Blockchain expert and professor at
Cornell University, Emin Gun Sirer, has completed plans that would see him release his own cryptocurrency and blockchain network.
According to a publication by Bloomberg on May 16, Sirer, who is the co-director of the Initiative for Cryptocurrencies and Smart Contracts at Cornell University and also the creator of the first crypto based on proof-of-work (PoW) — Karma System — will launch the Ava network, which will offer high throughput, confirm times of transactions faster, and support applications ranging from supply-chain tracking to keeping tabs on securities and gold.
Investors such as Andreessen Horowitz, Polychain and MetaStable invested $6 million into the project, which further gave it a boost.
A private test was conducted for the Ava network on May 16, while it is expected to be made available to the public soonest.
According to Sirer, the Ava network will obtain 1.35 second confirmation latency and supposedly allow applications “that aren’t even possible yet,” while noting that his ultimate goal is to record every single certificate on the blockchain.
He further stated that cryptos bought based on hype, hardly do well, and therefore urged people to only invest in and hold coins which they believe “will be used, extensively, in the long run.”