In order to ensure vcurrency can be used by consumers at point of sale effectively, Vow’s ecosystem partner’s are able to leverage our long term technology partnership with Aventus.
Enigmatic Smile, (one of Vow’s key partners) and its reward app cashbackAPP have begun leverageing Aventus technology to provide users with rapid, decentralized and cost-effective transactions at point of sale.
Now Aventus is set to publically announce the launch of its main net Aventus Network (AvN), a layer-2 solution that lets any organization build on Ethereum without the typical limitations of speed, scalability, and cost, we thought we’d tell you about them.
The launch of the AvN sparks the beginning of a new strategic direction as it transitions from a live entertainment ticketing protocol to a solution with a much broader market that benefits businesses like cashbackAPP
Bish Smeir, chairman of Vow and CEO at cashbackAPP, a first adopter of the AvN, said:
“At cashbackAPP, we were always extremely interested in how blockchain technology could enable our business to run more smoothly. Using fiat currency on a rewards programme like ours leads to several complex problems – most notably our ability to transfer money between businesses and registered users quickly and efficiently. Before Aventus, we had always been reticent to start using a blockchain solution, deterred by the high bar to entry in terms of cost and the ever-slowing speed of traditional Ethereum.
“We have been working with Aventus since March 2020. Following six months on various private test networks we concluded our net margins would increase by nearly 25% when we roll out the solution. Instead of having to collect fiat currency from merchants and then distribute those funds to users, the new system allows us to immediately credit users with ‘cashback’ as tokens. As well as providing users with instant access to funds, switching to a tokenised model also enables us to restructure our balance sheet, significantly reducing our transaction fees and back office costs. I am delighted to see Aventus expanding and developing and hope that many other businesses are able to benefit from their unique approach to blockchain.”
The Aventus 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, 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 decentralization, 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 cashbackAPP, Artos Systems, FanDragon, and VOW currency, the Aventus Network is set to process a minimum of 8.5m historical transactions over the coming months.
For more information of Aventus, please visit aventus.io.