Blockchain Startup AVA Labs Launches Public Testnet

Announcements, Blockchain, News | April 20, 2020 By:

Blockchain startup AVA Labs has launched the public testnet for its next-gen blockchain platform.

AVA Labs is building a payments rail and computational platform leveraging the Avalanche consensus, which reportedly offers unparalleled scalability (6000+ Transactions Per Second), decentralization (1000+ nodes), security, sustainability, and flexibility. The AVA platform is positioned to redefine open finance by enabling decentralized finance (DeFi) applications to be more expressive and to scale with global demand. The platform is designed to be backward-compatible with out-of-the-box support for existing ethereum-based DeFi applications.

The AVA public testnet allows participants to connect to a global network of validators and participate in high-velocity transactions. The release of the public testnet enables AVA’s capabilities to be trialed ahead of its mainnet launch later this year.

“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,” said Emin Gün Sirer, CEO of AVA Labs. “Opening the AVA testnet to the public just one year after operation signifies our commitment to delivering on our promises in a rapid manner. We welcome anyone to get involved, test the functionalities of the platform, and scrutinize the code.”

Use cases span payments, tokenization, digital identity, supply chain and IoT, and according to AVA Labs, these industries are interested in its flexible DLT platform.

“We are focused on creating the most functional and scalable blockchain possible,” said Kevin Sekniqi, COO of AVA Labs. “Our mission has always been to address the needs of the global financial market. We make it viable to integrate DeFi into traditional finance.”