After the mainnet launch of the Aventus Token (AVT) last month, token holders staked over 1.5 million AVT during the network’s Validator Registration Program in a bid to help secure the network and earn a share of the transaction fees from a minimum of 8.5 million historical transactions.
Part 2 of the Validator Registration Program has now been announced. It’s set to begin on March 31 at 9 a.m. UK time and end on Sunday, April 11 at midnight. In the month that has gone by, Aventus has released its own block explorer, allowing Validators to track transactions on the network and their associated fees.
Aventus Network Validators earn a share of transaction fees on the network staking their tokens, earning $0.01 per each transaction processed. The network had, at launch, 10 nodes, each with an equal probability of processing transactions conducted. Each node has a total stake of 250,000 AVT and token holders earn according to their staked tokens.
If a holder has staked 25,000 tokens, they will receive 10% of the transaction fee rewards the node earns.
A Look at the Aventus Network (AvN)
The Aventus Network (AvN) is a second-layer blockchain protocol that lets organisations build on top of the Ethereum network and process transactions at speed and scale, without having to deal with the heightened gas fees on ETH.
Applications using the AvN can easily work with other blockchains through cross-chain technology by plugging with the Polkadot ecosystem. Its main use cases include supply chains, rewards and loyalty programs, live entertainment, data integrity and more.
Some of the advantages of the AvN include its support for up to 2,000 transactions per second, compared to Ethereum’s 15 transactions per second, and its average transaction cost of $0.01, compared to Ethereum $13.
Token transactions on AvN are over 100 times faster than on Ethereum, taking only 0.13 seconds to be processed. The Executive Chairman of CoinShares, Danny Masters, has been quoted saying:
Aventus is at the cutting-edge of what can be achieved with blockchain… With its huge potential and wide applications, I am excited to see how the Aventus network grows and develops over the coming months.
The technology underpinning AvN was developed by its founder Alan Vey at Imperial College London. It was tried and tested in a private network last year, before being launched into its mainnet.
Aventus Validator Registration Program Part 2
During Part 1 of the Aventus Validator Registration Program, AVT holders staked over 1.5 million tokens, and they are now being invited to stake the remaining 1 million tokens. Those who staked on Part 2 will earn from a share of 6.5 million historical transactions, plus from forthcoming transactions.
Validators can withdraw their earnings on a monthly basis, and stake their AVT tokens on any of the 10 nodes using the provided Ethereum smart contract. Aventus Networks’ smart contracts have undergone a security audit by an independent third-party.
The Program’s Part 2 will last for 12 days until April 11, or until the maximum token allocation has been filled. To join as a Validator visit https://www.aventus.io/products/. After successfully registering, you’ll need to follow these three steps:
- Buy AVT. The token is currently trading on Uniswap, HitBTC, and Mercatox.
- Send AVT to the Aventus Validator Registration smart contract.
- Contribute any amount of AVT tokens to one of the 10 nodes available.
After agreeing to the Terms and Conditions, an Ethereum smart contract, dubbed the Staking Contract, is deployed at an address that a prospective validator will receive. The validator then deposits any amount of AVT tokens associated with any of the 10 nodes on the contract to earn a share of transaction fees.