AVA Labs, the first project based on the Avalanche protocol, plans to create a platform to upgrade traditional and alternative financial markets.
The Avalanche Protocol White Paper was published by the anonymous Team Rocket development team in 2018. Avalanche uses random network sampling to achieve consensus.
AVA Labs, created by Cornell University professor and blockchain expert Emin Gun Sirer, announced last year that it would launch its own cryptocurrency based on the Avalanche protocol. Now the company intends to create a new infrastructure for financial markets.
According to one of the founders of AVA Labs, Kevin Sekniqi, the new platform may have particular value for financial infrastructure and applications, not only for decentralized finance (DeFi), but also for Wall Street firms.
Sekniqi plans to move the company’s office as close as possible to the financial quarter, as the territorial proximity to banks, brokers and firms can increase awareness of the product. According to him, this can be of great importance for institutions to become more serious about blockchain-based solutions.
AVA Labs is still in the process of building its own network. To this end, the company released a code base for the Avalanche protocol, specifying the technical elements for the ecosystem. AVA Labs opened access to the source code base of the project on March 11. The founders of the company hope to challenge the dominance of other leading consensus families.
Preparing to launch the network gives the development community the opportunity to put together working source code for Avalanche. The Avalanche random sampling method is significantly different from the mechanisms of the popular consensus families: Nakamoto (proof of Bitcoin) and the “classic” one, which is based on voting. Proponents of the new technology believe that Avalanche has incorporated the best of two protocols.
We’ve been hearing from people that they want much more scalable, much faster consensus protocols.
AVA Labs leaders, for their part, believe that Avalanche has potential. Thanks to funding of $ 6 million received in February last year, a team of 30 people created a test network and developed a system that, according to Sekniqi, could become the “core” for a new generation of projects and applications.
Our end goal here is we want to be the platform on which all assets are issued, we really want to encompass DeFi and much more broadly alternative assets. We’re taking a very long-term approach to this.