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šŸ’„'Solana Killer' Aptos Launches Its Highly Anticipated MainnetšŸ’„
The VC-backed Layer 1 solution was built by Meta alums and touts a novel transaction-ordering algorithm.
October 18, 2022
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With a secret sauce conjured in the bowels of Meta, and a mission to provide "the safest and most scalable layer 1 blockchain," Aptos launched its mainnet today, the culmination of four years of technical development and a $1 billion valuation. Leading exchange FTX, an Aptos investor, hasĀ already announcedĀ that it will list Aptos' APT token on Wednesday.

Dubbed a potential "Solana killer" by many,Ā AptosĀ is the latest high-profile attempt to build the perfect blockchain for smart contracts, code that supports the sprawling world ofĀ NFTs,Ā DAOs, andĀ DeFi.

While Ethereum has taken a major leap forward following the merge, challengers likeĀ SolanaĀ are making inroads with much faster transaction speeds—albeit withĀ occasional outagesĀ that left the door open to even newer players like Aptos.

In 2019, Meta (Facebook at the time) was working on its own blockchain project calledĀ Libra, later renamedĀ Diem. Pressure from government regulators (and plenty of criticism from the crypto community) prompted the tech giant toĀ shelve the project. But developers saw value in its key differentiator: ā€œparallel execution," or a method of ordering and combining transactions to rapidly accelerate the process.

In testing, AptosĀ claimsĀ it has handled 130,000 transactions a second, compared to 30 per second on Ethereum.

Also key to the nascent Aptos ecosystem is the affiliatedĀ Move programming language, which prioritizes scarcityĀ andĀ access control.

In the run-up to its launch, Aptos has been quite a VC attraction: it closed aĀ $200 million strategic roundĀ from big players like Andreessen Horowitz back in March, and aĀ $150 million Series A roundĀ led by FTX earlier this summer. The large amount of venture money it raised in a short time created a narrative among some Web3 circles that investors were ditching Solana for Aptos.

Aptos also selected Anchorage Digital as one of its preferred institutional custodians last month, following years of collaboration. Anchorage Co-Founder and President Diogo Mónica had previously served on the Diem technical steering committee.

Aptos called today's launch a milestone in a "movement aimed to bring the masses to Web3."

"We are proud to arrive here together, for the people," the projectĀ wroteĀ on Medium. "This is step one in a long journey to create universal and fair access to decentralized applications for billions of people through a safe, scalable, and upgradable blockchain."

Time will tell whether the Aptos approach to transaction execution will prove to be a silver bullet, or if it will attract a sufficient community of blockchain developers to build with it and its proprietary language.

Aspiring "Twitter VC ghostwriter"Ā @ParadigmEng420Ā was not impressed with today's launch, reporting aĀ breakdown in communications, lower transactions-per-second than promised, and raising questions about the allocations of Aptos tokens.

Singapore-based blockchain engineer and venture lead Siddhanjay Godre, however, praised the launch, saying Aptos' parallel execution model and very strong community "is likely to compete with ETH in [the] near future."

With today's Aptos launch, many developers are now waiting for the pending launch of theĀ Sui blockchain, which also uses the Move language and shares much of Aptos' DNA. But skeptics and Solana loyalists are already bracing for a battle.

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New Human Force
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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, ā€œThe Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.ā€

The data includes Real GDP and the PCE Price Index,Ā which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data šŸ‘‰will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
2) or visit https://www.paypal.me/thedinarian

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