UPDATED 12:27 EDT / MARCH 11 2020

BLOCKCHAIN

AVA Labs open-sources codebase for decentralized finance blockchain platform

The codebase for the distributed ledger blockchain platform developed by AVA Labs Inc., a financial blockchain infrastructure development startup, officially became open source today and was released to the global community.

AVA’s vision for its blockchain platform is to become the “AWS of finance,” referring to the cloud computing leader Amazon Web Services Inc. It intends to provide blockchain technology for building decentralized financial applications, or DeFi apps.

This release will enable any business to launch its own blockchain with custom validators and issue assets with any features and rulesets, including virtual machines, smart contracts and programmable legal compliance, according to the company.

“The release of the AVA codebase concludes the first phase of research and development for AVA, while also demonstrating the commitment to its open-source and decentralized community,” AVA Labs Chief Executive Emin Gün Sirer said.

The AVA network uses a specialized system that allows permissioned, or private, and public blockchains to interoperate at scale. It is also the first system to employ the Avalanche consensus protocol, which was initially developed in 2018. Avalanche is a highly scalable, quick-resolution protocol for adding transactions to a blockchain while maintaining the security of the network.

“Seeing the performance and security improvements made possible by the Avalanche protocol, other major cryptocurrencies, such as BCH, have announced plans to incorporate Avalanche or variants of it,” said Sirer. “The AVA platform has coupled this protocol with a revolutionary network model that enables the system to span permissioned and permissionless networks, making AVA the first and only true self-serve platform for new blockchains and digital assets.”

AVA Labs also announced the launch of its Developer Accelerator Program designed to foster the next generation of engagement with the project’s growing community of creators, open-source developers, bug hunters and security engineers.

The program will provide participants the opportunity to earn up to $50,000 per contribution and hopes to encourage long-term feedback from the AVA community.

“The release of the AVA codebase is an important milestone,” said John Wu, president of AVA Labs. “For the first time, a blockchain platform will allow public and private applications to interoperate. AVA has the potential to become the global issuance platform for all digital assets, and this is possible only because of its unique architectural model.”

Blockchain technology has been sought after across numerous industrial sectors, including finance, energy, real estate, shipping and more. For example, blockchains have been used to securitize energy commodities between major corporations such as BP PLC and Royal Dutch Shell PLC, to exchange value for precious metals by Tradewind Markets Inc. and the Royal Canadian Mint and to tokenize real estate assets such as The Hub at the University of South Carolina through Harbor Platform Inc.

Using the AVA Network, a business can support millions of nodes and securely handle thousands of transactions per second. Developers can launch numerous different types of apps on the infrastructure to mimic different types of business processes using smart contracts.

AVA wants to become the go-to resource for financial and enterprise businesses to build their distributed applications and provide tokenization for projects. To do that, the AVA toolset includes a full suite of blockchain features such as a wallet, faucet and libraries for building applications.

“Instead of one network with thousands of tokens, the AVA ecosystem is one platform with thousands of subnetworks and tokens on each subnetwork,” said Kevin Sekniqi, co-founder of AVA Labs.

Photo: Pixabay

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