AVA, a blockchain platform promising higher settlement speed, announced the launch of its two testnets, less than a year since its launch.
The two testnets have their role in scaling the blockchain transaction numbers thus scaling the decentralized platforms to compete with the payment giants like Visa and Mastercard.
The company detailed that the testnets will allow participants to connect to a global network of validators and participate in high-velocity transactions, thus confirming transactions in merely two seconds.
A fast-paced blockchain startup
Launched last year, AVA was developed by Emin Gün Sirer, co-director of the Initiative for Cryptocurrencies and Smart Contracts at Cornell University and renowned blockchain researcher.
The company is aiming to beat the scaling roadblocks of blockchain by settling thousands of transactions in a second.
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Notably, Ethereum can handle 15 transactions per second, while the number for Bitcoin only stands at 6. With these figures, no blockchain platforms are even near to challenge the dominance of Visa which can handle more than 24,000 retail transactions per second.
“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,” Sirer said.
He also revealed that the startup is aiming to release its mainnet later this year.
AVA detailed that companies from various sectors including payments, tokenization, digital identity, supply chain, and Internet of Things (IoT) are interested in it as a flexible DLT platform.
“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,” Kevin Sekniqi, COO of AVA Labs, said.