- Malaysian Bitcoin Miners Stole $25 Million Worth of Electricity
- Bitcoin Price Technical Analysis (August 15): Negative Sentiment Currently Prevails
- Mike Tyson’s Blockchain Startup Vows to Create a Brighter Future for Boxing Athletes
- Walmart Submits Blockchain-Powered Patent for Drone Coordination and Communication
- New Zealand's Tax Regulators Legalize Crypto Payments for Salaries
The founder of Ava Labs Inc. and a renowned professor from Cornell University, Emin Gun Sirer, revealed that plans are underway to release his own crypto coin. Sirer, who is an academic expert on blockchain technology, has been working tirelessly on his cryptocurrency project since the launch of his startup, Ava Labs Inc.
Having garnered up to $6 million in February from some of the biggest players in the industry, Sirer is ready to create his own digital coin and network to help expedite the speed of transactions.
The professor who also doubles as the co-director of the Initiative for Cryptocurrencies and Smart Contracts at the University explained that the soon-to-be-launched Ava network will offer higher turnout and faster transaction time. In addition, it will support a wide array of applications, from supply-chain tracking to tracking securities and gold.
He explained further that the Ava network, and by extension its digital coin, will be entirely different from the conventional crypto coins and their respective blockchains. Unlike most blockchains which are focused primarily on ensuring the utmost level of privacy and/or functioning as a store of value (SOV), the Ava network will focus especially on transactions, ensuring better output and speedy turnaround.
The Ava network is proposed to run an equal number of transactions per second as Visa does (which by some projections will lose ground to Bitcoin in the future). This is so much different from our everyday crypto coin which only handles a few transactions at a time. Besides allowing a greater output, the Ava network, according to Sirer, will also ensure faster transaction time. Despite the number of transactions it will handle per sec, Sirer claims the Ava network will ensure a confirmation latency of 1.35 second.
Putting the wide difference in perspective, Sirer explained that anyone can create a digital asset on the Ava network. Irrespective of the virtual coin created, you can use it for Bitcoin transactions as well as other crypto transactions. You can even mix and mash the features from a variety of languages. It is designed to be a cryptocurrency like you have never known before.
Commenting on the reason for the platform, Sirer asserted that every certificate will be represented on the blockchain someday; this includes every dollar bill too. Therefore, we are trying to establish the correct foundation for actualizing this vision, he added.
Despite the amazing features he boasted so far, Sirer also acknowledged the fact that the virtual coin will have to compete with hundreds of existing virtual coins out there already. Tough competition, however, he is keeping hope alive. Ava is currently working to secure big industry players as partners. Sirer also plans on establishing Ava chapters in different cities across the globe.