Blockchain Events
Mainnet Of Aptos What’s There To See?
Aptos, a Layer 1 blockchain employing Move, launched its mainnet on October 18, 2022 (GMT+8). Binance, FTX, Coinbase, Huobi, Okex, and others announced withdrawal and trading on the 19th.
Aptos aims to provide a scalable, secure, trustworthy, and upgradeable smart contract platform for billions of users.
Despite the bear market, large venture capitalists and exchanges boosted Aptos’ popularity. Aptos underwent fair public exam, including misgivings before the mainnet debut and mistrust about its pricing swings following launch.
Through discussions with Hailey, an Ouyi researcher, and ZF, Tech Lead for Moledao, we dug further into Aptos (including some not released by their official team).
Aptos mainnet
ZF claimed Aptos is an L1 public chain that uses DiemBFT and Move. It was established by Meta Libra’s key team (later renamed Diem).
According to the data, Mo Shaikh (CEO) and Avery Ching (CTO) co-founded Aptos. Both have several years of senior development and engineering expertise in the blockchain business.
1. How are Aptos’s technology and environment?
Aptos provides direct integration of programs and digital assets, according to Hailey. Move compensates for Solidity’s security flaws. The move might destroy Solidity.
Hailey isn’t sure whether Aptos is better than other L1 blockchains. Unique programming language is not a competitive barrier. Solidity is less secure than Move, but it has a first-mover advantage, and developers are inert.
Aptos has the fastest-growing ecology. The core team is well-connected with dApp developers and teams. Many consider Aptos the next Solana. Other chains’ projects are steadily converting or launching on Aptos to grasp early profits and build a user base.
Why is Aptos hyped?
Hailey feels the oversaturation of Layer 1s is driving public interest in Aptos. People want new public chains that can overcome Ethereum and others.
Aptos is preferred by key VCs and has core team members from Meta (old Facebook), thus it’s a possible contender to the big chains, says Hailey.
2. Investing
Haily says Aptos’ stratospheric value and cash raised have also drawn attention. Aptos has raised more than 350 million dollars from a16z and Multicoin and is valued at 2 billion dollars. In this down market, shocking.
3. Can Aptos beat layer one and public chain rivals?
Hailey thinks Aptos needs improvement. On one hand, veteran L1 blockchains such as Near, Solana, Avalanche, and BSC have first-mover advantage and are observing and adapting to Aptos; on the other hand, Sui, another upcoming Layer 1 that adopts the same Move language, will also launch, and directly compete with Aptos; and finally, there’s Ethereum, the unshakeable overlord. The market must test Aptos’s performance.
Aptos’ controversies
Low TPS (Transactions Per Second)
Aptos Explorer reported a 4. 19 TPS. Both failed to provide 100k TPS. Aptos subsequently said, “At now, users can’t engage in the ecosystem since not many protocols are implemented and their tokens aren’t issued and tradeable, causing low real-time TPS.
Aptos’ shady tokenomics
After Aptos announced its debut, more than 800 million were staked. Team and investors control approximately 80% of the token supply. Where are the 200 million liquid Aptos (APT) tokens after staking?
Aptos centralized?
Since Aptos Foundation and Aptos Labs possess 51.02% of the community’s tokens and Aptos Foundation owns 16.5%, a simple calculation shows that Aptos controls at least 67.52% (51.02% of the community + 16.5% of the foundation) of the supply.
Aptos airdropped 20 million APTs to early participants and supporters before $APT trading began.
This resulted in 130 million (110+20) APTs being distributed. Since APT for investors and key contributors was locked in the first year, 110 million were initially disseminated by the Aptos team, and 20 million originate from airdropped users.
4. Controversial
Developers expressed fresh worries about Aptos on October 19:
Aptos utilizes a phony proof-of-stake mechanism for economics, not security. Investors favor PoS over PoW, thus this will appeal to them. PoS locks most of the circulating supply, allowing for a greater token price.
With hundreds of private keys (or fewer), one may suspend the network (owning 1/3 stake) or take over the whole network (owning 2/3 stake) with a few transactions.
ii. Mining pools cannot share rights and interests without PoS consensus.
AptosBFTv4 is a renaming of DiemBFTv4 and utilizes HotStuff. Slow validators will cause the network to operate poorly, therefore Aptos must regularly monitor them.
The foregoing complaints have no formal answer.
Why is Aptos so volatile?
Why does APT fluctuate?
The highest price reported immediately after APT began trading was $100, while the lowest price was below $7. APT was $7.7 at press time.
Some people wondered whether APT dropped below the listed price, which was 1 USD. Initial volatility at new and promoted exchange listings caused the variations.
