In a new development which could open a new era in the history of the cryptoverse, Emin Gun Sirer, a professor at Cornell University, is looking at launching his own cryptocurrency and network. He will be receiving funding from several big VCs in the field.
Sirer said that the AVA network was going to be of a higher throughput, which will also be looking at reducing transaction time. The blockchain will also have an application which tracks supply-chains and keeps a tab on securities and gold.
“Many existing blockchains tend to be specialized, focusing on ensuring user privacy or functioning as a store of value. Ava aims to run as many transactions per second as Visa and with 1.35 second confirmation latency, which should enable all these applications, plus ones that aren’t even possible yet.”
Sirer stated that “every certificate will one day be represented on the blockchain,” while adding that the Ava network was trying to create the correct foundation for making that vision happen.
Ava Labs Inc. has already raised $6 million in funding, with the investors being Andreessen Horowitz, Polychain and MetaStable. The test version of the network will be rolled out on Thursday and the coins are expected to be released after Ava is launched publicly in a few months.
Avalanche protocol is one of the latest developments from Ava Labs. Team Rocket, an anonymous group, had last year come up with a new distributed way to verify transactions. The Avalanche protocol was designed to be more flexible and able than Bitcoin.
Emin Gun added,
“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.”
According to Sirer, Ava is also working towards securing large corporations as partners, and is planning to establish Ava chapters in cities throughout the world.
However, Cornell isn’t the only institution at the forefront of the crypto, blockchain revolution. According to reports, professors from seven universities have come together and are working on a digital currency called “Unit-e,” an initiative by Distributed Technology Research, a non-profit foundation.
Ava is expected to compete with Ethereum since the network will provide all the services that Ethereum already does.
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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