A new cryptocurrency is set to make its official debut in the coming months.
The currency is called Ava, and it’s being launched by digital asset entrepreneur Emin Gun Sirer. The man serves as co-director of the Initiative for Cryptocurrencies and Smart Contracts at Cornell University. He is also a blockchain researcher that has his own startup in the works known as Ava Labs, which will be launching the cryptocurrency to the public.
Thus far, Sirer has managed to raise approximately $6 million from hedge funds everywhere to grow his company. Among the hedge funds that have contributed their time and money to the venture include Andressen Horowitz, Polychain and Metastable.
Thursday, May 23 will mark the debut of a test version of the cryptocurrency. From there, testing and public issuance will occur over the following few months. Sirer says that Ava will act as a “high-throughput platform with fast transaction confirmation times.” He claims that the transaction record will be equal to or greater than international credit card companies like Visa.
He also says that users will be able to perform supply chain tracking and digitize assets on the Ava Network, which he says will be its main purpose. He further comments:
Every certificate will one day be represented on the blockchain. Every dollar bill… We are trying to create the correct foundation for making that vision happen.
This is a very ambitious feat. To have virtually every currency and asset listed on the Ava blockchain will prove challenging for Sirer and his team. Responding to his followers’ questioning eyebrows, Sirer explained Ava’s goal in a Twitter message:
So many academics forget that our goal, as a profession, is not to publish papers. It’s to change the world.
Ava Labs has also developed an enterprise known as the Avalanche protocol. It’s a “distributed method of transaction verification” that is allegedly much more flexible than even Bitcoin.
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.
It seems like every major tech company is into creating its own coin, these days. The big news as of late is that social media conglomerate Facebook is developing its blockchain division to potentially put out a new cryptocurrency called Facebook Coin by the end of the year. It’s also working on a payment network system that will allow users to purchase goods and services with Facebook Coin through the platform and through websites that offer Facebook login options.