The CEO of Ava Labs is predicting a wave of big name brands will “very shortly” be annoucing “some cool stuff” they will be doing on smart contract platform Avalanche ($AVAX).
Below is a brief description of Avalanche from its developer documentation:
“Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.
“A key difference between Avalanche and other decentralized networks is the consensus protocol. Over time, people have come to a false understanding that blockchains have to be slow and not scalable. The Avalanche protocol employs a novel approach to consensus to achieve its strong safety guarantees, quick finality, and high-throughput without compromising decentralization.
“AVAX is the native token of Avalanche. It’s a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche. 1 nAVAX is equal to 0.000000001 AVAX.“
Avalanche is being developed by Ava Labs, a blockchain startup founded in Brooklyn, New York in 2018 by Professor Emin Gün Sirer (CEO), who does computer science research at Cornell University, Kevin Sekniqi (COO), and Ted Yin (Chief Protocol Architect).
Speaking in a new interview with Anthony Pompliano, Ava Labs CEO John Wu said that several big names in the world of finance and gaming are expected to get on board with Avalanche in the coming year.
While Wu said that he was unable to give specific names, he did indicate that he was “really excited” about the unannounced partnerships, including several “big brand” enterprises.
As reported by The Daily Hodl, Wu told Anthony Pompliano during an interview:
I wish I could give you specific names, but I am really excited about certain big brand traditional enterprises who are going to be doing some cool stuff on Avalanche.
Wu said that the smart contract platform was generating interest from both financial services and gaming companies. He noted that Avalanche had managed to gain a significant amount of visibility in the gaming community due to the adoption of subnets by gamers.
Wu told audiences to “stay tuned,” and that they would be announcing the big brand engagements “very shortly.”
Wu also commented on the lack of efficiency and interconnectedness of databases between financial institutions, saying that blockchain could be a “very powerful tool for that.” He noted the substantial number of intermediaries in financial services such as settling a stock or using a credit card.
Wu predicted that blockchain technologies would be used to simplify the process:
A lot of the financial services players are actually experimenting with blockchain. The amount of experimentation of blockchain development – not just experimentation, innovation labs – but the amount of development… They are looking at the technology as a way to create efficiency and create more productivity and squeeze costs out.