Avalanche, the next-generation blockchain platform, has launched its first of two planned public testnet releases. The first release allows participants to connect to a global network of validators and participate in high-velocity transactions. Reaching speeds of thousands of transactions per second and payment finality of under two seconds, Avalanche provides comparable throughput to top payment processing companies. The release of the public testnet enables AVA’s capabilities to be trialed ahead of its mainnet launch later this year.
The Avalanche platform is positioned to redefine open finance by enabling decentralized finance (DeFi) applications to be more expressive and to scale with global demand. Powered by the cutting-edge Avalanche consensus protocol, Avalanche allows anyone to create both public and private smart-contract-enabled blockchains that interoperate. Avalanche is designed to be backward-compatible with out-of-the-box support for existing Ethereum-based DeFi applications. Migrating decentralized applications to Avalanche grants open finance the power to deliver its promise to a mainstream audience.
Emin Gün Sirer, CEO of AVA Labs said, “As an open-source project, we listen intently to the invaluable input of our active global community, and are building a solution that is driven by the demands of prospective users, one which enables permissionless and permissioned blockchains to scale and connect like never before.“
In addition to demonstrating its capability, the Avalanche testnet seeks to maximize network participation and harden the platform for future adoption. “We are focused on creating the most functional and scalable blockchain possible. Our mission has always been to address the needs of the global financial market. We make it viable to integrate DeFi into traditional finance,” said Kevin Sekniqi, COO of AVA Labs.
John Wu, President of AVA Labs said, “Avalanche has the potential to become the global issuance platform for all digital assets, and this is possible only because of its unique architectural model.”
Industries such as payments, tokenization, digital identity, supply chain, and Internet of Things (IoT) are interested in AVA as a flexible DLT platform that enables either unique demands. Developers and enterprises across the globe can now interact with Avalanche and begin building open finance applications on the public testnet. Sirer said:
“Since exiting stealth mode last year, the team has been focused on building the most robust and secure network possible,” later stating, “Our mainnet launch is expected later this year. Opening the Avalanche testnet to the public just one year after operation signifies our commitment to delivering on our promises in a rapid manner. We welcome anyone to get involved, test the functionalities of the platform, and scrutinize the code.”
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Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create powerful, reliable, and secure applications and custom blockchain networks with complex rulesets or build on existing private or public subnets.