Group items tagged

Ava Labs CEO Emin Gün Sirer has dismissed allegations from CryptoLeaks that the company formed a "secret pact" with U.S. law firm Roche Freedman LLP to use the American legal system "gangster style" to "attack and harm crypto organizations [i.e., Ava Labs competitors]." Ava Labs is the firm behind Avalanche (AVAX), an Ethereum (ETH) rival in the decentralized finance (DeFi) and customized blockchain space. Roche Freedman LLP was recently involved in separate high-profile lawsuits against Solana Labs and Binance, claiming that the firms were engaging in unlawful activities.

As first envisioned in a 2018 white paper by the pseudonymous "Team Rocket," the Avalanche protocol uses random network sampling to reach consensus. But it is AVA Labs' (www.avalabs.org) ambition in building new infrastructure for the financial markets that now drives the firm forward.

Founded by Cornell professor Emin Gun Sirer, who has previously worked on a scaling solution for bitcoin, AVA had been in private testnet for over a year. It originally had been slated for launch as early as December but this was pushed back until April. The project is now aiming for a full launch sometime in July, according to its roadmap.

A main limitation blockchain faces is that it is deadly slow compared to centralized payment systems run by Visa Inc. and Mastercard Inc. While Ethereum is evolving to close that gap, a network like Ava could gain an advantage on Wall Street if its test numbers of processing 6,500 transactions per second can be replicated in a live environment. Visa says its network can handle more than 24,000 retail transactions per second, while Bitcoin currently processes about six and Ethereum 15.

BiLira will launch TRYB, a stablecoin backed by the Turkish Lira on Avalanche during the mainnet release. Previously, TRYB was limited to the Ethereum blockchain as an ERC-20 token. https://www.bilira.co/

"Avalanche price skyrocketed 35% from $12.23 to $16.55 mid-week. This followed the news that Ava Labs, the company behind the Avalanche blockchain project, had partnered with Amazon Web Services (AWS) to scale blockchain solutions access to institutions, governments and enterprises. It is expected that the news will sustain AVAX's recovery to higher levels."

Law firm Roche Freedman LLP and tech startup Ryval plan to launch "the stock market of litigation financing" by allowing everyday Americans to bet on civil lawsuits through the purchase (and trade) of associated crypto tokens, or initial lawsuit offerings (ILOs) In doing so, the firms hope to provide funding to individuals who would otherwise not be able to pursue claims. They are working with Ava Labs, the firm behind the Avalanche blockchain smart contract platform.

Avalanche, one of the many blockchain networks that claim to be faster, cheaper and more capable than Ethereum, announced the "Avalanche-Ethereum Bridge," a way to transfer Ethereum tokens to the Avalanche blockchain and vice versa. Avalanche's bridge is powered by ChainSafe, a blockchain interoperability protocol produced by ChainBridge. ChainBridge built Avalanche's bridge using funds from the Avalanche-X grants program. Avalanche's mainnet launched in September after raising $60 million, $42.5 million of which came from a public token sale.

Smart contract platform Avalanche will launch on September 21. Avalanche purportedly will deliver sub-second transaction finality, support the entirety of the Ethereum virtual machine and development toolkit, and enable up to millions of independent validators to participate as full, block-producing nodes. Avalanche is capable of throughput orders of magnitude greater than existing blockchain networks (4,500+ transactions/second), and security thresholds well-above the 51% standards of other networks.

In the race to produce the fastest, most feature-complete blockchain there is, a handful of major players have emerged in the last year. Among these, Avalanche-an open-source platform for new financial primitives and decentralized applications-has emerged as one of the front-runners.

Avalanche consensus, like Nakamoto consensus, is a probabilistic protocol. Just as Nakamoto traded off a small chance in probability for performance, Avalanche embraces probability to make the chance of error just as microscopic (and better yet, like all parts of Avalanche, configurable by validators on custom subnets).