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Professor from Ivy League creates blockchain scalability solution via own cryptocurrency

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Professor from Ivy League creates blockchain scalability solution via own cryptocurrency
Source: Pixabay

Co-director of Cryptocurrency and Smart Contracts Initiative at Cornell University, Emin Gun Sirer has chalked out his own cryptocurrency called, Ava. The said currency will be able to process transactions at a faster rate, when compared to Ethereum blockchain. It will be able to process transactions in thousands in seconds. 

“Team Rocket” is the team behind Ava, the details of the team are kept a secret and “Team Rocket” is a fake name used, just like Satoshi Nakamoto. The creator has a vision of creating the best crypto use case. 

He said:

“We are trying to create the correct foundation for making that vision happen.”

He also gave light on Ava and said:

“Yes, a new coin, Ava, based on a new blockchain maintained by the Avalanche protocol.”

The name of the team has garnered quite a few eyes and members from the team are not being allowed to appear in public places. Ava will be faster and also solve the issues of blockchain scalability, with respect to the number of transfers per second. 

As per the proposal of the team Ava could be able to transact 1000 transactions per second. The said speed is on par with Visa making Ava the fastest crypto in the market, the confirmation latency is 1.35 second, USP of Ava. 

Avalanche is the consensus protocol used in the blockchain, it also make use of Nakamoto consensus and Classic Consensus mechanism. One of the reasons for the birth of Ava is, Sirer not only wants to lead the crypto-sphere but also turn the crypto market insignificant.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.