Prior to the launch of the main network in 2022, APTOS received $ 350 million in financing for $ 2.75 billion.Since then, it has completed four rounds of strategic financing, and the amount has not been made public.Its investors are top -level cryptocurrency venture capital companies, such as Binance Laboratory, Dragonfly Capital, A16Z, Multicoin Capital, Circle and Coinbase Ventures.The latest round of financing ended on September 19, 2024.Therefore, the APTOS team is expected to have sufficient funds now.

From the perspective of product and technology, APTOS is committed to creating a smart contract platform for scalable, secure, reliable, and upgraded.MOVE programming language, DiembFT consensus algorithm, Block-STM parallel execution engine, and efficient node synchronization scheme is a decentralized foundation for the APTOS to build a safe, scalable and upgraded Web3 environment.While focusing on scalability and security, Aptos has also made some choices in decentralization.Although the number of network nodes is small, the threshold entry is high, and there is a centralized risk, the performance advantages of APTOS are obvious.After the main network is launched, the APTOS transaction processing speed exceeds 12,000/s, and the peak daily transaction processing speed exceeds 300 million, and the delay is less than 1 second. There has never been a delay or network downtime.sex.In addition, in terms of transaction costs, APTOS has greatly reduced the user’s GAS costs, providing greater space for the development of DEFI and other sectors in the ecology.

From the perspective of project development, the development momentum of APTOS has developed rapidly since its establishment, especially since the third quarter of 2024, the number of active addresses has steadily increased, the user retention rate is high, and the transaction volume has increased significantly. On August 15, 2024, a single -day processing was set up for a single -day processing.With more than 300 million transactions, the peak transaction throughput is close to 13,000 TPS, which further verifies the excellent performance of the APTOS blockchain.Aptos has been spare no effort to cultivate the ecology. At present, the protocol running in the Aptos ecosystem covers different vertical fields such as DEFI, games, and social networking.At the same time, APTOS actively maintains a good relationship with Web2 companies and regulators, and cooperates with Microsoft, Google, Alibaba, Amazon, South Korea Lotte, SKT and other companies.In addition, at the end of October 2024, the native USDT (Tether) will be officially launched on APTOS, and it is expected to bring more liquidity to APTOS and release the greater potential of the APTOS ecosystem.

From the perspective of token economics, $ APT plays a dual role in the APTOS ecosystem, which provides practicality and governance capabilities.Users can use $ APT tokens to participate in network consensus, vote for proposals, pay GAS fees, and promote the development of the Aptos ecosystem.At present, most of the initial supply of $ APT is held by the APTOS Foundation and specifies items for ecosystem -related items, such as gifts, incentives, and other community growth plans.This distribution reflects the high attention of APTOS’s long -term growth of its ecosystems.

From the perspective of the industry, the public chain industry where APTOS is located has experienced several bull and bear reincarnation, and also experienced the evolution of blockchain technology, and the demand and understanding of the public chain are becoming clearer and clearer.Obviously, the consensus algorithm and performance of the public chain are the root of their ecological prosperity, and the prosperity of ecology is the fruit of these roots.To become an excellent public chain, the underlying technology must be strong enough to produce good results. At the same time, these effects must be excellent to get market recognition.At present, APTOS has laid a solid foundation for the cultivation of prosperous ecology through carefully designed technical architecture, and provides nourishment for these seeds through the careful design of token economic models and ecological growth plans. Now it is waiting for the subsequent growth of ecological projectsBreaking the eye -catching fruits.From the perspective of the competitive landscape, Ethereum and Solana are still leading. Aptos and SUI are behind many of them in many aspects (except network performance).Both APTOS and SUI are founded by former META employees. They are developed with the same programming language (MOVE), and the network performance is equal.However, the focus of the two blockchain in ecological construction has led to a certain difference in market awareness.We believe that as APTOS continues to cultivate ecology and more ecological projects, APTOS is expected to gain a more significant growth.

1. Overview

1.1 Introduction

Aptos was founded at the end of 2021. It is a public chain that inherits many technological innovations in the blockchain field and has been supported by many investors.Since the main online online in October 2022, Aptos has proven its efficiency and reliability and has become the leader in the next generation of public chains.With its prosperous ecosystem, APTOS may get more significant growth in the future.

1.2 Basic information

2. Project details

2.1 team

The development team behind Aptos Aptos Labs is mainly located in North America and California, and employees are all over the world.The total number of employees is estimated to exceed 100, and LinkedIn shows 225 employees.According to APTOS White Paper, before 2022, more than 350 developers have participated in the development of APTOS.According to the official website[2]The leadership team of APTOS currently includes 16 founding members and 12 heads of departments.Some core members are introduced as follows:

Mo Shaikh -Co -founder and CEO: MO has a bachelor’s degree in accounting from Hunter College and a master’s degree in business administration from the University of Rochester.After graduating, he was engaged in real estate and private equity analysis in companies such as KPMG, Blackstone, and Boston Consulting Group.In 2017, MO founded Meridio (a blockchain -based platform for investment and transactions with liquid real estate fragmented shares) and served as CEO.In May 2020, MO joined Novi (META) as a strategic partner.In December 2021, MO co -founded APTOS and has been the CEO.

Avery Ching -co -founder and CTO: Avery has a bachelor’s degree in computer engineering and doctorate in Northwestern University.After graduating, he was the chief software engineer of Yahoo, Facebook and Novi Financial.Avery has more than 20 years of technological development experience, and has rich professional knowledge in the traditional Internet industry and the blockchain industry.At the end of 2021, after the pilot project of Novi, Avery chose to create APTOS with MO and as CTO to this day.

