New Blockchain Stumbles at Launch

Aptos: Heartbreaking new blockchain falters at launch amid questions about transparency

Aptos, a long-awaited Silicon Valley blockchain project featuring former Meta Platforms (NASDAQ: dead) employees, recording transactions on Tuesday. But does it live up to the hype? The contract/dApps chain is targeting Ethereum’s popularity and Solana’s traffic, although its debut has left some disappointed.

The shiny new blockchain, which originated from Facebook’s scrapped stablecoin project Dim, has raised some eyebrows after claims that it was processing only about four transactions per second on its first day. AptosThe developers responded by telling users “Hold Tight!” Saying that its main network is stable and that the flow of transactions will increase “starting from tomorrow,” creating much higher numbers as those in the ecosystem start to publish their own projects.

One Twitter Analyst (NASDAQ: TWTR) claimed that “Aptos is broken”, claiming that they were unable to find a way to log any transactions on the network nor contact authenticators. Paradigm Engineer #420 suggested that developers hide an issue and leave questions unanswered.

They also criticized Aptos tokens, stating that more than 80% of Aptos’ more than 1 billion available tokens are stored on the network. Aptos has not yet been publicly traded and no pre-sale or airdrop has taken place, which means these units belong to the development team and investors. They said the remaining 20% ​​will be “pending the dump (retail investors)” when trading on Binance and FTX is launched.

Another commentator criticized Binance and FTX for ever listing an Aptos asset, given that the total asset supply or issuance rate has not been publicly disclosed:

“How can there be a spot market if people don’t know what the emissions schedule or the total coin supply is?” they asked.

Aptos tokens are intended to use “on-chain governance” as votes on their Proof of Stake (PoS) network. Supposedly (although this is not mentioned), the owners expect their value to rise, since the above-mentioned exchanges will soon list them for trading. This highlights a major problem with point-of-sale networks, where “votes” on governance can be bought and sold like company stock, but with the exact identities of large corporate owners unknown and the ability to transfer large numbers of shares with little or no transparency.

What are Aptos and why the hype?

Diem was Facebook’s attempt to create a “stablecoin” based on a blockchain, whose value would be based on a basket of existing currencies. Given the huge Facebook user base (now called Meta), Diem could have become a kind of global currency under the control of a private company. US regulators and lawmakers took a dim view of the idea and increasingly pressured the project until Meta decided to scrap it completely in early 2022.

The project developers formed a new company called Aptos, which quickly gained the interest of tech investors with its plans to create a new blockchain for all kinds of contract-based projects. By the time of founding, the team had managed to raise $400 million in project funding from Andreessen Horowitz, Binance Labs, FTX Ventures, and Coinbase (NASDAQ: Currency) Capital, Jump Crypto, and others.

The team promised 160,000 transactions per second, beating 100,000 (theoretically) Ethereum 2.0 transactions per second and Solana claiming 65,000 transactions per second (when the network is running). Ethereum is still close to that number, promising it as part of future upgrades after initially switching to the entire PoS confirmation algorithm last month.

Transaction confirmation/throughput has become a hot issue in the world of blockchain and distributed applications (dApps) after years of complaints about congestion and high usage fees for BTC and Ethereum. With BTC curbing around five transactions per second worldwide and Ethereum a maximum of 15, the focus has shifted to how much data the network can process in realistic timeframes.

Bitcoin BSV The blockchain can expand infinitely as its network grows, which means that there is no upper limit to the amount of data it can process. BSV also maintains the original and most secure Proof of Work confirmation method. Although PoS has gained a lot of media love as being more “sustainable” and “energy efficient,” this actually comes at the expense of transparency and security – two problems that blockchain was supposed to solve.

Watch: BSV Global Blockchain Agreement Presentation, BSV Blockchain: A World of Good

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New to Bitcoin? Check out CoinGeek’s Bitcoin for beginners the ultimate resource guide to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and the blockchain.


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