Do we need more decentralized platforms when popular platforms like Bitcoin, Ripple and Ethereum have hinted that it was possible to transform the financial sector because they facilitate digitization and the ability to program assets?
Emin Sirer, CEO of blockchain-based startup AVA Labs, and professor at Cornell University, told LaComparacion Middle East, on the sidelines of the World Blockchain Summit in Dubai, that many assets suffer from lack of liquidity. and various types of assets are not yet ready in digital form.
"Unfortunately, they do not meet critical requirements such as high performance, rich feature set, opinion-free and flexible architectural design, ease of use, legal foundation and regulatory compliance, and interoperability with existing infrastructure," he said. he stated.
He added that current rig engines are weak.
"Bitcoin can process 7 transactions per second (tps) while Ethereum can process 15 tps. The latency will take from a few minutes to a few hours compared to a 10 second credit card transaction. Almost all current blockchains are poorly decentralized and therefore extremely vulnerable, "he said.
Fast, scalable and customizable platform.
Additionally, Sirer said that blockchain was a proven technology, but that Bitcoin and Ethereum did not have the scale to keep up with demanding applications beyond cryptocurrency.
For example, he said that if you put Venezuela on the bitcoin blockchain, he can make one transaction per adult every 36 days.
"Bitcoin is the most powerful cryptocurrency as a financial product, but when we look at the technical point of view, there is no progress and no scale," he said. .
"We need blockchains with a much higher capacity and that is why we are launching AVA, a powerful new platform for financial markets and decentralized applications that aims to solve some of the most difficult problems in the financial ecosystem today," he said.
However, he said that Ava was not competing with Bitcoin and that AVA was trying to capture digital assets.
"AVA is a modular, fast, scalable and customizable platform for creating, discovering and trading digital assets without friction. It offers customizable markets to deploy and trade assets in a secure and compliant manner," he said.
AVA uses the Avalanche protocol and can process 6,000 tps in less than two seconds and much faster than Visa. The AVA platform will launch in the first quarter of next year.
Athereum, an Ethereum spoon, is the first subnet to support the AVA platform. It is made up of several different subnets and supports different types of decentralized applications.