Ava Labs, the high-performance web3 solution provider, has contemplated the digitization of the world’s assets on the blockchain. Recently, the organization has raised around $640 billion. Besides, giant venture capitals like 16Z and Polychain Capital support the organization’s efforts. It’s not been long since Ava Labs declared its partnership with AWS (Amazon Web Services).
Avalanche has secured approximately $1.1 billion across a $5.72 billion market cap, making it the 7th largest blockchain in the world.
Ava Labs started effectuating the proposed digitization in 2020 with the launch of Avalanche, Ava Labs’ layer-1 (L1) blockchain. The project’s goal was to help developers to create versatile blockchains and decentralized apps, keeping the affordability and agility factors intact. The said L1 blockchain works well with ‘Solidity’, the developer’s coding language, enabling them to build scalable projects across different networks.
The Avalanche ecosystem accommodates numerous projects, including BitGo (a digital asset security firm), 1inch (a decentralized exchange), The Graph, TrustToken, Chainlink, etc. The organization expects the network to become more expansive in the coming days.
According to the Founder and CEO of Ava Labs, Emin Gun Sirer, Avalanche’s underlying tech could be the primary driver for developers’ attention. He states that after scrutinizing the market, he decided to equip Avalanche with its own architecture to ensure scalability. This is something no other platform is paying attention to as of now.
The L1, thus, emerges as an estuary of a unique subnet architecture and the solidarity of Avalanche. Gun Sirer believes this association will further help the organization develop multiple parallel chains with unique use cases.
How Avalanche Is Planning to Lead the L1 Convoy
Avalanche has always worked with a primary goal – digitizing the global assets on the Avalanche blockchain. The Avalanche CEO says that the organization is finally set out to do it, and he is excited about the venture. In the last few years, several L1 blockchains have emerged.
However, Gun Sirer believes this abundance will be knocked out in the coming years as most of them lack uniqueness. Moreover, some solutions are not truly in demand. According to Gun Sirer, a reliable L1 must be decentralized. In addition, it needs to be agile and secure, and Avalanche has left no stone unturned to infuse its blockchain with the said virtues.
This open and programmable smart contracts platform caters to decentralized applications. In addition, the platform allows deploying blockchains that are private and customized.
Developers can build their own virtual machine and dictate the operation methodology of the blockchain.
The Avalanche A1 can scale to different validators with minimal hardware. In addition, the platform provides security guarantees above the 51% industry benchmark.