Imperial alumni-led blockchain startup develops Layer-2 solution for Ethereum

Aventus has launched its main net Aventus Network as a layer-2 solution that lets any organisation build on Ethereum without the typical limitations.

The technology underpinning the Aventus Network (AvN) was first conceived by co-Founder and CEO Alan Vey at Imperial College London and this new launch sparks the beginning of a new strategic direction for Aventus as it transitions from a live entertainment ticketing protocol to a solution with a much broader market.

The network lets organisations ranging from financial asset managers and supply chain coordinators through to customer rewards schemes and live entertainment companies to easily develop and implement efficient, highly secure and future-proof blockchain solutions. 

Ethereum remains, and will remain, the network of choice for any organisation adopting blockchain technology as it offers a more secure way to make and monitor transactions than through traditional methods. However, it is a victim of its own success and therefore extremely limited by the number of transactions possible per-second, high fees, and slow transfer times.

With the launch of the main net Aventus AvN protocol mitigates Ethereum's main challenges: 

• AvN is 133X faster than Ethereum, scaling up to 2,000 transactions per second compared to Ethereum's 15,
• The average transaction cost for organisations using AvN is $0.01 - less than 1% of the average Ethereum transaction fee, 
• Token transfers are processed in 0.13 seconds by AvN - more than 100 times faster than Ethereum,
• As a layer-2 blockchain solution, Aventus combines the best of Ethereum's highly secure distributed ledger with complete interoperability with future or existing blockchains.

AvN is also built with interoperability with other public blockchains into its foundations and long-term plans. To this end, Aventus will make its technology entirely open source for the developer community.

Alan Vey, Imperial alumnus and co-Founder and CEO of Aventus, said: 

"Several years of development and comprehensive testing in the making, AvN is built on the belief that Ethereum is brilliant - the philosophy of decentralisation, its high levels of versatility and security, and its incredible community of creative developers and enthusiasts. However, it’s limited, and we want to remove those limitations so that any organisation that could benefit from blockchain has the opportunity to."

The launch of the Aventus Network follows a successful phase 1 of the Aventus Validator Registration Program where Validators earn fees from transactions processed on the Aventus Network. 

Thanks to Aventus' existing partnerships with Cashback App, Artos Systems, FanDragon, and VOW currency, the Aventus Network is set to process a minimum of 8.5m historical transactions in the coming months.

For more information, please visit aventus.io.