New DeFi Project from AVA Labs Launches Final Test Network with Rewards

The final testnet of the AVA project has been launched, which will be the last stage before deploymentmain network. Its feature was that participants will be able to receive rewards in AVA tokens.

As representatives of AVA Labs told ForkLog,the goal of the project is to simplify the launch of financial applications using highly scalable and customizable networks, public and private blockchains, as well as the ability to create any digital assets.

“We are opening up the possibility of creating an open, simple and democratic Internet of finance, designed to give the world a more prosperous future,”- said representatives of the company.

AVA Labs founded by Professor CornellUniversity and one of the creators of the Bitcoin NG protocol Emin Gyun Sirer. Last year, the company raised $ 6 million in a Series A round of financing. Investors were Andreessen Horowitz, Initialized Capital and Polychain Capital, as well as individuals, including former 21 Inc CEO Balaji Srinivasan and AngelList CEO Naval Ravinkat.

According to the company, the test participantsDenali networks will be able to earn a total of 2 million AVA tokens - up to 2,000 tokens per user. Tokens themselves, which should not be confused with the native tokens of the AVA blockchain platform for hotel reservation Travala.com, are not yet available on exchanges.

Denali test network will consist of threekey tasks, the solution of which will be allotted time until June 15. The previous Cascade test network was launched in April and brought together about 300 developers who launched validating nodes.

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The launch of the main project network from AVA Labs is due to take place this summer, but the exact date has not yet been determined.

Recall, at the end of 2016, Emin Gyur Sirerintroduced a solution to scale Bitcoin called Teechan. In May 2018, he proposed three new consensus algorithms, Snowflake, Snowball, and Avalanche, which are a combination of the “classic consensus” according to which the decision can be made by the majority, and the “Nakamoto consensus”, where miners make each specific decision.