AVALANCHE #Blockchain# Network To Launch Full Mainnet.
What is mainnet in cryptocurrency?
Mainnet is the term used to describe when a blockchain protocol is fully developed and deployed, meaning that cryptocurrency transactions are being broadcasted, verified, and recorded on a distributed ledger technology (blockchain).
Avalanche, a new blockchain protocol and cryptocurrency backed by Cornell University’s Emin Gün Sirer, will finally go live in a few days.According to an announcement, Avalanche will roll out the full mainnet on Monday.
Ava Labs’ co-founder and chief operating officer, Kevin Sekniqi, explained that DeFi has always been the core focus of Avalanche. He claimed that the network is basically limitless in terms of scalability:
There’s no known limit to the number of full, block-producing validators who can participate in Avalanche consensus without any loss in performance. We’ve tested upwards of 2,000 of these full validating nodes without any drop-off in performance or downtime.”
According to Ava Labs’ representatives, the Avalanche network is capable of confirming transactions in under one second, with a capacity of over 4,500 transactions per second and security thresholds “well-above the 51% standards of other networks.”
As the Avalanche platform is designed to help current DeFi projects scale further, the network needs to provide a sufficient level of interoperability with other networks. Sekniqi said that Avalanche will support bridges to other networks to allow users to move assets between them.
He explained that they’ll be launching a bridge to Ethereum very soon that will enable activity between the networks, like transferring assets like stablecoins between the networks or ‘wrapping’ native assets on Avalanche, without losing any functionality.
Avalanche has raised $60 million to date, including a $42 million public token sale in July and a $12 million private sale led by Galaxy Digital, Bitmain and Initialized Capital. The project was initiated in May 2019,the Firm explained.
Avalanche’s founder and CEO, Gün Sirer, recently criticized emerging blockchain projects for applying dubious strategies in the industry. In a tweet on Friday, he said that too many industry projects tend to make strong tech claims without providing much evidence.