ALIN TOMESCU -Cryptology Head: Alin has a bachelor’s degree in computer science from Shixi University and a master’s degree in computer science and doctorate in MIT.He has been a teaching assistant and research assistant at the Department of Electric Engineering and Computer Science at Massachusetts Institute of Technology for more than six years.In 2020, Alin left the Massachusetts Institute of Technology and joined VMware as a research scientist.In February 2022, ALIN joined Aptos as a founding member and has been the person in charge of cryptography.

David Wolinsky -Chief Architect: David has a PhD in computer engineering at the University of Florida.After graduating, he served as a four -year lecturer at Yale University.In 2015, David joined Facebook as a software engineer, and later became the web3 technology director of Meta (Novi).In February 2022, after the pilot plan of Novi, David chose to join Aptos as a founding member, and has been serving as chief architect.

Neil Harounian -Ecological System Head: Neil has a bachelor’s degree in financial science from New York University Stan Business School.After graduating, he was engaged in investment banking and later joined a number of cryptocurrency venture capital companies.In January 2022, Neil joined APTOS as a founding member and has been the head of an ecosystem.

SASHA Spiegelman -Research Director: SASHA has a bachelor’s degree in electrical engineering and distributed systems of Electric Engineering and distributed system.After graduating, he joined VMware to engage in blockchain research.In 2020, SASHA joined Novi Financial as a senior blockchain researcher.In February 2022, after NOVI’s pilot plan, SASHA chose to join APTOS and become a founding member, and has been a research director.

ZEKUN Li -Blockchain head: Zekun has a bachelor’s degree in computer science from Fudan University and a master’s degree in computer science from the University of Southern California.After graduating, he joined Instagram as a software engineer, and later joined Meta (DIEM) in 2018 as a senior software engineer.In February 2022, after DIEM and Novi’s pilot plan, ZEKUN chose to join Aptos and became the founding member, and has been the head of the blockchain.

ASHA Dakshinamoorthy -Products: ASHA has a bachelor’s degree in quantitative financial degree in McCubs Business School, Texas.After graduation, she served as a consultant in Deloitte.In 2017, ASHA joined the development team behind Metamask Consensys as the person in charge of the product.In 2019, ASHA joined the white standard software company AlphaPoint as a product director.Later in the same year, she switched to a security token service provider TEMPLUM Inc., which also served as a product director.In June 2022, ASHA joined APTOS Labs as the person in charge of the product and has been holding the position.

It can be seen that DIEM (formerly known as libra) and Novi developed by Aptos and Meta have deep roots.After Meta was forced to abandon the blockchain business, several core members of the original development team chose to create APTOS.In a sense, APTOS can be regarded as one of the inheritors of the Meta blockchain heritage.As one of the leading software development companies, Meta has a strong talent reserve, with excellent academic background and reliable technical development capabilities.With the continuous growth of APTOS, its development will receive solid team support.

2.2 fundraising

As of November 7, 2024, APTOS has gone through six rounds of financing.Prior to the launch of the main network in 2022, APTOS received $ 350 million in funds for $ 2.75 billion.Since then, it has completed four rounds of strategic financing, and the amount has not been made public.Its investors are top -level cryptocurrency venture capital companies, such as Binance Laboratory, Dragonfly Capital, A16Z, Multicoin Capital, Circle and Coinbase Ventures.The latest round of financing ended on September 19, 2024.Therefore, the APTOS team is expected to have sufficient funds now.

2.3 code

Figure 2 1 Submitted number created in the Aptos repository [3]

The source code of APTOS is open on GitHub.Figure 2-1 and 2-2 show that the active code author has a maximum of about 70 (currently about 50 people), and they have created 40,233 submission in the APTOS repository.Development activities surged in the third quarter of 2022, the third quarter of 2023, and the second quarter of 2024. At that time, the team focused on the introduction of the incentive test network and the main network, the MOVE language and the new chain identity solution, and the new alternative assets.Development of standards and Raptr consensus protocols.Overall, APTOS has maintained a stable development speed without any obvious signs of stagnation.Therefore, it is expected that APTOS will continue to show strong technological development potential in the future.

2.4 Products and Technology

Aptos is a blockchain that designed to introduce mainstream applications into a decentralized ecosystem by providing scalability, security, reliability, and upgradeability.The Aptos blockchain aims to introduce Web3 to the mainstream and use decentralized application ecosystems to solve practical problems.According to its principles and vision, APTOS has made a unique design in terms of consensus algorithms, smart contracts, network security, performance and decentralization.

2.4.1 Vision and technical architecture

APTOS aims to build a scalable, safe, reliable and upgraded smart contract platform, which implicitly solve the “three dilemma of blockchain”.”Blockchain Three Dilemma” was proposed by Vitalik Buterin, the founder of Ethereum, that he believes that the three dilemma of the blockchain contains three attributes: decentralization, security and scalability.The main idea of the three dilemma of the blockchain is that by using the so -called simple methods, the blockchain cannot achieve decentralization, security and scalability at the same time.

For example, Ethereum and Bitcoin sacrificed decentralization to pursue scalability and security.The next -generation public chain (such as Solana) is preferentially considered scalability, and at the same time sacrifices decentralization and security.In contrast, according to the APTOS white paper and its blog articles, its design takes into account scalability, security, reliability and upgrade, but it does not specifically refer to decentralization.Therefore, this means that APTOS chooses to prioritize scalability and performance at the cost of sacrificing decentralization.

According to the APTOS white paper, the APTOS blockchain is based on the following core design principles:
1) Through new smart contract programming language MOVE, fast and safe implementation and simple audit and mechanical analysis.2
) Make high throughput and low delay through batch, assembly lines and parallel transaction processing methods.3
) The new parallel transaction processing is implemented through Block-STM, which effectively supports the atomicity of any complex transaction.4
) Optimize performance and decentralization through the rotation and reputation of the rotation and reputation through the fast equity and the reputation.5
) Upgrade and configurable as a first -class design principle to cover new use cases and latest technologies.6
) Modular design, realizing strict component -level testing and appropriate threat modeling and seamless deployment.

