New blockchain project Ava looks to compete with Ethereum, Bitcoin, and even Visa
A new blockchain project, Ava, plans to be an “Ethereum killer”. In fact, according to CCN, the project is going after Bitcoin, Visa, and other top payment solutions as well.
Moving up in the world
Ava uses a consensus algorithm called “Avalanche,” which is in development by an anonymous group who calls themselves Team Rocket, like the one from Pokémon. It brings the “best of both worlds” regarding the two different forms of consensus: Nakamoto and Classical.
This method brings with two-second transaction confirmation times and can scale to thousands of transactions every second. It competes with Bitcoin’s minutes long times or Ethereum’s limited 15 transactions a second. That’s huge news, as it can compete with traditional payment solutions like Visa and MasterCard. That’s right, Ava can certainly change the world of online trading, and for the better.
Emin Gun Sirer, an associate professor at Cornell University, recently gave a presentation on Avalanche. There, he said that the project can scale from 10,000 nodes to 10 million of them. On paper, this solves nearly every problem that Ethereum or Bitcoin faces.
Beating the future
However, keep in mind that Ethereum 2.0 is coming out soon. That project is looking to solve a lot of the scalability issues as well. But, Avalanche can support decentralized applications just like the second largest project regarding market cap.
Speaking to Bloomberg, Sirer explains the Ava asset a little more:
“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.”
Essentially, Sirer is saying that Ava’s blockchain can hold more than just its own token. It can support all sorts of different assets, making it entirely customizable.
Supposedly, Ava is poised to launch soon, in development by Ava Labs, Sirer’s blockchain startup. In 2019, the project brought in $6 million from investors such as Andreessen Horowitz.
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OhNoCrypto via https://www.ohnocrypto.com/ @Max Moeller, @Khareem Sudlow
