Emin Gun Sirer, a significant figure in the global bitcoin and blockchain ecosystem will soon release a cryptocurrency and distributed ledger network. For starters, Sirer was the first to create a cryptocurrency based on proof-of-work (PoW) concept, Karma System.
He is now proposing to unveil a blockchain network (Ava) that will rival leading platforms such as Ethereum by executing a lot of transactions in a second, just in the same format as payment giant Visa.
The development first reported by Bloomberg on Thursday is coming a few months after the developer raised about $6 million from notable investors including Polychain, Andreessen Horowitz, and MetaStable. Following the fundraising, Sirer’s Ava Labs on May 16 reportedly launched a test version of the new network dubbed Ava, though it was meant private.
The leading blockchain developer will now roll out the public version of the Ava network, alongside the issuance of the first coins, once the blockchain network is fully accessible, according to the report.
The ultimate goal is for the Ava network to procure a 1.35-second confirmation latency, with an eye on being able to allow applications “that aren’t even possible yet.” Such applications will include the tracking of every single certificate on the blockchain system, a milestone Sirer hopes to achieve soon.
It will be fair to note that Sirer co-direct the Initiative for Cryptocurrencies and Smart Contracts at Cornell University. Sirer is mostly known for his selective approach to cryptocurrency, in accordance with the actual use of various cryptocurrencies.
He is of the view that cryptocurrency purchased on hype “are pure speculation,” hence, people should invest and hold coins which “will be used, extensively, in the long run.”
In another news regarding a newly launched cryptocurrency, Coinfomania reported that crypto exchange Bitfinex is set to begin trading on its $1 billion IEO token, LEO