Sep 16, 2020 17:01 UTC
Sep 16, 2020 at 17:12 UTC
Avalanche blockchain network to unveil full mainnet
Avalanche, a new blockchain protocol & cryptocurrency backed by Cornell University’s Emin Gun Sirer, will finally go live in a few days.
Rendering to an announcement, Avalanche will roll out the full mainnet on Monday. Through the mainnet launch, the Avalanche (AVAX) token the platform’s native token can be listed on crypto exchanges, though Ava Labs did not specify which ones.
The AVAX token will aid as a tool to secure the Avalanche network through staking, pay for operational fees, transfer value peer-to-peer & generate new networks. Once the mainnet goes live, data about the AVAX token will be available on prominent token voyagers like CoinMarketCap, a representative at Ava Labs said.
Together with the Avalanche network, Ava Labs will also launch an open-source platform for building decentralized finance applications & enterprise blockchain tools. With the launch, Ava Labs objects to solve major DeFi issues like over-congestion on the Ethereum network by providing a highly scalable blockchain network.
Ava Labs’ co-founder & chief operating officer, Kevin Sekniqi, told that DeFi has always been the core focus of Avalanche. He claimed that the network is boundless in terms of scalability:
“There’s no known limit to the number of full, block-producing validators who can participate in Avalanche consensus without any loss in performance. We’ve tested upwards of 2,000 of these full validating nodes without any drop-off in performance or downtime.“
Rendering to Ava Labs’ representatives, the Avalanche network is capable of confirming transactions in under one second, with a capacity of over 4,500 transactions per second & security thresholds “well-above the 51% standards of other networks.“
As the Avalanche stand is designed to benefit existing DeFi projects scale further, the network needs to provide a sufficient level of interoperability with other networks. Sekniqi held that Avalanche would support bridges to other networks to allow users to move assets between them.
“We’ll be launching a bridge to Ethereum very soon that will enable activity between the networks, like transferring assets like stablecoins between the networks or ‘wrapping’ native assets on Avalanche, without losing any functionality,” he said.
Rendering to the firm, Avalanche has elevated $60 million to date, counting a $42 million public token sale in July & a $12 million private sale controlled by Galaxy Digital, Bitmain & Initialized Capital. The project was initiated in May 2019.
Avalanche’s founder & CEO, Gun Sirer, lately disparaged emerging blockchain projects for applying dubious strategies in the industry. In a tweet Frida, he said that too many industry projects incline to make strong tech entitlements without providing much evidence.