Aptos airdrop information
110,235 testnet participants will get 20,076,150 APT tokens through airdrop@aptosfoundation.org. Aptos’ first airdrop uses community data.
Users who completed the APTOS incentive testnet or “APTOS: ZERO testnet NFT” may obtain APT Token.
APTOS testnet incentive completers may claim 300 APTs, whereas “APTOS: ZERO testnet NFT” minters can claim 150 APTs. Aptos Foundation gives customers a one-time APT faucet to claim airdrops.
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DAVOS 2023: At #WEF23, policymakers and business leaders were eager to distinguish between distributed ledgers and cryptocurrencies. Not crypto, but blockchain.
From climate solutions to humanitarian aid to moving on from FTX’s stunning collapse, the second day of the World Economic Forum’s 2023 annual conference saw discussions focused on the promise of the technology underlying cryptocurrencies, rather than the often speculative financial assets themselves.
The day opened with a panel of traditional banking professionals seeking to draw a line under the FTX issue, noting that, while the cryptocurrency industry is in crisis, other products founded on distributed ledger technology are not.
“It’s critical not to mix cryptocurrencies with CBDCs, stablecoins, and DLT… they’re all quite distinct,” PayPal President and CEO Dan Schulman stated. Despite the bitcoin crisis, “the underlying tech has operated well,” according to Schulman.
“The promise of a distributed ledger is that it may be faster and cheaper to settle transactions concurrently with no middlemen. That is really significant.”
Importantly, unlike past waves of “blockchain, not bitcoin,” which generally referred to permissioned blockchains, the talks on Tuesday were OK with public ledgers such as Ethereum and the Stellar network. Lynn Martin, President of the New York Stock Exchange, seems to adopt a similar stance, citing the potential benefits of blockchain in making share issuance more efficient or allowing financial exchanges to be settled quickly rather than days later.
“Some of the technologies have now been embraced and used to truly make processes considerably more efficient,” Martin added.
Former Indian central bank governor Raghuram Rajan later repeated that promise of broader blockchain uses.
However, TradFi’s commitment to the industry may eventually be tested: When questioned, Schulman, Martin, and State Street’s Ronald O’Hanley all claimed artificial intelligence, not blockchain, was the most exciting technology.
Carmen Hutt, treasurer for the United Nations High Commissioner for Refugees, detailed such an application – a recently launched blockchain payment solution for distributing humanitarian aid in Ukraine – just across the street from the forum’s main congress center, in a historic church transformed into a neon hub for hosting discussions about the future.
Hutt revealed during a panel discussion hosted by CoinDesk chief content officer Michael Casey that the pilot project, which was launched in December using the blockchain platform Stellar network, is significantly more sophisticated than one might assume.
Donations via the blockchain promise “transparency and visibility,” and the Commission has a platform ready to send relief immediately, according to Hutt. “What an incredible offer… We can deploy $500 million today if we acquire $500 million. So this isn’t going to take weeks or months,” Hutt explained. (Later that day, Ukraine’s deputy prime minister praised the contribution of virtual money to the military effort.)
Further along the legendary “promenade,” industry heavyweights ranging from Solana and Ripple to the Global Blockchain Business Council teamed together to develop a climate project that would use blockchain’s transparent record-keeping to assist in improving carbon emissions and credit tracking.
Although authorities have mostly focused on the potential of crypto contagion to financial stability, a string of bankruptcies last year that wiped out billions of dollars in retail investments, most notably Sam Bankman-FTX, Fried’s may have underlined the need for a shift in their focus.
For the lone banker on the conventional finance panel, the events of 2022 must shift regulators’ focus away from the risk of lenders bringing down the whole financial system and toward the risk of individual customers being duped by crypto frauds. “It’s not that regulators have disregarded [financial innovations], but if it’s not going to generate systemic danger, I’m not sure why we should focus on it.” For More Blockchain News, Click Here.
Blockchain has become increasingly prevalent in recent years, with applications spanning from new cryptocurrencies to their potential uses in various sectors, making it important for business leaders, industries, and regulators to have a deeper understanding of the technology and its potential applications.
While blockchain has yet to achieve widespread acceptance, it has the potential to drive significant digital transformative changes and generate new possibilities throughout the corporate landscape, from banking and finance to infrastructure and healthcare.
Blockchain is defined as “a distributed ledger that records transactions chronologically and publicly,” according to one source. Its database is shared across a network rather than being held in a single location, which enables a high level of information control and transaction transparency.
However, there has been so much hype surrounding blockchain on all sides of the debate, that it has become increasingly difficult to separate fact from fiction.
