What is Aventus?
Aventus is a user-friendly and interoperable layer-2 blockchain protocol, which provides all necessary value-added services. In other words, it brings scalability, lower costs, and speed to transactions on the Ethereum network.
As Ethereum is the blockchain network that most businesses choose to operate on, some problems regarding its maximum transaction throughput have arisen. As a result, transaction fees skyrocketed and became relatively expensive.
Meanwhile, the Aventus Network has been introduced to the market. As it is a parachain on Polkadot, it solves the problem with Ethereum by building on top of the Ethereum network with Aventus’ second-layer protocol. This allows an application to work with any blockchain technology, cross-chain, by plugging into the Polkadot ecosystem and building on the Substrate.
The network has already onboarded over 20 million transactions from multiple entities and can currently scale to 2,000 transactions per second. The statistics are clear – it has 133 times more capacity than Ethereum. Moreover, Aventus Network is able to process a token transfer within 0.13 seconds. Again, it is 100 times faster than the Ethereum blockchain.
Use Cases of AVT Tokens
Aventus token (AVT) is the native token of the network, providing a lot of utility. It powers every transaction, proves governance, and supports validators. Besides, each transaction yields rewards in Aventus coins for all stakers.
Transaction originators pay AVT price as a fee to the network in exchange for processing their transactions. In general, the network’s transaction costs are decided by the community and the average cost is $0.01 paid in AVT. The fees are low and predictable (the average cost is close to 99% cheaper than the average Ethereum transaction fee). Additionally, note that Aventus addresses price volatility (so the fluctuation of the AVT price is not a problem) and allows users to better plan and manage their operating budgets. As a result, businesses are less prone to price spikes and sudden increases in operating costs.
Transaction processors have to deposit AVT when they join the network. Such staking is serving as a fraud deterrent. If a validator tries to damage the network by breaking its rules, he/she will be penalized by losing AVT tokens.
Another utility is staking – anyone holding Aventus coins can stake them to earn rewards. The only limitation is the Aventus Network stake capacity. Moreover, there are voting rights – each AVT holder has a vote with weight equivalent to the amount of coin he holds.
Make sure to analyze the Aventus price chart before making any purchases though. It features both – the current and the previous AVT price.
Who Founded Aventus?
Aventus was founded by Alan Vey, who has been selected as Forbes 30 under 30 winner for his work in the network. Previously, he worked at Deloitte and Brevan Howard, a macro hedge fund. He wrote his Master’s thesis on blockchain technology in which he conceived a business plan for the company that later became Aventus and for this purpose he successfully raised over $20m in 2017.
The CTO of Aventus is Andrey Brozhko, who has over 20 years of experience in leading product and software engineering. Overall, the whole team is experienced in traditional and blockchain-based finance, software engineering, designing and writing smart contracts, distributed systems, and security applications.
