This week, a new coin, Aptos (APT) took over the crypto market with the prices reaching a high of 20.73%, according to CoinMarketCap. What is this token and why is everyone investing their money in it, here’s all you need to know:
What is Aptos (APT)?
Aptos is basically a layer-1 protocol created by Aptos Labs, a company founded by the main contributors of Diem. The blockchain instantly gained attention because of its team; after all, Diem is Meta’s creation.
Developed by a team of 350 developers, Aptos utilizes the Proof-of-Stake mechanism for scalability, reliability, and secure transactions while reducing carbon consumption power. The model requires validators to hold a certain amount of staked APT to approve transactions.
Some of the important points to note about Aptos are:
- It uses Move language for its smart contract. Move is a new language for smart contracts that ensure safer transactions.
- Its Data Model allows flexibility in key management and facilitates hybrid custodial.
- It is built on the state of the ledger where any individual or developer can modify the ledger for transactions
- The parallel structure prevents clogging between accounts and data, maintaining fast transactions.
APT coin rises to an all-time high following the launch
After the Aptos team launched the layer-1 blockchain with a single ledger state, APT prices peaked at an all-time high. Traders and investors seem very bullish about this protocol; some even call it the “Solana Killer” because of its advanced module and infrastructure.
Currently, APT is trading at $8.80 with a market cap of $1.14B, according to CoinMarketCap. Although the prices have dropped in the last 24 hours, the performance of the coin remains quite strong considering that it’s a new coin.
Based on the 7D chart above, the prices saw a rise on October 22 at $8.231 and have been constantly climbing since then. Despite the bear market, traders are actively investing in APT because of its promising future.
According to the whitepaper, Aptos plans to achieve a multiple ledger state and is also actively experimenting to expand the “individual validator performance” in a simpler form that’s easy to use for operators as well.
For more information on Aptos (APT) see the whitepaper.