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 * Aptos Labs Issues Grant to Blockchain Lab at Cornell University


APTOS LABS ISSUES GRANT TO BLOCKCHAIN LAB AT CORNELL UNIVERSITY

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Business

Aptos, the newly launched blockchain built by the team that worked on Facebook's
axed Diem cryptocurrency, has issued a $50,000 grant to a Lorenzo Alvisi, a
Cornell University computer science professor who specializes in blockchain and
Web3 technology, according to a press release shared with CoinDesk.

The grant will be used to fund research in developing an approach to scale the
performance of blockchains by building a secure, decentralized log on top of a
Byzantine-tolerant database. a Byzantine-tolerant database mitigates the risk of
a thinly distributed network of nodes, which can result in a network attack like
a 51% attack.

“We are delighted to support the work of Professor Alvisi’s students as they not
only research novel blockchain systems but also develop real-world, scalable use
cases and applications to benefit the future of the industry," said Aptos Labs
CTO and co-founder Avery Ching.

The company also said Stanford University Professor of Computer Science, Dr. Dan
Boneh has joined as an adviser.

Aptos' grant follows in the footsteps of Cardano, which funded a $4.5 million
research hub at Edinburgh University in November.

The aptos token (APT), which was airdropped to early users in October, was one
of the top performing crypto assets in January, surging from a low of $3.52 to a
high of $20.32. It currently trades at $16.36 according to CoinDesk prices.
Whilst sentiment remains positive on the whole, concerns have been raised over
tokenomics and the lack of activity on the network in comparison to layer 1
competitors like Ethereum.

Currently, Aptos has $61.45 million in total value locked (TVL) on its network
in comparison to its market cap of $2.6 billion.

Aptos CEO Mo Shaikh defended the project's token distribution in November,
claiming that it is "much fairer" than its competitors.

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