Wednesday, October 4, 2023

The Aptos network is holding a vote on a major upgrade that contains new standards for creating fungible assets, a necessary step for handling on-chain asset classes like tokenized real estate.

The package known as v1.5 covers a range of new and updated features to how the Aptos blockchain works and what its builders can do with it. Aptos is among the newer so-called layer 1 blockchains that vie to support internet-based economies on decentralized infrastructure.

One change, AIP-21 would enhance the network’s capabilities when it comes to tokenized securities, real estate, in-game currencies and other fungible assets. Although Aptos already supported on-chain token issuance, its existing standards could not keep up with “creative innovations” like restrictions on who can own an asset, according to a proposal description.

Other changes are tailored toward backend services, like tracking the behavior of nodes, restoring nodes from cloud backups and filtering out duplicate transactions from blocks. One developer-focused proposal will help them build cryptographic applications in Move, the coding language of Aptos.

Staking rewards will fall 1.5% annually, a shift that would slightly limit payouts to token stakers who lend their assets to the network’s security.

Aptos’ native token APT was trading 3% lower on 24 hours at press time at a price of $6.98.

Representatives for Aptos did not return a request for comment.

Edited by Stephen Alpher.

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