A leading crypto and blockchain expert and Cornell Professor, Emin Gun Sirer, is all set to launch his very own blockchain network, known as Ava. As per latest reports, this Professor, who has earlier created Karma, the pioneering crypto coin based on the Proof of Work consensus mechanism, is a major proponent for blockchain technology. His new offering will be the Ava blockchain, which will reportedly run transactions just as fast as payment networks like Visa and MasterCard. This kind of scalability is yet to be achieved by any blockchain yet, and the blockchain world cannot wait to find out if Ava will live up to Sirer’s tall claims.
Sirer has already managed to raise funding worth 6 million dollars from deep-pocketed investors like MetaStable, Polychain and Andreessen Horowitz, for his Ava Labs. The blockchain company launched a private testnet for the network on 16th May and is expected to roll out the public version very soon. The first cryptocurrencies native to the network will also be launched after the blockchain is made public.
The 47-year old co-director for the Initiative for Cryptocurrencies and Smart Contracts at Cornell University confirmed that the Ava network will have a confirmation latency of 1.35 seconds. He said that he was all set to do something that had not yet been accomplished on the blockchain and ultimately aimed to record every single certificate on the Ava network.
In a recent interview with a crypto media outlet, Sirer had said the following about the impact he wished to create:
“I very firmly believe that our mission is to change the world. It is not to get the next incremental paper out. It is not to have the next token of achievement. It is not to put together some papers that your friends read and then to meet them once a year. And you play this funny game of doing favors for each other. Some kind of a token exchange economy.We are here to change how normal people live. And that is a different standard for work, it is a different standard for impact. It does mean a bunch of different things for academics. It means that we should judge each other based on impact. It also means that the bar is much higher, right?”