We will then study the core technologies used by APTOS.

2.4.2 Move language

In 2021, the article of the DIEM engineering team“Why Build Move”Discuss the use of programming language in the blockchain.In any blockchain, the role of the selected language is to provide accurate representations of state and conversion.Status: 1) What is the value of assets?2) Where is the asset storage?3) Who has the ownership of assets?; 1) Who can create/destroy/mobile assets?2) What state conversion is allowed?3) What are the rules of transferring assets?

In addition, due to the inherent characteristics of the blockchain, if any programming language wants to be suitable for blockchain, it must be certain, seal, and measurement:
Determination: Blockchain uses status machine replication (SMR) method, so the programming language must ensure the certainty to ensure that the verification device can maintain status consistency.For example, in the C language, the lack of memory security cannot stand, and language like Java allows the use of unspecified semantics -this makes these two languages not suitable for safely expressing the status conversion of the SMR method.Essence
Sealing: Because it is necessary to maintain the preservation of the blockchain, it is important to strictly restrict the input of transaction execution.In the blockchain, the program can only accept inputs from global or current transactions.Any reference to the external source will endanger the ability to form consensus, because this may return different values for different verifications.
Measurement: In order to ensure that the network continues to deal with transactions, it is necessary to assign a resource consumption limit for each state conversion.If there is no definition boundary, the network may stagnate in the trading that runs for a long time or does not end.This is the driving force of the GAS function in many blockchain. It limits the running time of each individual program and ended in exceeding the limit.This metering function is almost not the built -in components of the universal language, so special programming languages are needed to provide metering functions for the blockchain.

In order to keep the execution of the transaction on the APTOS blockchain maintained certain, seal, and measurement, ensure the security and reliable of the blockchain network, inspired by the language such as Rust”Concept.

Move is a “resource -based” language.The “resources” in MOVE are essentially objects with certain attributes. Any assets in MOVE can be represented or stored in resources with resources.In addition, Move emphasizes the scarcity of resources.The MOVE module defines the life cycle, storage and access mode of each resource.This ensures that resources such as Coin will not be generated without appropriate vouchers, they will not be paid by dual payment, nor will they disappear.

The module is a library that defines the type of structure, and the functions that operate these types are defined by the account address and module name.The module in MOVE can be a library or a program that can be created, stored, or transferred assets.Move also emphasizes “access control”.There are two types of modules in MOVE: private modules and public modules.Move ensures that only the public module function can be accessed by other modules.On the contrary, private modules cannot be accessed by other modules, and can only be mutated in the module of its definition.By distinguishing private modules and public modules, the security of MOVE has been further enhanced.In addition, the module will be grouped into a package located in the same address.The owner of the address is published on the chain as a whole, including byte code and packet metadata.Packaging data determines whether the package can be upgraded or unchanged.The owner can add new functions and resources to the package without changing the existing functions and resources, thereby enhancing the programmatic and upgradation of smart contracts.In addition to the module, Move also has a program called script, which accepts any number of parameters but does not return any content.Their main purpose is to call public modules for specific global state updates.

The design of MOVE not only allows the transaction execution of the APTOS blockchain to implement the attributes such as certainty, sealing, and measuring, but also to achieve efficient and secure transaction execution, but also facilitates the update of future code.

2.4.3 DiembFT

Consensus mechanism (also known as consensus agreement or consensus algorithm) refers to a mechanism that ensures the coordinated operation and security records of the distributed system, and is a mechanism that sorts and confirms the block (transaction) between verifications.

Different blockchains may adopt different consensus algorithms according to their goals.For example, the Bitcoin use workload certificate (POW) mechanism, miners compete to solve complex mathematical problems. The first person to solve the problem can add new blocks to the blockchain and get rewards.POW is a consensus algorithm that supports decentralization, and this process consumes a lot of computing power and energy, so it costs high and densely resource.On the other hand, the early equity proof (POS) mechanism runs the process of mining difficulties based on the tokens pledged by node operators, thereby speeding up the process of finding random numbers.The degree of decentralization of POS is lower than POW.However, by avoiding calculation problems, the POS mechanism can significantly reduce energy consumption and speed up the transaction verification process.

Today, APTOS blockchain uses the BFT consensus agreement DIEMBFT.Diembft is a production -level low -delay BFT engine developed by APTOS.It is a variant of the HotStuff consensus protocol designed for DIEM.In order to improve the efficiency, the BFT consensus mechanism only requires a specific minimum node number to effectively run.The formula for determining the minimum node required for the BFT is: n ≥ 3F + 1, where F means the maximum number of fault nodes that can tolerate the system.For example, if n = 3F+1, 1/3 nodes may suffer a Byzantine failure, and the entire system will still run normally.

In the past few years, Diembft has experienced four iterations, and the improvement is as follows:
1) Consensus in common circumstances only requires two rounds of online rounds (global round trips are usually less than 300 milliseconds).2
) Dynamic adjustments to the leaders’ reputation mechanism have dynamically adjusted the faulty verifications.The leader’s reputation mechanism on the chain will improve the verification of the block in the window and downgrade the unintentional verification.

In the BFT consensus mechanism, the leader’s rotation mechanism is usually used, that is, the leaders who elected the election propose a transaction block.However, many leaders’ rotation mechanisms do not consider the state of leaders, which means that fault nodes may be selected as leaders.If too many fault nodes are selected as leaders, it may have a negative impact on the speed and efficiency of the blockchain network.

Therefore, the DiembFT V4 introduces the status machine replication (SMR), which considers the activity and effectiveness of the node.The degree of activity means that the data of the leader is selected by the leaders through the analysis chain.If the leader is attacked, invaded, or becomes not active due to network interruption, the reputation system can ensure that new leaders quickly and reliably select.

