Avalanche, the cutting-edge blockchain platform, has recently rolled out its first of two proposed public testnet launches. This initial rollout allows people to join a worldwide network of validators and take part in transactions that occur rapidly. It offers the same levels of throughput as some leading payment processing firms with up to thousands of transactions per second and a payment completion time of less than two seconds. The launch of this public testnet gives users an opportunity to try out Avalanche’s features before its mainnet roll-out later in the year.
Avalanche is poised to revolutionize open finance by allowing DeFi applications to become more sophisticated and handle high-volume traffic. Built on the advanced Avalanche consensus protocol, it allows users to create both public and private blockchains with built-in smart contract capabilities that can interact with each other. Avalanche is also compatible with existing Ethereum DeFi applications, so migrating them over grants open finance the ability to reach a wider population.
“As an open-source project, we listen intently to the invaluable input of our active global community, and are building a solution that is driven by the demands of prospective users, one which enables permissionless and permissioned blockchains to scale and connect like never before.“
– Emin Gün Sirer, CEO of AVA Labs
The purpose of the Avalanche testnet is to showcase its effectiveness, promote involvement on the network, and strengthen it for future usage.
“We are focused on creating the most functional and scalable blockchain possible. Our mission has always been to address the needs of the global financial market. We make it viable to integrate DeFi into traditional finance.”
– Kevin Sekniqi, COO of AVA Labs
“Avalanche has the potential to become the global issuance platform for all digital assets, and this is possible only because of its unique architectural model.”
– John Wu, President of AVA Labs
Industries such as payments, tokenization, digital identity, supply chain and IoT have been drawn to AVA due to its versatile distributed ledger technology (DLT) that can meet different requirements. Developers and businesses all over the world are now able to access Avalanche and start constructing open finance programs on the public testnet.
“Since exiting stealth mode last year, the team has been focused on building the most robust and secure network possible,” later stating, “Our mainnet launch is expected later this year. Opening the Avalanche testnet to the public just one year after operation signifies our commitment to delivering on our promises in a rapid manner. We welcome anyone to get involved, test the functionalities of the platform, and scrutinize the code.”
– Sirer