A study by Vorhaus Advisors, a Los Angeles-based digital media consulting firm, found that only 25% of people in the United States understand what blockchain is.
According to the same poll, 62% of people believe blockchain is the same as cryptocurrency, and 48% believe it is the same as bitcoin.
This lack of understanding of blockchain has caused confusion, skepticism, and fear about its use, which spreads across all sectors of industry and government, influencing not only business but also policy.
The fact is that blockchain technology has the potential to fundamentally alter how organizations and individuals trade products and information, and part of that revolution is already underway.
Blockchain has the potential to improve any business in which transactions require a permanent record and the confidence of many parties. Furthermore, it has the potential to dramatically simplify paper-intensive enterprises that require an accounting ledger.
Here are three real-world blockchain use cases to illustrate how adaptive, widespread, and disruptive it can be:
- Banking and Finance: Finance and banking have received the most attention regarding blockchain and for good reason. It’s an entirely transactional industry. For example, blockchain can convert paper-based functions such as letters of guarantee (documents provided by a bank that assure suppliers be paid for the goods or services they supply in the event that the payor is unable to pay) into a totally paperless, digital, and transparent process, helping to eradicate fraud and forgeries.
- Rethinking Healthcare: The pandemic’s unexpected demand for remote healthcare and other medical-related activities has moved the emphasis on delivering clinical treatment in a virtual or data-driven manner. As a result, the various medical data silos across healthcare providers can be integrated into a single shared blockchain network for secure and efficient data sharing.
- Supply Chain: Blockchain can also be used to improve supply chain management. A blockchain network can provide a single source of truth for the entire supply chain, from the origin of raw materials to the final delivery of goods to the customer. This can help to improve transparency, traceability, and efficiency in the supply chain.
In conclusion, blockchain is a powerful technology that has the potential to transform many industries, but it is important to separate the hype from reality. It is essential for business leaders, industries, and regulators to have a deeper understanding of the technology and its potential applications to fully harness its potential.
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According to the findings of a recent survey that was carried out by CasperLabs, it is anticipated that business adoption of blockchain technology will increase over the course of the following year in the United States, the United Kingdom, and China.
This is the case even though there are knowledge gaps.
Despite the fact that the cryptocurrency and blockchain industries have undergone significant change over the course of the past year, people and companies continue to display an interest in the area.
The results of a recent poll that was conducted by CasperLabs and Zogby Analytics revealed that businesses had a particularly upbeat outlook on the potential applications of blockchain technology.
The questionnaire was sent to a total of 603 “decision makers” employed by a variety of commercial firms in China, the United Kingdom, and the United States of America, in that order.
Almost all of the businesses that were asked about their usage of blockchain technology responded that they did so in some form, and almost all of those businesses (87%) also stated that they intend to make financial investments in blockchain technology during the next 12 months.
This phenomenon is especially widespread in China, where more than half of the respondents want to put money into blockchain technology by the year 2023.
According to Ralf Kubli, a member of the board of directors for the Casper Association, businesses are continuing to look to blockchain technology for solutions despite the recent turbulence:
“It is incredibly heartening to see businesses recognize that blockchain technology is not a threat but rather a solution,”
Companies who are now implementing the technology are reaping the benefits of two of its primary characteristics, namely security (42%) and copy protection (42%), both of which are proving to be highly useful for these organizations.
Those who work in IT-based operations are using blockchain technology for a variety of reasons, including but not limited to improving the efficiency of internal processes (for which 40% of users employ it), improving the efficiency of supply chain operations (34% of users employ it), and improving the efficiency of software development (30% of users employ it).
According to Kubli’s projections, the year 2023 will mark a pivotal turning point for the widespread use of blockchain technology, particularly in terms of offering practical answers to real-world challenges and producing long-term value.
In spite of this, a significant study shed light on the flaws that are commonly seen in CEOs of corporations. The vast majority of respondents (73%) feel confident in their comprehension of blockchain technology.
Despite this, 54% of those who replied continue to regard the words “blockchain” and “crypto” as being identical. In spite of the fact that the vast majority of respondents feel positive about their comprehension of blockchain technology, this is the result.
In a similar vein, it has been argued that the most significant obstacles to adoption are a lack of developer talent, a lack of tools, a lack of interoperability, and pessimism regarding the industry as a whole.
All of these factors contribute to a general sense of pessimism.
In spite of this, practically all of the people who took part in the survey stated that they would be more receptive to embracing blockchain technology if they had a better grasp of how their coworkers are utilizing it.
Education, in addition to accessibility, has been a challenge and a barrier for a significant amount of time for those people outside the space who seek to interact with the technology and engage with customers. This has been the case for many different causes throughout history.
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