Emin Gun Sirer is one of the most famous blockchain academic experts in the world. He works at Cornell University as the co-director of smart contracts and cryptocurrencies. He also established a company named Ava Labs Inc. This Ava Labs is a blockchain network company that deals with the cryptocurrencies.
The startup has garnered a lot of fame, and recently in February, some of the renowned investors like Andreessen Horrowitz and Polychain has invested a whopping amount of $6 million.
Now Sirer is planning to enter the cryptocurrency world with his own cryptocurrency. The coin name is Ava currency, and the official testnet of this coin will be launched on the 17th of May.
— Emin Gün Sirer (@el33th4xor) 16 May 2019
Ava is designed to overcome all the hurdles that crypto industry is facing right now like Scalability. The cryptocurrency wasn’t ready for millions of users, and hence, it is now going through hardships because of the increase in users. This Ava is designed in order to address all the issues that users are facing with other cryptocurrencies. Sirer stated that Ava would offer faster transactions and it is capable of handling higher volumes of transactions too. On top of that, Ava will also be providing support for network applications like supply train tracking and has the capability to integrate with the gold and securities.
The main goal of Ava is to compete with VISA in the transactions per second field. It is also planning to beat VISA in confirmation latency time period of 1.35 seconds.
If Ava is capable of addressing the transaction and scalability issues, it can make it big in the crypto industry. Sirer believes that the future is blockchain and cryptocurrencies.
“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 will be supporting cross-chain transactions too. Sirer detailed this as
“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.”