Aventus Network

The Aventus Network is an enterprise-grade layer 2 blockchain founded by Founder & Chairman Alan Vey. It marries the scale of a permissioned blockchain with the security and interoperability of public blockchains.

Aventus makes building on Polkadot, Ethereum and beyond accessible for businesses and decentralised platforms, bringing interoperability, scalability and sustainability to Ethereum transactions. In its first year of operation, the Aventus Network onboarded over 15 million transactions for business clients with 8 million active wallets.

Aventus is supported and endorsed by a number of notable figures in the blockchain industry, including Daniel Masters, Chairman of CoinShares, Gavin Wood, Co-Founder of Ethereum and Founder of Polkadot, and Mark Cachia, Founder of Scytale Ventures.

History

Founded in 2018, Aventus started by providing blockchain-powered solutions to the ticketing industry via a project called Aventus Classic. An open-source, decentralised Ethereum-based ticketing protocol, Aventus Classic sought to to alleviate fraud and touting in the long tail of the event ticketing industry. Its mission was tripartite: to improve oversight and control over tickets, to facilitate lasting communication between ticket owners and rights holders and to promote the standardisation of tickets and their life-cycle across the entire supply chain in order to reduce costs.

In response to the obstacles of speed and scalability of Ethereum that had become a blocking issue for Aventus, it sought to build a scalable platform that would not only achieve the scalability required for the original vision, but could also be tuned to other business use cases. Aventus, therefore, began work on the Aventus Network – a solution designed to achieve the required levels of scale and privacy without compromising on native security and independence via a layer 2 on Ethereum.

The Aventus Network (AvN) launched in February 2021 with 10 validator nodes and a staking program which provided members of the community with the opportunity to stake their AVT and earn rewards. The AvN is built on Substrate —a next-generation blockchain technology developed by one of the co-founders of Ethereum. Substrate is the technology powering the Polkadot ecosystem, which established a new architectural paradigm delivering interoperability and scale.

Speed

The AvN can currently scale to 2,000 transactions per second – 133 times more than Ethereum. The AvN will process a token transfer within 0.13 seconds – 100 times faster than the Ethereum blockchain.

Price

The transaction costs on the Aventus Network are determined by the community. Currently, average cost is $0.01 (paid in AVT, the Aventus Token). This is not only 99% cheaper than the average Ethereum transaction fee over the past year, but, most importantly, it is predictable. Aventus Network addresses transaction price volatility, and allows users of the network to plan for and allocate operational budgets for transaction processing. This is a matter of particular importance for businesses, where unexpected price spikes can result in the significant increase in the cost of business, or worse denial of service, and a loss of revenue.

Interoperability

Because of the emergence of multiple Ethereum competitors, as well as other private and permissioned networks, a situation has emerged where there are multiple disconnected silos of value. Aventus Network addresses this problem. It is interoperable with Ethereum in the sense that Ethereum assets can be seamlessly transferred to and from the AvN in a simple operation. At the same time, the Aventus platform is built using Substrate, which provides an open path to becoming a Polkadot parachain.

Sustainability

The Aventus Network is a Proof of Stake blockchain, leading to great energy efficiency. In the first year of operation, the Aventus Network’s power usage was about 0.02 kWh per transaction, which we expect to further reduce with future optimisations – compared to Bitcoin’s energy consumption of 1,173 kWh per transaction.

Gateway API

The Gateway API is the fastest, least expensive and most convenient way to interact with the Aventus Network. It provides a familiar web API entry point to the Network for integrating third-party applications and building new Aventus Network-native products, and businesses can reap the benefits within a matter of days or even hours.

Via the Gateway, users can create accounts, submit required volumes and transactions to the Network and query the blockchain state.

Use Cases

The team has further enhanced and adapted the original protocol to ensure that the layer 2 solution is also suitable for problems ingrained within other aspects of commerce. Use cases to date span NFTs, loyalty, ticketing, financial assets and virtual goods, i.e. any industry or supply chain focused on digital assets.

References

This article "Aventus Network" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Aventus Network. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.

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