In addition, the APTOS protocol clearly distinguishes activity and security.Regardless of whether the network cannot be accessed, or whether the non -security core is damaged to some extent, as long as the BFT honest guarantee is guaranteed, the chain will not split.The security of its consensus agreement has passed audit and formal verification.

At present, APTOS is developing the next consensus agreement. In September 2024, Alexander Spiegelman, the research director of APTOS laboratory, announced that APTOS is about to launch the next -generation BFT consensus agreement RAPTR.Realize the best theoretical latency of APTOS while achieving high TPS.Raptr is expected to be deployed in two stages.

2.4.4 block -Stm

When we describe the performance of the public chain, the two commonly used indicators are throughput and endability.The throughput refers to the number of transactions that the blockchain can process per second, and the ultimateness refers to the time from the client and submitting transactions to the other party to confirm the time measured by the transaction.

As of November 12, 2024, after the APTOS main network, the peak processing volume exceeded 12,000 transactions per second, and the daily processing volume exceeded 300 million transactions. The delay was less than 1 second.Theoretically, APTOS can achieve a maximum of 160,000 TPS.

These impressive statistics directly benefit from APTOS’s excellent transaction processing structure:
1) Separation of consensus agreements from executive pipelines: The consensus agreement reached an agreement on the proposed transaction sort.In a separate protocol, in addition to the critical paths, the verifications execute the transaction and reached an agreement on the final transaction sorting and execution results.By eliminating the mutual dependence brought by the combination of consensus and execution, higher throughput and lower delay can be achieved.Aptos Labs is committed to iterating this separation for its next agreement, which is expected to integrate into the test network later this year.

2) Block-STM parallel engine: APTOS uses an efficient, multi-thread, memory parallel execution engine block-stm.STM represents software transaction memory, which is a new method of supporting flexible transaction programming in synchronization.

On Ethereum, the Ethereum virtual machine (EVM) is a single -thread, with only one core to deal with transactions.When network activities increase, a large number of transactions will accumulate, and it takes longer to deal with them.To solve this problem, the next -generation blockchain like Solana uses multi -threaded parallel treatment.APTOS also uses a multi -threaded parallel execution engine to deal with transactions.According to the current test, in the case of low struggle, the Block-Step is 16 times faster than the order of using 32 threads.

APTOS realizes Block-Stm in Aptos open source code library with a secure RUST, and rely on Rayon, DashMap, and ArcsWap packages to achieve concurrency.In addition, it also uses an extraordinary point -to -point MOVE transaction to evaluate the system.In Figure 2-3 below, each block contains 10K pen transactions, and the number of accounts determines the level of conflict and fighting.Figure 2-3 shows that transaction throughput changes from the number of subdivided threads and the number of accounts.

Figure 2-3 Block-Stm performance at different levels of competition

As can be seen from the figure above, the transaction throughput execution is not affected by the number of threads, and it always maintains a 10,000 TPS throughput.In contrast, Block-Stm has achieved 4 times, 11 times, and 16 times acceleration of the order under 4, 16, and 32 threads.It can be seen that parallel engines have significantly increased transaction speed.With the increase of the number of users, the advantages of using 32 threads are more obvious, thereby achieving higher transaction throughput.

3) Optimized authentication data structure: One challenge is that when verifying the status of the ledger (such as account balance, smart contract, etc.), the Merkle tree in the memory is efficient at a small scale.However, it is a bottleneck to write a large Merkle tree into a long -lasting storage.Aptos is designing its certification data structure through exploring higher branches, cache and cautious version control optimized by access mode, making it friendly to the database.

2.4.5 Status synchronization

Status synchronization is an agreement that allows non -verifiers to distribute, verify and save this blockchain data, and ensure that all peers in the ecosystem are synchronized.Most blockchain today is layered structure, and a group of active authenticants are at the core of the network.Vermitters expand the blockchain by performing transactions, generating blocks, and reaching consensus.The remaining equivalent (for example, the whole node and the client) in the network copy the blockchain data generated by the verified by the verification person (eg, block and transaction).

Figure 2-4 above shows the interconnection between the verificationrs. In addition, there are non-verifier nodes responsible for various functions.In the process, the state synchronization plays a vital role in the normal operation of the blockchain.

1) Data correctness: Status synchronization is responsible for verifying the correctness of all blockchain data during synchronization.This prevents the malicious opponent and opponent in the network from modifying, reviewing or falsifying transaction data and presented it as valid.

2) User experience: When the verificationrs execute new transactions, the status is synchronized to spread the data to the peer and client.If the status is slow or unreliable, the opposite side will feel a longer transaction processing delay, which will artificially increase the final determination time.

3) Relationship with consensus: The verifications of collapse or behind other authentication sets rely on status synchronization to restore it.If the status synchronizes cannot quickly deal with transactions as the consensus executes transactions, the collapse verifications will never be recovered.In addition, the new verifications will never start to participate in consensus, and the whole node will never be able to synchronize to the latest state.

4) Impact on decentralization: Has a fast, efficient, and scalable state synchronization protocol to achieve the following goals: (i) Fast rotation of active authentica, because verificationrs can enter and exit consensus more freely; (ii)There are more potential authentication in the network to choose from; (III) More all -nodes can be launched quickly without waiting for a long time; (IV) reducing resource demand and increasing heterogeneity.All these factors increase the decentralization of the network and help expand the scale and regional range of the blockchain.

In order to achieve a more efficient state synchronization, APTOS has taken the following measures:
1) Support a series of different status synchronization protocols to weigh the CPU and network bandwidth.Nodes can choose the most suitable protocol according to your needs, so as to encourage more nodes to join the APTOS network.

2) In order to support cheap whole nodes, APTOS has an agreement that can synchronize the transaction and execution results signed by the legal number verificationer. This protocol allows the nodeUpdate the ledger status in the execution results.

