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What Is Aptos, and Why Is This Solana-Killer So Controversial?

Why is this new coin generating so much buzz?

Slow transactions are one of the most aggravating aspects of the bitcoin market. Transactions can take hours to process at times and are always subject to the business of their original blockchain. Aptos, a new blockchain network, claims to be capable of addressing this problem. But what is Aptos, how did it come to be, and will it become a Solana killer?

What Is Aptos, and Why Is This Solana-Killer So Controversial?

What Exactly Is Aptos?

 Aptos originated within Meta, the business formerly known as Facebook. Meta chose to experiment with blockchain technology in 2019, as the cryptocurrency business surged in popularity. Meta came up with Libra in this initiative, which was later renamed Diem. This was a permissioned blockchain with its own native stablecoin of the same name.

But the Carpe Diem fantasy didn't last long. Meta agreed to sell its Diem holdings to crypto-focused bank Silvergate for approximately $200 million in early 2022. But Diem wasn't completely out of the water. While the company had ceased operations, Diem served as an inspiration to other developers, paving the path for Aptos' establishment.

Aptos' tale begins in Palo Alto, California, in 2021. Mo Shaikh and Avery Ching co-founded the company with the intention of creating a Layer-1 blockchain using Diem's "parallel execution" technique. So, what exactly is parallel execution?

The Basics of Parallel Execution

Parallel execution is a mechanism that allows independent transactions to be performed and verified at the same time. The majority of blockchains in use today use sequential execution, which involves processing a single line of transactions one at a time. When the network becomes congested, hordes of outstanding transactions waiting to be completed might become a major issue.

Parallel execution can assist reduce this issue by processing large numbers of transactions at the same time, reducing the verification waiting period for numerous users.

Is Aptos a Solana-Killer ?

When considering one blockchain that may one day outperform another in capabilities or popularity, the phrase "killer" is frequently used in the crypto business. You may have heard the term "Ethereum killer" before, which refers to a blockchain that has the potential to outperform Ethereum.

As you might expect, a Solana killer is a blockchain that has the potential to outperform Solana. People have hypothesized in recent months that Aptos is a Solana assassin. But why is that?

Though Aptos is still in its early stages, many are enthused about its potential to produce a blockchain that is extremely well-suited to smart contracts. This might make it a contender to Solana, as it could become the ideal location for developing DeFi platforms, DAOs, and other technologies.

But, once again, this is just supposition. Many blockchains have been branded "x-killers" in the past, with many failing to live up to the moniker. Take note of how none of the so-called Ethereum-killers ever succeeded in displacing Ethereum? However, this does not rule out the possibility of blockchain murderers. Could Aptos supply the technology and structure needed to outperform Solana?

We haven't seen much of Aptos so far. Its mainnet went live in October 2022, but several fascinating opinions have emerged since then.

Has Aptos Lived Up to Expectations?

The burden was on Aptos to keep its word and produce ultrafast transaction times as the hoopla surrounding the firm grew. So, how did Aptos fare?

In a nutshell, no. On the day of the Aptos mainnet debut, October 17th, 2022, Twitter user ParadigmEngineer420 reported in a comment on their own post that the network was only processing four transactions per second. The rollout was also criticized in the original article, with ParadigmEngineer420 alleging that Aptos is "broken."

Even Bitcoin, which is notorious for its sluggish transaction times, may offer a pace greater than four transactions per second.

Four transactions per second is a far cry from the company's previous estimates of 130,000 and did not provide a positive first impression with users. After all, this was the main attraction of Aptos, which had sparked a lot of interest.

However, the criticism did not end there. Users also complained about being unable to connect to validators, who are in charge of verifying transactions in the first place. The platform's tokenomics are also unconventional, with Aptos releasing over half of its circulating supply immediately and seeking to distribute the remaining over the next decade.

Furthermore, Aptos has announced that its private investors and core contributors will face a four-year lockup of their APT tokens following the mainnet launch. These tokenomics aren't optimal and may turn off potential customers.

Will the Aptos price rise again?

Overall, the controversies surrounding the Aptos mainnet launch has called into question the project's overall viability. While the site is still in its early stages, the tsunami of criticism it has already received may have an impact on its reputation and reliability in the eyes of potential users.