Following on from our recent internal AMA with Aventus CEO Alan Vey on our own Telegram channel, we followed it up with an external AMA on Bittrex Global’s Telegram.
What follows is the full transcript of that AMA…
Alan Vey: Hello Everyone
Alex: Hey @alanvey! We are excited to have you here today 🙂
Alan Vey: Hey thanks! glad to be here
1Q Alex: Please tell us a bit about yourself.
Alan Vey: Sure, I am the Founder and CEO of Aventus, which I started during my masters in AI at Imperial College in London in 2015
2Q Alex: Can you provide a brief introduction to Aventus?
Alan Vey: Aventus has evolved to be a layer 2 network on Ethereum, built using Substrate (Polkadot). We are very scalable (2,000 TPS), cheap (avg. transaction $0.02) and confirm transactions in a fraction of a second whilst maintaining our security from Ethereum for now, but Polkadot in the future too, which enables our interoperability. We have use cases across event ticketing, supply chains, loyalty, video games and NFTs
3Q Alex: Sounds nice! What was the motivation behind starting this project?
Alan Vey: My masters thesis in uni was on film rights distribution called “the value chain” where we worked with BBC and BAFTA. When I finished we looked at music because it is more advanced than film and noticed the problems in the secondary market and thought we could solve them. Fast forward a few years, we have worked with the biggest in the industry, Live Nation, and various smaller players. To deliver enterprise solutions, Ethereum was not quite evolved enough so we built what is now called Layer 2 by necessity to service our clients. Once we had achieved that, we looked where else we could use the technology and built out loyalty, supply chains, video games and NFT use cases and partnerships.
4Q Alex: Were there any major milestones for Aventus this year?
Alan Vey: Yes we launched in production in February, and started our staking program where anyone can stake AVT and earn fees associated with the transactions that are processed. staking.aventus.io and explorer.aventus.io are areas people can find more information on this. Other than the product launches we have extended base AvN functionality to include NFTs and have partnered with VereNFT to drive use cases in that sector.
5Q Alex: We’d love to know if there are any short-term, or long-term goals for this project.
Alan Vey: Our focus is primarily on adoption. The way we see the market opportunity is there are a lot of interesting new use cases like DeFi growing quickly but with smaller user numbers. On the other side of the spectrum are IBM / R3 / consultants charging millions for digital transformation to big companies. We are looking at the middle sector of the market where people have established businesses that can benefit from blockchain but can only afford the type of business model where they pay on a per transaction basis. This is where we are driving our key use cases from.
Also next quarter we aim to move all staking functionality that is on ethereum onto the AvN and allow third parties to start running their own staking on Aventus.
6Q Alex: What is your project’s business model?
Alan Vey: Aventus is a proof of stake layer 2. Anyone can get involved in staking nodes. This is to put up a deposit that can be penalised if the node does not comply with network rules e.g. uptime. People who want to use the network to process their transaction pay in AVT to do so and stakers earn the fees. The probability of any staker being selected to process the next block of transactions is a function of their amount of stake relative to total stake in the network.
7Q Alex: What do you think the development trends in the crypto assets realm will look like towards 2022?
Alan Vey: I think we will see the dominance of BTC decrease and potentially even have ETH become the top in terms of market cap. I think DeFi and NFTs will continue to massively expand. I expect regulatory frameworks to be further fleshed out, especially with respect to DeFi. Also we will see the importance of cross blockchain interoperability increase since we are starting to see silos of value emerging between the different layer ones. And I think we may just see the combined market cap of all crypto projects be larger than every before as adoptions continues to push ahead, especially now that many companies are much more knowledgeable and perceive blockchain / crypto as less risky compared to a few years ago.
Alex: Great! Thanks for your amazing answers. I am very engaged and pretty sure our community is also really interested in this project!
Lets move to our community pre-selected questions from the form 🙂
8Q Alex: Question #1 from: @thakur8909
Could you list some of your most advanced features that we have not seen on the market before? What kind of additional input does your Network have to already-existing solutions on the market?
Alan Vey: Many ways for us to tackle this question. As we move closer to Polkadot we have one of the most performant networks in their ecosystem in terms of TPS. We also provide a serious scale for NFTs and are adding more utility through substrate pallets all the time. I would argue there are many hygiene factors for layer twos (we all have scalability, low costs and quick confirmations times to varying degrees) but these are only reasons people may not use your platform, not reasons to choose it over any other platform since no one is anywhere near capacity yet. The real importance is in adoption and innovative use cases which is where we think we are quite different in our market strategy as mentioned above and have some use cases like e.g. vowcurrency.com that are novel in their approach.
9Q Alex: Question #2 from: @quynhanhshy
Many projects have problems with UI / UX and this one turns off new users. How do you plan to improve the interaction with new users and with users outside the crypto space?