3) The client can use top -level trading cumulators to obtain the latest submitted transactions without having to download the blockchain like most blockchain to get the latest ledger.If necessary, this also allows the previous transactions and ledger historical records at low cost.

By achieving status synchronization, APTOS increased throughput by 10 times and delayed by 3 times.In addition, the current peer nodes in APTOS can be delayed and synchronized by more than 10K TPS in the sub -seconds.

2.4.6 Security design

The Aptos blockchain aims to introduce Web3 to the mainstream and solve practical problems through decentralized application ecosystems.In order to cover billions of Internet users, the web3 user experience must be safe.In view of the frequent fraud in the blockchain field, measures need to be taken to improve the security of user transactions:

1) Transaction feasibility protection

Signing a transaction means that the signing of the signing of the blockchain is submitted and executed.Sometimes, users may inadvertently sign the transaction, or do not fully consider all the ways they may be manipulated.In order to reduce this risk, the APTOS blockchain limits the feasibility of each transaction and protects the signing of the signing of the effect of unlimited effectiveness.The APTOS blockchain currently provides three different protection measures -the sequence number, transaction expiration time, and the specified chain identification symbol of the sender.

For each sender’s account, the serial number of the transaction can only be submitted once.Therefore, the sender can observe that if the serial number of the current account serial number ≥ trading T, T has been submitted or t will never be submitted (because the serial number used by T has been used by another transaction).

The blockchain time is advanced at high accuracy and high frequency (usually sub -seconds). If the blockchain time exceeds the expiration time of the transaction T, then the same, either T has been submitted or T will never be submitted.

Each transaction has a specified chain label to prevent malicious entities from replay transactions between different blockchain environments.

2) Key rotation and hybrid custody mode

The Aptos account supports key rotation, which is an important feature that helps reduce the risks related to the future progress of private key leakage, remote attacks, and future progress that may damage existing encryption algorithms.In addition, the APTOS account has sufficient flexibility to achieve a new hybrid custody mode.In such a model, users can entrust the ability to rotate account private keys to one or more custodians and other trusted entities.Then, the MOVE module can define a strategy to authorize these trusted entities to change the key under certain circumstances.For example, these entities may be represented by many K-OUT-N multiple signature keys held by many trusted parties and provide key recovery services to prevent user keys from being lost.In addition, although many wallets support various key recovery schemes, such as backup private keys into cloud infrastructure, multi -party computing and social recovery, they are usually achieved without blockchain support.In contrast, supporting key management functions in the APTOS blockchain layer can realize the complete transparency of all operations related to the key.

3) Before signing the transaction transparency

Today, the transactions signed by wallets are almost opaque.Therefore, users are often easily tricked to sign malicious transactions, thus stealing funds and causing catastrophic consequences.

To solve this problem, the APTOS ecosystem provides transaction pre -execution services: this is a preventive measure, which describes the transaction results to users in the form of humans before signing a transaction.In addition, APTOS also allows wallets to specify the restrictions of transactions during execution.Violations of these restrictions will cause transaction to be suspended, thereby further protecting users from malicious applications or social engineering attacks.

Through these security designs, APTOS can provide users with a safer blockchain usage environment.

Summary:

From the perspective of product and technology, APTOS is committed to creating a smart contract platform for scalable, secure, reliable, and upgraded.MOVE programming language, DiembFT consensus algorithm, Block-STM parallel execution engine, and efficient node synchronization scheme is a decentralized foundation for APTOS to build a safe, scalable and upgraded Web3 environment.While focusing on scalability and security, Aptos has also made some choices in decentralization.Although the number of network nodes is small, the threshold entry is high, and there is a centralized risk, the performance advantages of APTOS are obvious.After the main network is launched, the APTOS transaction processing speed exceeds 12,000/s, and the peak daily transaction processing speed exceeds 300 million, and the delay is less than 1 second. There has never been a delay or network downtime.sex.In addition, in terms of transaction costs, APTOS has greatly reduced the user’s GAS costs, providing greater space for the development of DEFI and other sectors in the ecology.

3. Develop trajectory

3.1 Milestone that has been implemented

Table 3-1 Milestone implemented by APTOS implementation

3.2 Status situation

3.2.1 Key indicators

According to Dune Analytics, as of 10:00 am on November 11, 2024, 33,671,757 active addresses and 1,909,381,503 transactions were on Aptos.In the past 30 days, the number of active addresses was 8,184,230, accounting for about 24.30%of the total address.Since the beginning of 2024, the number of active addresses has reached 25,084,036, accounting for about 74.50%of the total.These data indicate that the user retention rate of APTOS is very high, indicating that users’ participation and active participation in their ecosystems are high.Since the launch of the main network in October 2022, APTOS’s network usage has been steadily increasing.It is worth noting that in the fourth quarter of 2024, the number of daily active addresses increased significantly, and the number of transactions also showed a similar upward trend.In addition, due to the popularity of some ecological projects (such as blockchain games), APTOS’s transaction volume in 2024 appeared twice, once in May and the other in August.On August 15, 2024, the daily transaction volume reached 326,972,362, setting a record of maximum daily transaction volume on Layer 1 by APTOS.The peak throughput is close to 13,000 TPS.Despite the surge in transaction volume, the APTOS network has not been delayed in terms of outlets, proving that it has excellent network performance in parallel processing a large number of transactions.

3.2.2 ecosystem

As the first floor blockchain, APTOS benefits from excellent network performance and cultivated a fascinating ecosystem.

As of November 11, 2024, 192 projects have been built on Aptos, covering 16 vertical fields, including 49 Defi projects, 48 infrastructure projects, 28 encrypted wallet projects, 25 game projects, 18 social projects, 18 social projectsThere are 16 NFT tool projects, including a number of well -known projects that have attracted much attention from the market.From the perspective of the number of projects in these areas, the APTOS ecosystem is still in the early stage of development. At present, the focus is on the construction of infrastructure.With the development of ecosystems, more projects and use cases are expected, and the ecosystem will have greater growth potential.

