According to Vitalik Buterin, co-founder of the Ethereum network, the blockchain trilemma consists of three core elements that every blockchain should have: decentralization, security, and scalability.
It is common to see blockchains offering one or two of these elements. Nonetheless, there is hardly any blockchain that has successfully achieved all three. Ethereum 1.0, for example, has achieved significant success in terms of decentralization and security but struggles with scalability.
Most blockchains have failed to solve their scalability issues over time, which means that their capacity does not scale with increased network activity. Many of these blockchains resort to developing concepts and theories to address scalability issues, which eventually collapse as network activity increases.
Solana, for example, has previously failed on multiple occasions, most notably when a popular platform was hosting its Token Generation Event (TGE) on it.
There are various newer generations of smart contract-enabled blockchains that enable developers to create decentralized apps with a variety of functionalities, such as Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), Decentralized Autonomous Organizations (DAOs), GameFi platforms, and many more.
These chains provide scalable solutions that make it easier for developers to deploy smart contracts into the network and for the average user to use the chain’s various decentralized apps without worrying about the consequences of congestion.
The Aptos blockchain is a new and exciting Layer 1 network that has the potential to solve the blockchain trilemma by implementing the core elements without sacrificing one for the others.
Although the project is still in its early stages, positive reactions and visible support from the crypto community have given it significant traction.
It would be interesting to delve deeper into the intricacies of this project; perhaps gaining a better understanding of its complexities would provide more insight into its potential to be revolutionary and achieve resounding success in the blockchain ecosystem.
This article examines the Aptos blockchain, its history, brilliant underlying technology, and features.
What is the Aptos blockchain?
Aptos joins the ranks of the latest Layer 1 blockchains attempting to solve the blockchain trilemma of scalability, decentralization, and security. This chain employs a parallel execution system developed by the founders while working on Diem.
The Aptos founders decided to build the blockchain using Move, a Rust-based programming language initially designed for the now-defunct Diem project.
Aptos, a highly scalable Layer 1 blockchain, announced that it achieved an incredible 130,000 transactions per second (TPS) during its testnet.
This chain’s primary goal is to promote the widespread adoption of blockchain and the innovations built on it through unparalleled service delivery and operational efficiency.
“Our belief is that the user experience needs significant improvement in safety and scalability in order to reach the masses (especially the non-crypto natives).”
Aptos is a smart contract-enabled blockchain, meaning developers can create custom decentralized apps on the network.
Aptos: A Brief Origin Story
Aptos was founded by Avery Ching and Mo Shaik, both of whom previously worked at Meta building the now-defunct blockchain project, Diem. Avery and Mo are creating a somewhat novel element that improves scalability in chains, which is the parallel execution system. The parallel execution system is a brainchild of Aptos Labs (also established by the co-founders mentioned above).
“The Aptos technology stack was researched, designed, and developed by a 30+ person crypto platform research and engineering team with domain expertise and PhDs in consensus, cryptography, distributed systems, formal verification, security, and other areas.”
Despite being a relatively new chain, it has grown in popularity in the blockchain space. Aptos has raised a total of $350M in funding over 2 rounds. Their latest funding was raised on Jul 25, 2022 from a Series A round. Some of their investors include the notable FTX, Multicoin Capital, Andreessen Horowitz, and many others.
Understanding the Aptos Blockchain Architecture
Parallel Execution System
Most blockchains, including Ethereum, utilize the sequence number mechanism, meaning that users have complete control over “transaction ordering, efficient mempool filtering, and bounded memory usage.”
A core aspect of Aptos’ architecture is the parallel execution system. Aptos is trying to be unique by allowing “account parallelism over a window of sequence numbers while still allowing users the ability to control transaction ordering when necessary.”
The Aptos chain uses parallelism to separate the transaction execution process from the consensus protocol, which is usually coupled in other blockchains. By separating them, they can operate independently of one another, increasing scalability and transaction speed.
State Management
Most blockchains require every node in a network to download the updated ledger, which can slow down throughput. To ensure that the validation process is efficient without sacrificing security, the network does not incorporate the CPU-intensive traditional state synchronization system, which is available in most chains. Aptos instead intends to use a system that synchronizes “transactions and their executed results, signed by a quorum of validators.”
This means that not every node is expected to participate in the verification of a transaction; instead, they are updated with the ledger state.
Execution Mechanism
Aptos employs the Block-STM mechanism, which allows for parallel execution in this network. It is a parallel execution engine that is designed for smart contracts. Traditional networks typically expect transactions to be executed sequentially, meaning a failed transaction could temporarily disrupt network operation. This could worsen network congestion.
The Block-STM technology nips this problem in the bud by allowing transactions to be executed simultaneously while the verification process is carried out later. This means that if a transaction fails, it does not affect the processing of other transactions since everything is done simultaneously. Failed transactions are re-executed.
The validation process is another function of Block-STM technology. When a transaction is executed, it is recorded in a “read-set and write-set.” During the validation period, the memory locations stored in the read-set are analyzed and compared against other versions available in the read-set.
Rotation of Privacy Keys
Individuals may encounter difficulties in the blockchain-crypto space if they lose their private keys.
On the Aptos network, accounts can rotate their keys. This novel feature was created in response to the recurring issue of funds being locked up when people lose their keys or die. Validators can also rotate their consensus keys, reducing the risk of a security breach.
Programming Language
Move is the programming language used in the Aptos blockchain and serves as the foundation for the network’s parallel execution system. According to an article by Aptos, “the Move language is designed for safe resource management and verifiable execution on a blockchain.”
Move, and Rust are the core languages used to implement smart contract logic in this network.
BFT consensus protocol
Aptos employs a production-grade, low latency Byzantine Fault Tolerant (BFT) engine with the goal of achieving zero downtime. The development team accomplished this by incorporating an active pacemaker that “used timeouts to synchronize validators much more quickly than waiting for increasing timeouts.”
This feature aims to improve network efficiency by allowing blocks to be “committed in as few as two network round-trips, making sub-second finality the common case.”
Aptos Blockchain Roadmap
The buzz surrounding the project suggests that many members of the crypto community are anticipating the launch of the Aptos blockchain.
The development team stated that the mainnet version would be released “as soon as possible.”
The team also promised to host promotional events such as hackathons and bug bounties to increase community participation.
Here’s a summarized outline of the Aptos roadmap:
2022 Q1 (March 15th) — Developer testnet launch
- Work with strategic partners and the web3 developer community to gather feedback and make improvements with respect to the Move developer experience and Move language
2022 Q2 — Incentivized testnet launch
- A larger and mainnet-like test playground for strategic partners and web3 developers to build
- Work with the node operator community to onboard and build expertise on operating the decentralized network together
- Start a bug bounty to improve the developer experience, node operations, and address infrastructure issues
- Provide incentive alignment for all participants that help secure the network
2022 Q3 — Mainnet launch
2022 Q4–2023 Q1 — Deploy the next major release to Aptos mainnet with the next set of significant features
In Conclusion,
- Aptos joins the ranks of new Layer 1 blockchains trying to solve the blockchain trilemma of scalability, decentralization, and security.
- This chain utilizes a parallel execution system.
- The Aptos chain uses parallelism to segregate the transaction execution process from the consensus protocol, which is usually coupled in other blockchains.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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