Emin Gun Sirer, the co-director of the Initiative for Cryptocurrencies and Smart Contracts at Cornell University, has come out with his very own cryptocurrency, Ava. The crypto is said to be able to process fastest number of transactions, faster than Ethereum blockchain, ranging up to thousands of transactions per second.
The team working over Ava, Team Rocket, is bearing the same mystical aura as Satoshi Nakamoto, since most of the team’s identity is unknown. Sirer has a vision in mind to produce the most efficient crypto use case and according to him;
We are trying to create the correct foundation for making that vision happen.
Sirer also has thrown away the news that they have been working over a crypto titled Ava saying,
Yes, a new coin, Ava, based on a new blockchain maintained by the Avalanche protocol.
Though the team name has gathered some attention in the cryptoverse, the members have been kept from going public. The proposed blockchain solution is considered to be the fastest ever, able to crack the blockchain scalabilty issue, of number of transfer per seconds (TPS). An acute estimate from the team proposed that Ava network would be able to process more than 1000 transactions per second, which is incredibly insane. The transaction speed has been reported to match VISA, meaning that Ava would be the fastest crypto in the market with 1.35 second confirmation latency, a strong feature in its own right.
Sirer did not reveal the development details and kept the Team Rocket’s identity hidden. However, Sirer did spill some distinguished key features of his proposed blockchain solution. Furthermore, the protocol has been developed as a responsive one, with the fastest confirmation for transactions, worth mentioning here too that the team has not disclosed the software details for the project.
The ‘Crypto Killer’
Ava has been dubbed as the ‘Crypto Killer’. The blockchain has been designed using the consensus protocol, Avalanche. The protocol includes the most suitable features from the Nakamoto Consensus and the Classical Consensus mechanism, working as the perfect amalgam. Furthermore, the giant leap in the transaction rate along with the transaction confirmation latency, add up to the benefit of the crypto in this case. With the exceptional features matching VISA protocol, Ava has been designed not only to take the lead but turn the entire crypto market negligible.
Digging into the the Avalanche Consensus Protocol
Ava’s native consensus protocol, Avalanche, is a combination of Nakamoto and the classical consensus. The Nakamoto consensus is the most basic, originally introduced by Satoshi Nakamoto, in which the user do not require an additional third party to deal with the trust issues that might accompany the transactions. The classic consensus mechanism is the one that refers to other parties being included in every transaction to keep check and sort out beforehand.
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.
Ava vs Cryptos
Ava has been compared to other cryptos especially Ethereum as it is about to snatch away the crown of conducting the fastest transaction ever made. For bitcoin, there is a roughly 10 minute time for a transaction to be completed. Ethereum is by far amazingly speedy for the transactions as it completes 15 transactions per second. The project from Ava Labs Inc. has been inspiring enough to raise some funding ranging up to $6 million. The project raised funding from Andreessen Horowitz, Polychain and MetaStable which are a great addition.