Blockchain platform AVA has launched its first of two planned public testnet releases, which allow participants to connect to a global network of validators and participate in high-velocity transactions and enables AVA’s capabilities to be trialed ahead of its mainnet launch later this year. The AVA testnet seeks to maximize network participation and harden the platform for future adoption.
AVA claims to provide comparable throughput to top payment processing companies as it reaches speeds of thousands of transactions per second and payment finality of under two seconds. The platform enables decentralized finance (DeFi) applications to be more expressive and to scale with global demand.
The AVA platform is powered by the Avalanche consensus protocol which allows anyone to create both public and private smart-contract-enabled blockchains that interoperate. AVA is designed to be backward-compatible with out-of-the-box support for existing Ethereum-based DeFi applications. Migrating decentralized applications to AVA grants open finance the power to deliver its promise to a mainstream audience.
Emin Gün Sirer, CEO of AVA Labs, commented: “As an open-source project, we listen intently to the invaluable input of our active global community, and are building a solution that is driven by the demands of prospective users, one which enables permissionless and permissioned blockchains to scale and connect like never before.“
Kevin Sekniqi, COO of AVA Labs, said: “We are focused on creating the most functional and scalable blockchain possible. Our mission has always been to address the needs of the global financial market. We make it viable to integrate DeFi into traditional finance,” said
John Wu, President of AVA Labs, added: “AVA has the potential to become the global issuance platform for all digital assets, and this is possible only because of its unique architectural model.
“Since exiting stealth mode last year, the team has been focused on building the most robust and secure network possible. Our mainnet launch is expected later this year. Opening the AVA testnet to the public just one year after operation signifies our commitment to delivering on our promises in a rapid manner. We welcome anyone to get involved, test the functionalities of the platform, and scrutinize the code”, Wu concluded.
AVA provides its flexible DLT platform to industries such as payments, tokenization, digital identity, supply chain, and Internet of Things (IoT).
