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This university’s partnership with Aptos will allow the current blockchain-based applications to take full benefit of the novel architecture.
While the crypto winter has dimmed the charm of blockchain technology and reduced some of the most popular crypto companies to ashes, the vitality of blockchain technology continues to hold the crypto industry together. Aptos Labs, a web3 startup that focuses on developing a scalable layer-1 blockchain, announced a $50,000 grant award on Wednesday to Professor Lorenzo Alvisi of Cornell University in New York.
Alvisi, who is also an alumnus of Cornell from the year 1996, teaches computer science and leads research into distributed computing and game theory.
In a statement by Avery Ching, the Chief Technical Officer and co-founder of Aptos Labs, the company is excited to work with Professor Alvisi’s group as it doesn’t only focus on novel blockchain systems, but also constructs real-world, scalable use cases and applications to help the future of the industry.
According to the announcement, the grant will sponsor student research in scaling blockchain performance utilizing a “client-centric architecture”, which proceeds to disclose that doing so will engage in developing the abstraction of a secure, fault-tolerant, decentralized append-only log on top of a Byzantine-tolerant database.
A Byzantine-tolerant computer system will continue functioning even if a few nodes die or function wrongly. Ching believes that blockchain education persists as a core value of Aptos’ vision.
Aptos, which is a layer one blockchain established in October 2022 by Aptos Labs, was founded by Avery Ching and Mo Shaik, who had initially worked on Meta’s Diem’s Novi Wallet. Aptos uses parallel execution, which the firm promises to make transactions quick while keeping them inexpensive.
In order to achieve the vision of creating a blockchain that is decentralized, safe, and fast, the developers of Aptos emerged providing an answer to the experimental transaction-ordering algorithm that is a successor to the Diem experiment.
The company, however, is at a very nascent stage. After a $150 million funding round led by FTX and investors comprised Parafi in late July, the swift blockchain landed another $200 million strategic round from participants like Andreessen Horowitz, Multicoin Capital, and Haun ventures in March.
The Aptos blockchain’s native coin, APT, had recently doubled its price during the last week and rose by 47% to $18.46 in one day. It’s complex to exactly ascertain the reason, but data explains that around half of the APT’s $ 2 billion volume was acquired from the South Korean won trading pair on Singapore-based exchange UpBit.
Blockchain firms have had a long history of donating money to educational establishments. In 2018, Ripple promised $50 million to universities, including Princeton and the University of Texas, through its University Blockchain Research Initiative.
According to Alvisi’s statement, this partnership with Aptos will allow the current blockchain-based applications to take full benefit of the novel architecture.