Alan Vey: This is one of the most limiting factors to blockchain adoption. UI/UX is at the forefront of design. We have created the Aventus Gateway API to make adoption simple for anyone and this will launch early next quarter so people do not have to run a node to use Aventus and they have all the usual expected infrastructure with usable SDKs etc to make developers lives easy. We will be launching a grant program alongside the gateway API to foster innovation from third parties in the Aventus ecosystem
10Q Alex: Question #3 from: @xingfuxin
What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
Alan Vey: 1) the Aventus Network will ultimately be open source and the business model is described above where fees are earned on transactions proportional to stake. We have the Gateway API that is much like Infura to Ethereum with a SaaS model to sustain the infrastructure and keep improving the UI / UX of the aventus network
2) In terms of BD strategy this is already answered above. We approach this mostly through our network (Myself Anna and our various partners) and do big deals with existing businesses to start out a sector then have the BD team replicate those deals with various smaller entities in those industries once we have proven the template. Some partnerships include: Live Nation, Cashback APP, Vow Currency, Fruitlab, Coral etc
11Q Alex: Question #4 from: @xingfuxin
On moving forward through your roadmap, what are your most important next priorities? Does the Aventus team have enough fundamental (Funds, Community, etc) to achieve those milestones?
Alan Vey: For next quarter our immediate proprieties are launching the Gateway API publicly and moving staking into the AvN and allowing third parties to operate staking schemes. Further into the future the roadmap includes full decentralisation beyond nominated proof of stake, fully integrating into the Polkadot ecosystem adding functionality to the explorer and adding DAO governance to all network parameters.
The Aventus Foundation still has significant treasury from the 60,000 ETH token sale in 2017 to achieve this vision, we have an amazing team of people (please watch the meet the team series) and we are actively working on marketing now. We have always been about fundamentals first. In an industry where so much is hype without the fundamentals to back it we took the opposite approach so have been in stealth under the radar for a long time and now are properly coming into the public eye.
Question #5 from: @ChereFrederick
Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem. What is the problem that your project primarily focuses on?
Alan Vey: Couldn’t agree more, we are all about innovative use cases. We focus on providing a proper enterprise use case (scalable, cost effective and costs are predictable) with interoperability in mind to future proof against layer 1 market Evolution. This is why we have found traction across multiple sectors now: Event ticketing, loyalty, video games, supply chain and NFTs.
13Q Alex: Question #6 from: @Michell19871511
NFT is really trending topic, now in the market. So how do Your project plan to onboard the development of NFTs and how do Your project plan to combine it with DeFi?
Alan Vey: We added NFT functionality to the Aventus Network early in the year. We have now also launched with verenft.io to bring a white label offering to market. This allows users to create NFTs at scale and represent collections / fractional ownership thereof. We are a layer 2 on Ethereum so compatible with those standards and assets can move between both ecosystems to make the most of all Ethereum based DeFi infrastructure too.
14Q Alex: Question #7 from: @xkix4
Things are changing so fast on a daily and weekly basis and it’s very challenging catching up with different chains and their improvements. How does your project bridge that gap?
Alan Vey: We try to make it easy for our community of token holders and beyond by providing an update every 2 weeks with all key information that may have ben missed. To get it please add your email on aventus.io. For more live updates we have our official telegram group: https://t.me/Aventus_Official
15Q Alex: Question #8 from: @nhjuzx
Do you have a coin burn / buyback system or do you plan to increase the value of those token burn tokens and attract investors to invest?
Alan Vey: The economics of proof of stake systems are reasonably well understood today and ours are very much in line with any of the models you may have seen. As more and more transactions are processed on the network there is more and more demand to purchase the token to spend on those transactions, but the velocity of money supply (economically speaking) is quite fast on that side, this adds volume to a market. However with more fees available assuming a market equilibrium staking yield, more and more stakers join the network to earn fees which constricts the supply of the token available.
16Q Alex: Question #9 from: @olotutunbosun
Marketing is the nucleus of every project because of which everyone knows the energy that a project can bring when it reaches its set goals. What is the strategy to attract more users and investors to buy Aventus and keep Aventus in the long term?
Alan Vey: Our goal is not to primarily attract passive AVT holders in our ecosystem, this is a byproduct of solid fundamentals in our view. We are targeting those who are keen to get involved in staking to secure the network and those who actually want to use the network to process their transactions. So our objective is around interesting use cases that can massively grow in terms of transaction numbers in the future and to market the fundamentals and ways people can actively get involved in the network.
17Q Alex: And the last question from: @glorybasseymma
What is your security protocol, especially that related to user’s data safety? How can it be assured that data privacy at Lumenswap is safe and will not be leaked to other parties?
Alan Vey: We do not have any user data. Our network is a public network so all transactions are publicly visible, like Ethereum or Bitcoin, and like Ethereum or Bitcoin all we know is the wallet address that a user initiates a transaction from. Therefore we do not fall under the classification for GDPR of data controller or even processor.
Alex: Thanks for your great answers, Alan! 🙏
🌐 Visit the Aventus social media 🌐
🖥Aventus Website: https://www.aventus.io/
🐦Aventus Twitter: https://twitter.com/AventusNetwork
📪Aventus Telegram Chat: https://t.me/Aventus_Official
Alan Vey: Thanks Alex, great chatting to everyone
Again, to register for the Validator Program visit https://www.aventus.io/ecosystem/.