Emin Gun Sirer, a professor at Cornell University and one of the leading academic experts on blockchain to release its own Cryptocurrency and Blockchain network. The news was released by Bloomberg on May 16.
Sirer is the co-director of the Initiative for Cryptocurrencies and smart contracts at Cornell University. Moreover, he founded Ava Labs Inc., a blockchain group which is presently developing the Ava Network and Cryptocurrency.
He is also the creator of the first crypto-based proof-of-work known as Karma Virtual Currency. He is planning to release a blockchain network which allows conducting as many transactions per second as payment giant Visa. In February, he has raised $6 million from some of the most popular investors such as Andreessen Horowitz, Polychain and MetaStable.
Sirer’s Ava Labs has started the private test version of the Ava network on May 16, however, the public launch to be rolled out in the near future. The first coins are ready to be issued as soon as the blockchain is available for the public, the report states.
Ava’s goal is on developing a network which will be fully ready to scale to levels needed for massive adoption. Scalability is currently the main issue in blockchain technology. As per Sirer, Ava network will provide quick transaction confirmations and will be able to handle large network volumes as compared to what present industry is capable of. Also, Ava will support network apps like supply-train tracking and skill to incorporate securities and gold.
Ava is mainly focusing on developing a currency which can compete with VISA in terms of transactions per second (tps) and 1.35 second of confirmation latency. Sirer stated, “Every certificate will one day be represented on the blockchain. Every dollar bill. We are trying to create the correct foundation for making that vision happen.”
Ava Labs have built an enterprise known as Avalanche protocol. It is a unique mechanism of verifying and executing transactions and it will be highly flexible than Bitcoin.
Ava’s network will provide support for the cross-chain transaction. He said, “You can create a digital asset on top of Ava, a coin X. And then you can say, I want my coin to support Bitcoin transactions as well as Zcash –- you can mix and mash features from different languages. And I want these features to be supported on this set of nodes.”
In the near future, Ava will be ready to compete with network-based currencies like TRON, EOS, and Ethereum, after releasing a big 2.0 update of the network in next year.