Even though the crypto winter has diminished blockchain technology's allure and brought some of the crypto currency industry's most well-known enterprises to their knees, blockchain technology's vitality remains the glue that holds the crypto currency sector together.
On Wednesday, the web3 firm Aptos Labs announced (1) that Professor Lorenzo Alvisi of Cornell University in New York had been awarded a grant for $50,000. Professor Alvisi's research focuses on establishing a scalable layer-1 blockchain.
In addition to having graduated from Cornell in 1996, Alvisi currently serves as a computer science professor and research director in game theory and distributed computing.
Avery Ching, Chief Technical Officer and co-founder of Aptos Labs said that the company is excited to work with Professor Alvisi's group because it not only focuses on novel blockchain systems but also constructs real-world, optimized real-world use cases and functions to help the future of the industry.
Aptos Labs is excited to work with Professor Alvisi's group because it not only focuses on novel blockchain systems but also structures real-world, optimized use cases.
According to the official statement, the grant will sponsor academic investigations on scaling blockchain performance using a "client-centric architecture." The announcement goes on to divulge that this will participate in constructing the abstract concept of a secure, fault-tolerant, distributed append-only log built on top of an Antiquated database.
A computer system capable of withstanding the effects of byzantine fault tolerance will continue to operate normally even if some of its nodes fail or malfunction. Ching believes that teaching blockchain technology should continue to be one of Aptos' primary values.
Avery Ching and Mo Shaik, who had previously worked on Meta's Diem's Novi Wallet, were the founders of Aptos, a layer-one blockchain developed in October 2022 by Aptos Labs.
About Aptos Labs
Aptos was formed in October 2022. Aptos employs a technique known as parallel execution, which the company claims will speed up operations and keep the costs of such transactions low.
The creators of Aptos came up with a solution to the trial transaction-ordering method that is a sequel to the Diem experiment. This was done to realize the objective of building a decentralized, secure, and quick blockchain.
However, the firm is still in its infant stages at this point. In late July, FTX and investors, including Parafi, led a fundraising round that totaled $150 million.
In March, the speedy blockchain secured another $200 million in strategic competition from players such as Andreessen Horowitz, Multicoin Capital, and Haun enterprises.
APT, the native token of the Aptos blockchain, recently had its price more than double over the previous week. It surged by 47% in just one day to $18.46.
Data reveals that over half of the APT's $ 2 billion volume was purchased through the South Korean won trading pair on UpBit, which is situated in Singapore. It is difficult to determine the cause for this precisely, but the data does explain it.
There is a long tradition of blockchain companies giving financial support to various educational organizations, and ripple committed $50 million to universities in 2018 as part of its University Blockchain Research Initiative. Among the institutions receiving funding were Princeton University and the University of Texas.
According to a statement released by Alvisi, cooperation with Aptos will make it possible for existing applications built on blockchain technology to benefit from the new architecture fully.
APT token, the native token of Aptos is trading at $ 18.16, up around 10 % as per data from tradingview.com