Aptos Labs CEO Emphasizes: Tokens Are the Core of Blockchain Infrastructure

Clear regulation is key to maintaining innovation and retaining developers in the United States. Aptos has been implemented in multiple real-world scenarios

Conference highlights:

- Aptos CEO emphasizes: Tokens are the core of blockchain infrastructure

- Clear regulation is key to maintaining innovation and retaining developers in the United States

- Aptos has been implemented in multiple real-world scenarios such as payment, identity, finance, and entertainment

- Blockchain can be used in remote areas to achieve the payment experience of "offline interaction and online chain"

On June 5, Aptos CEO Avery Ching appeared at a U.S. Congressional hearing and testified on the important topic of "American Innovation and the Future of Digital Assets: From Blueprint to Functional Framework", calling for a clearer regulatory framework for the digital asset market.

Avery’s speech was very informative and easy to understand. I strongly recommend Web3 investors and developers to watch the full replay: https://www.youtube.com/live/14UhCiMTn0Q?si=OIELerblod4xlFzM

To help everyone quickly get the key points, Movemaker compiled the main content of Avery's opening speech and Q&A session, which are excerpted below (the content has been lightly edited and streamlined to retain the core points).

Key points of the speech: APT is the financial infrastructure of the next generation of digital economy

Members of the committee, thank you for the opportunity to testify before us today.

My name is Avery Ching and I am Co-founder and CEO of Aptos Labs. Aptos Labs is the R&D team behind the Aptos Blockchain. Headquartered in the United States, we are proud to contribute to innovation and job creation in the United States.

In 2021, I founded Aptos Labs to drive the next era of the Internet, starting with building a global, scalable, and highly secure blockchain network that will ultimately transform payments, commerce, and digital identity.

Aptos is a high-performance, permissionless L1 blockchain designed to support internet-scale applications and billions of users.

Unlike centralized networks, applications (dApps) are built on distributed networks that are jointly participated and maintained by validators, developers, and users. Digital assets and tokens are essential to the operation of distributed networks, providing incentives and governance mechanisms to keep the network running securely.

First, Avery emphasized in his testimony that APT, as the native token of APT, is not a speculative product in the traditional sense, but the core element on which the entire Aptos network operates, and it has three key responsibilities:

Protect the network and record transactions on the blockchain. Users can choose validators to lock APT (commonly known as Staking) to protect the network from attacks by malicious actors. APT tokens are also used to reward validators for recording transactions truthfully.

APT holders can propose and vote, ensuring decentralized decision-making.

APTs are used to pay transaction fees. Although they are small amounts, they serve as a safeguard against spam transactions, ensuring that the network remains secure and efficient.

Security, decentralization, and practicality are what make blockchain networks like Aptos able to support real-world applications at scale. Applications on blockchain are no longer theoretical, with over 1,000 developers building on Aptos and hundreds of applications providing value in areas such as finance, commerce, entertainment, and infrastructure.

The world’s largest financial institutions, such as BlackRock, Franklin Templeton, and Apollo, have launched regulated tokenized money markets and funds on Aptos, which enables greater transparency, real-time peer-to-peer trading, and improved operational efficiency.

Secondly, Avery started from the perspective of the application layer, indicating that whether it is Pact providing on-chain loans for developing markets, or NBCUniversal using Aptos to build a fan interaction system, or Jellybean putting physical goods on the chain, these applications not only demonstrate the high scalability and composability of Aptos, but also confirm that blockchain is becoming the "operating system" of the new Internet:

PACT Protocol is a credit protocol based on the Aptos blockchain for licensed money lenders in emerging markets. The platform allows these money lenders to provide loan services on the blockchain, providing transparency and efficiency for both money lenders and borrowers. PACT Protocol has cumulatively issued more than $1 billion in loans, helping small businesses get capital faster, allowing them to purchase equipment, open a store or invest in clean energy.

Aptos also enables new forms of engagement in entertainment and commerce, such as issuing collectible digital tickets without the involvement of intermediaries, significantly reducing costs while driving loyalty and fan engagement.

Aptos has a multi-year partnership with NBCUniversal to reimagine the fan experience through blockchain-powered real-world experiences, loyalty programs, and interactive games.

Brands like Jellybean use Aptos to combine physical products with blockchain records, enabling immersive customer experiences and greater consumer trust through traceable, verified supply chain data.

These use cases are just the first step in a radical transformation of the Internet. Just as the Internet has transformed our daily lives, blockchain networks will form