APTOS has been actively promoting cooperation and support with ecological projects, providing new version of MOVE language, new code compiler, code formatting program, development kit, new version of APTOS token standards, new version of wallet accessories standards, etc. to help the development of the APTOS ecosystemThe team can better play its own unique advantages.

In addition, the APTOS Foundation also launched the APTOS funding plan and APTOS code collision hacker marathon.There are currently four categories to apply for the funding plan: “Original Creative”, “Creative Speaker”, “No GAS Transaction” and “Strengthening Defense” to help the development team transform their ideas from scratch into blockchain projects.Realize monetization.As of November 2024, more than 200 funding institutions have received funding, such as Thala Labs, Pontem Wallet, Merkle Trade, Mercato, WAPAL and APTOS ARNA.

In addition to actively cultivating the ecology, APTOS has accumulated the rich resources accumulated by core members (both employees of Meta). It also has the world with Amazon, Alibaba, Google, NBCUNIVERSAL, Microsoft, Brevan Howard, SK Telecom, Boston Consulting Group, and Lotte in Korea.Internet companies and web2 companies have maintained close cooperative relationships and have established good relations with US regulators.In June 2024, CFTC appointed APTOS co -founder and CEO Mo Shaikh as members of its Digital Assets Group Committee.

3.2.3 Community

As of November 11, 2024, APTOS has a huge community. Its Twitter fans are very active and like to reply to the tweets released by Aptos;Growth and $ APT token economics model.The APTOS Forum is also very active. Discussing mainly focuses on the current status of the APTOS protocol, the upcoming technology upgrade and its future development direction.

3.3 route map

Aptos has not disclosed the detailed roadmap.According to its team members’ response in the community, there is no plan to release a roadmap recently.However, they will continue to provide real -time updates for the development of relevant agreements through community channels.

At present, the development of APTOS blockchain has been basically completed.In the future, the focus may be turned to the network upgrade.The main direction of APTOS’s future development may focus on the development of ecosystems and strengthening partnerships.

Summary:

4. Tokens

4.1 Supply

4.1.1 $ APT allocation

APTOS’s native token is $ APT, which is an inflation tokens that was launched on the main network in October 2022.The initial total supply is 1,000,000,000.Initially, the annual inflation rate of $ APT was 7%, and this ratio gradually declined over time, until 50 years later reached a minimum of 3.25%.These newly cast tokens will be used to reward the current and future node operators and $ APT pledges to maintain a good network.As of November 11, 2024, the total supply of $ APT was 1,125,360,719, of which 520,057,351 had invested in circulation, accounting for 46.2%of the total supply.

The distribution schedule of community and APTOS Foundation

The distribution of communities (51.02%) and foundation (16.5%) is used for projects related to ecosystems, such as gifts, rewards and other community development plans.Some tokens have been assigned to projects based on the APTOS protocol and will be awarded after completing some milestones.Most of these tokens (410,217,359.767) are held by the APTOS Foundation, and a small part (100,000,000) is held by the APTOS laboratory.These tokens are expected to be distributed within ten years:
1) 125,000,000 $ APT can be used to support ecosystem projects, gifts and other community development plans in community categories;
2) 5,000,000 $ APT can be used to support the APTOS Foundation Plan in the Foundation Category;
3) It is expected that within the next 10 years, the 1/120 of the remaining tokens of the community and the foundation will be unlocked every month.

Core contributors and investors’ distribution timetable

The distribution of core contributors (19%) and investors (13.48%) is constrained by the four -year lock plan. If it is applicable, it does not include pledge rewards. Starting from the main network, unlock according to the following timetable:
1) There is no $ APT available in the first twelve months;
2) The 13th month after the start of the main network and the next month after the start of the main network, until the 18th month;
3) Starting from the 19th month after the main network starts, unlocks 1/48 tokens per month so that all such tokens are unlocked at the four months of the main network.

It should be noted that, according to the estimated $ APT supply plan, the unlocked (that is, the distribution tokens) and the lock (uniplied) tokens can be pledged.Therefore, most tokens on the Internet are pledged.

According to Figure 4-1, more than 50% of the initial supply flows to the community.However, most tokens are still held by the foundation to promote the development of the ecosystem.In addition, because the tokens that are locked and unlocked can be pledged, and the $ APT pledgers can get a part of the newly cast $ APT token, so the percentage of the community distribution accounting for the total supply of $ APT will gradually decrease.Overall, the $ APT tokens are now distributed in a fairly concentrated manner (mainly held by the foundation), which may challenge the future participation of smaller token holders to participate in the ecosystem in the future.

4.2 practicality

$ APT, as a practical governance token of APTOS, has the following examples:
1) APTOS network adopts a POS consensus algorithm. Among them, the verifier needs to have the minimum requirements for pledged $ APT token to participate in transaction verification and obtain block rewards.2
) As a participant in the APTOS ecosystem, once users pledge $ APT tokens, they can vote for governance proposals. These proposals include decisions related to network parameters, marketing strategies, ecosystem development and technological upgrades.3
) Users must pay the transaction fee at $ APT on the APTOS blockchain.4
) Used to reward ecosystem participants and community contributors.

4.2.1 node network

The APTOS consensus mechanism uses POS combined with its unique BFT consensus protocol to deal with transactions by the verificationrs.

