AVA Labs to Develop Avalanche Based Platform 

One of the founders says the upcoming platform can be valuable not only for DeFi, but also for Wall Street companies
25 March 2020   883

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.

 

Kevin Sekniqi

AVA co-founder

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.

 

Kevin Sekniqi

AVA co-founder

CasperLabs to Conduct Tokensale

The exchange validation offer will be conducted at the BitMax with a goal to raise $3M
26 March 2020   860

Startup CasperLabs entered into a partnership with the BitMax exchange to conduct a tokensail in the format of an exchange validation offer (EVO) on March 30. In total, it is planned to attract up to $ 3 million. CoinDesk writes about this.

In 2019, CasperLabs raised $ 14.5 million from Arrington XRP Capital and other investors. Project consultants include Ethereum Foundation researcher Vlad Zamfir.

Initially, the startup was engaged in experiments with the protocol developed by Zamfir for scaling Casper, but subsequently switched to developing its own blockchain. The launch of its main network should take place before the end of the year. Arrington XRP Capital founder Michael Arrington said he was not sure whether his company would want to participate in the token sale before launching the main network. At the same time, he confirmed that, “most likely,” he would become the operator of one of the nodes.

CLX tokens purchased on BitMax will automatically be credited to the accounts for staking after the opening of the main network. To do this, BitMax will also launch its own node. Within 90 days from now, investors will be prohibited from selling tokens.

In addition, the startup is negotiating with some other trading platforms and companies offering their customers a staking service. So far, few have expressed a desire to become node operators, which could damage CasperLabs plan to provide an increased level of decentralization already at the start.

The CasperLabs team has an 8% CLX emission, which will be limited to a three-year vesting period. It is expected that the total capitalization of the project will be about $ 100 million, CoinDesk writes.