A university professor, Emin Gun Sirer recently announced that he is considering developing a cryptocurrency and blockchain network that will be supported by some the most powerful cryptocurrency exchange in the FinTech industry.
Emin teaches computer science related courses at the University of Cornell and the cryptocurrency network he is about to develop is called the Ava Lab Inc.
According to the professor, he hopes that the network will reduce crypto transaction time and besides, assist applications supported by the blockchain technology.
He also believes that the network will provide these services to several industries that need it, most notably those in the supply chain management. For instance, in supply chain management, asset tracking can be managed by the network as it moves from one destination to another.
Emin is also the co-director of Cornell University’s Cryptocurrency and Smart Contracts Initiatives revealed that the network, Ava will be designed with the sole aim of competing with other successful payment systems like MasterCard, PayPal and Visa.
The Ava network will compete with the amount of transaction that is made by per seconds on the payment system as mentioned above. For now, the network takes 1.3 seconds to confirm transaction due to several delays, and can also support any DLT applications types.
The computer science professor also added that all hands are on deck to also develop a comprehensive distributed ledger technology as part of the network which will have data about global finance and the FinTech industry in general embedded.
According to the network financial growth rate, Ava currently has over six million dollars from renowned investors.
Also, as from May 23, the prototype version of the network will be distributed for a test run with its token also said to be launched after the development of the system is complete.
Prior to this network, the professor has been a part of a technology called Avalanche protocol that was developed before Ava. The whitepaper of Avalanche was released in the first quarter of 2019 by Team Rocket.
As regards Avalanche, Emin revealed that the protocol is somewhat like the classical and Nakamoto consensus; Nakamoto is the name of the group or individual behind Bitcoin development.
However, there are concerns for the network as it is relatively new to space, and it will inevitably face difficulties joining another leading brand in the cryptocurrency and financial technology world. There are also hopes that the network may turn out to be as amazing as the ETH and BTC.