The APTOS blockchain area is divided into two types of full nodes: verification device nodes and full nodes.Although these two types of nodes share the same code, their roles and responsibilities are different.The whole node copies the entire state of the blockchain by synchronizing the upstream participants (such as other all -nodes or verifications nodes).In addition, they directly connect to the verification machine node and provide scalability and DDOS relief.However, the whole node does not participate in the consensus, and any third -party blockchain browser, wallet, exchange and DAPP can run local nodes.When the transaction is submitted to the APTOS blockchain, the verification device node runs a distributed consensus agreement, executes transactions, and stores the transaction and execution results on the blockchain.Users must pledge the minimum amount required to join the authentication set.In addition, they can only pledge the maximum pledge amount.The current minimum requirement is 1 million $ APT token, with a maximum of 50 million $ APT tokens.

As of November 12, 2024, the APTOS network had 150 verification nodes and operated 47 cities in 23 countries.They pledged 909,136,163 US dollars, accounting for 80.78%of the initial total supply.It can be seen that APTOS still has a small amount of verification nodes, which may bring centralized risks.But they operate globally to a certain extent ensure the security of the APTOS network.

4.2.2 Entrusted pledge

In April 2023, APTOS launched the entrusted pledge function, which is a new feature that allows users to get pledge rewards without the need to serve as verifications of blockchain transactions.In addition, it also enhances the decentralization and security of the network.

Participants can pledge $ APT in Aptos Explorer.After opening the verification device interface (Figure 4-4), the user can click the “Entrust Node” to browse the drop-down list, which shows the active verification device node and its detailed information, such as the commission amount, the number of clients, the commission and the reward obtained.If the $ APT token holder click the button on the left side of the pledge pond address, they will be able to view more detailed information about the pledged pool.This includes composite rewards (represents APR generated by pledged $ APT), the amount of rewards, reward performances obtained by the pledged pool so far.At present, the compound rewards obtained by pledge to different pledge pools are about 7% APR.$ APT holders can make wise decisions and choose to entrust the token to which verification device node.Once they choose the preferred verification device, they can click on the “pledged” button on the right to continue the pledge process.

In addition, users can choose from multiple pledge interface created by APTOS partners (such as wallets and pledges).In this way, they can receive more DEFI operations.APTOS partners who create pledges include Tortuga, Ditto, Thala, etc.

4.2.3 Governance

By pledged $ APT, members of the APTOS community can create a proposal and vote.

At present, to create a proposal, the minimum amount required for pledge is 1 million $ APT tokens.In addition, the pledged token must be locked for 14 days and locks after the 3 -day vote period.However, any participants who pledge $ APT to tokens can vote for governance proposals.Once the $ APT tokens are pledged, the pledker will receive a voter key. The key represents the voting right of token holder and can be used for voting, stored by the custodian or entrusting to other voters.The right to vote is calculated based on the active pledge of the current period of supporters or voters to support the pledge pool.

On the APTOS public blockchain, there are not many agreements that can be made through governance and voting, and most of them are upgraded around technology.The following describes the scope of governance proposals on the Aptos chain:
1) Change the number of blockchain parameters, for example, the duration of EPOCH, and the minimum and highest equity required by the verified as the verification.2
) Change the core blockchain code.3
) Upgrade the APTOS framework module to repair errors or add or enhance the APTOS blockchain function.4
) Deploy a new framework module.

As of November 12, 2024, a total of 116 governance proposals were submitted on Aptos Governance, of which 1 proposal was currently in the voting stage. The number of 7 proposals failed due to insufficient votes.Creation for Sponsored Transaction was initially rejected, but later submitted and approved), 107 proposals have been passed and executed on the chain.

So far, APTOS[12]Some of the most important governance proposals include increasing block GAS limit to increase the increasing concurrency, enable multiple signature preface inspections, reduce pledge locking time and time of governance voting, reduce the annual return rate, enable payable payers, enable entrustment pledge, implementationThe pledge reward is reduced, the keyless account is enabled, and the storage format is changed.It can be seen that most governance proposals revolves around the threshold for improving the network performance of APTOS, enriching the use scenario of the APTOS ecosystem, and reducing the threshold for submission/voting proposals.

Summary:

5. Industry analysis

5.1 Industry Overview

Aptos operates in the field of public blockchain.

As the core infrastructure of the blockchain field, the public chain has a huge development space, and it has also attracted more and more users and funds to join, and the competition between the public chain is very fierce.The development of the public chain can be roughly divided into three stages:
In the first stage (2008-2013), since Satoshi Nakamoto released the Bitcoin White Paper, Bitcoin quickly became popular.Dai Gong Chain.
In the second stage (2014-2017), Ethereum is the first blockchain that supports Turing’s complete smart contracts and DAPP. In addition, the launch of NFT projects such as CryptoKitties allows users to see the landing scene of the blockchain.Ethereum has flourished ecology with its strong first -mover advantage. During this period, public chains such as Neo, QTUM, EOS were born.
The third stage (2018 -to now): Various consensus algorithms and verification mechanisms have led to the launch of many high -performance, low -cost public chains, including BSC, Solana, Avalanche, etc.

At this stage, there are three main trends: 1) Different Ethereum Layer 2 solutions are continuously launched; 2) use new technology to develop single blockchain, such as APTOS and SUI;Such as privacy blockchain, modular blockchain.

The essence of the public chain can be analyzed from the following three perspectives:
1) Consensus algorithm, determine whether the blockchain is decentralized and anti -review.The consensus algorithm of the public chain determines the security of its network.Users tend to lock funds on the blockchain they think they think, such as Bitcoin or Ethereum, rather than Bitcoin cash or Ledcoin.How to design an efficient consensus algorithm is a major challenge facing most public chains, and the consensus mechanism also determines its core competitiveness.For example, although EOS was as famous as Ethereum for a while, it was eventually out of love due to the serious centralization of the node.2
) Technical architecture, whether the public chain can achieve high performance.This revolves around the dilemma of the blockchain proposed by the founder of Ethereum Vitalik Buterin.He believes that the dilemma of the blockchain includes three attributes: decentralization, security and scalability.The main idea of the three dilemma of the blockchain is that through the so -called simple methods, the blockchain cannot achieve decentralization, security and scalability at the same time.For example, Ethereum and Bitcoin sacrifice decentralization to pursue scalability and security.The next -generation public chain (such as Solana) is preferentially considered scalability, and at the same time sacrifices decentralization and security.3
) Ecological prosperity, whether the public chain can absorb a large number of developers to build and deploy agreements on the blockchain to cultivate an attractive ecology.The public chain is only part of the infrastructure, and a large number of developers, ecological projects and users need to help them get value.The more developers, the more prosperous the ecology, and the more active users, the significantly increased marginal income.

