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The eagerly awaited blockchain from ex-Facebook employees had a bumpy start.
The much-anticipated blockchain called Aptos, which was created by young geniuses from Silicon Valley, has become this week’s crypto joke. People claimed that the project wasn’t appropriate after its rough (and harshly criticized) premiere on Monday.
In its first 24 hours of trading, its token, APT, fell by approximately 50%, and the crypto network, which advertises a maximum transaction count of 100,000, initially only processed four transactions per second. At the time of writing, the project, which had prelaunch private funding rounds valued at $2 billion, has a $959 million market valuation. Do those data points make you cringe or do you laugh? I suppose it depends on how big your bag is.
At CoinDesk’s first-ever I.D.E.A.S conference this week, we spoke with a few industry professionals and got the impression that some were hoping the project would fail. While Aptos may present some technology advancements that should be commercialized, it also exemplifies the insider-first approach to cryptocurrency development that is incompatible with the principles of cryptocurrency.
Ambitions of scale
Current blockchains “simply aren’t as stable as conventional financial rails, we’ve witnessed issues with downtime and outages that extend for hours,” according to Aptos CTO Avery Ching in a blog post.
In a long line of layer-1 blockchain networks that have entered the market, Aptos is the most recent. The Move programming language and the Move virtual machine, which were developed and optimized for blockchain use cases, are utilized by the blockchain for application development.
The layer-1 blockchain asserts that it can process 130,000 transactions per second. Engineers claim that it is not even close to the Bitcoin (CRYPTO: BTC) network in terms of speed, though it is still far from that.
The issue was…