The public chain industry has gone through several bull bears, blockchain technology has also evolved, and people’s demand and understanding of the public chain are becoming clearer and clearer.The consensus algorithm and performance of the public chain are the root of ecological prosperity, and ecological prosperity is the fruit of the root.An excellent public chain must be strong enough to produce good results. At the same time, these results must be excellent enough to get market recognition.

5.2 Comparison of competitors

At present, the competition between the public chain is quite fierce. At present, Ethereum’s position in the public chain field is still unavailable. At the same time, through ETH 2.0 upgrades and Layer 2 solutions, we strive to improve network efficiency and scalability.In the next generation of blockchain, Solana and BSC also absorbed many excellent development teams with their respective advantages and have a huge user base.In addition, in the blockchain developed by former META employees, SUI launched the main network in May 2023, and Linera is still actively developing.In contrast, APTOS is online than SUI and Linera earlier, and has obtained the first -mover advantage to cultivate a powerful ecosystem.

In order to better understand the competitive pattern of the public chain field where APTOS is located, we will choose the following three blockchain for comparison:

Ethereum: A decentralized open source blockchain platform allows developers to build and deploy DAPP and smart contracts.Ethereum was established in 2014. It introduces the concept of complete and smart contracts, which brings programmability to the blockchain and supports the development of DAPP on the platform.With the most developers and the most prosperous ecosystems, Ethereum is likely to continue to become a powerful competitor to any blockchain in the short term.Using Ethereum as the benchmark helps us better evaluate the fundamentals and competitive patterns of APTOS in the field of public blockchain.

Solana: High -performance blockchain, peak throughput can reach 100,000 TPS.Founded in 2017, Solana has developed 8 key technologies: historical proof (POH), TOWERBFT (PBFT’s POH optimized version), Turbine (block communication agreement), Gulf Stream, Sealevel (time parallel smart contract operation), pipline,CloudBream (horizontal extension account database) and Archivers (distributed ledger storage).By using these technologies, Solana has significantly improved network performance and has obtained a strong competitive advantage relative to other next -generation blockchain.After recovering from a challenging bear market, Solana proved its toughness and value, making it a strong competitor with Ethereum’s competitive potential.Solana is one of the main competitors of APTOS.

SUI: The Mysten Labs behind SUI is founded by the main executives of Meta’s NOVI Research and chief architects of DIEM blockchain and MOVE programming language.In addition, it also received the support of strong venture capitals such as A16Z, FTX Ventures and Jump Crypto.The SUI aims to build a high -performance, low -delay blockchain.SUI and Aptos have great similarities in many aspects.For example, both APTOS and Sui use RUST -based programming language MOVE for parallel execution.Therefore, SUI is the most direct competitor of APTOS.

In Table 5-1, we will compare these blockchains from different angles (such as teams, funds, consensus, network performance, node distribution, ecosystems and FDV).

From the perspective of teams and funds, although the next -generation blockchain such as APTOS and SUI has major technological innovation and potential, Ethereum and Solana have huge advantages in early pioneers in the blockchain field.

At present, Ethereum’s performance in network performance is not as good as Solana, Aptos, and SUI, which is also a prominent problem that has existed in recent years.However, through the development of its second -level solution and sharding design, Ethereum has gradually met the needs of some projects.However, it is still far from being able to meet the needs of DAPP that requires low -delay processing to process a large number of transactions.When comparing Solana and SUI and APTOS, there is no obvious performance advantage.However, APTOS is currently better than the stability of a large number of transactions in parallel, which will help the growth of its ecosystem projects.

From the perspective of node distribution, after Ethereum transitions to the POS consensus mechanism, the number of verifications has surged. At present, more than 1 million verificationrs are running, becoming the most centralized L1 blockchain.In contrast, the number of authenticants of Solana decreased significantly.Moreover, the performance of leaders to a large extent determines whether the network can successfully reach consensus, which means that if the leader is attacked or offline, it may endanger the security of the entire network.Both APTOS and SUI are still in the early development phase. The verifications have a higher threshold and introduced a certain centralized risk.

From the perspective of ecological patterns, Ethereum and Solana lead the trend in the infrastructure of liquidity pledge and DAPP ecology for users, respectively.In contrast, APTOS and SUI still lag far behind the previous two in terms of ecological prosperity.However, compared with APTOS and SUI, APTOS has certain advantages. At present, it focuses on infrastructure construction, showing significant growth potential in the future.

In terms of FDV, compared with APTOS and SUI, we believe that APTOS’s FDV may be underestimated. As the Aptos ecosystem continues to grow, if APTOS can hatch some projects that can attract market attention and popularity, APTOS will have huge growth potential in the future.

Summary:

6. Risk

1) Competitive risk: APTOS, SUI, and LINERA are all blockchain projects developed by former META employees. The three have great similarities in teams, technology, investors, etc. Thereforefierce.

2) Central risk: According to APTOS white paper and blog posts, the design of APTOS fully considers scalability, security, reliability, and upgraded, but it does not specifically mention decentralization, which means that Aptos chooses to sacrifice and goThe centralization is at the cost of priority to consider scalability and performance.

3) High learning difficulty: MOVE language is a newer smart contract programming language that requires developers to invest time and resources for learning.In addition, it takes time and cost to deploy and migrate the agreement to APTOS.