HomeCoinsAventus (AVT)Keep up with our Polkadot Parachain bid! | by Aventus Network |...

Keep up with our Polkadot Parachain bid! | by Aventus Network | Aventus | Aug, 2022

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Keep up with our Polkadot Parachain bid! | by Aventus Network | Aventus | Aug, 2022

We’re excited to announce that we’re going to be bidding for a Polkadot Parachain slot from 28 August — 4 September. Here, you’ll find all the information about our journey, its motivation and how you can get involved, as well as answers to any questions you may have.

We’ll be regularly updating this page with our progress, so be sure to check back to see how we’re getting on!

Our ultimate goal is an interoperable and user-friendly Aventus Network ecosystem — one in which value can seamlessly transfer everywhere easily, between institutional, enterprise and retail users across all blockchains. We see blockchain rolling out like the internet did, where various siloed intranets need to be connected into the internet of blockchains — a philosophy that has been echoed in client and market feedback.

We believe that the best possible step to achieve this vision at this point in time is to become a layer 1 (i.e. Parachain) on Polkadot.

This is for a few reasons:

  1. Aventus Network was actually built using the Substrate Framework. Substrate is an open-source and future proof framework developed by Parity, the development team behind Polkadot. Using the Substrate Framework meant that Aventus Network developers could focus on building core functionality, without having to worry about the complexities of consensus and other core blockchain building blocks. It also means that Aventus Network is already designed to seamlessly connect to the Polkadot ecosystem — however, since we launched before Polkadot, this has only more recently become an option.
  2. Polkadot is designed to be a multi-chain network, allowing Parachains to interoperate with each other. On top of this, Polkadot Bridges allow interoperability with blockchains outside of the Polkadot ecosystem.

In order to become a Parachain, we will need to participate in a Polkadot Parachain auction — which we will be doing at the end of August. Specifically, the Parachain slot we will be going for will be up for auction running from 28 August — 4 September.

To win the auction, DOT must be contributed by the community through a crowdloan bid. The current amount of DOT required to win a Parachain slot is the lowest it has ever been. Therefore, taking part in a Parachain auction right now is a good opportunity to become a Polkadot Parachain and will allow us to give the best staking returns in terms of AVT per DOT staked.

One of the core functionalities of the current Aventus Network is its interoperability to Ethereum. This functionality currently exists for operations such as the lifting and lowering of blockchain assets between chains. Fortunately, the process of becoming a Parachain does not remove this interoperability — rather, it enhances.

After Aventus wins the Parachain slot bid and becomes a Parachain, not only will we be interoperable with Ethereum, we also will be able to communicate natively with the other Parachains and transfer value.

  1. Interoperability: Polkadot was created with the vision of a multi-chain future. Every blockchain that connects via a Parachain slot can seamlessly transfer value with Aventus. Also, Polkadot bridges provide a compatible way to interoperate securely on both sides for non-Parachain blockchains. Alongside the existing Aventus Gateway API, the Aventus Network will be interoperable with Polkadot Parachains, Ethereum-based blockchains and traditional databases. The combined ecosystems will lead to network effects.
  2. Lowest carbon emissions: Polkadot has the lowest total carbon emissions per year in terms of layer 1s at 33.36 tCO2e per year and consumes 17.42 Wh per transaction. This is aligned with the Aventus Network, which consumes 20 Wh per transaction. The network is achieving carbon neutrality through carbon offsetting.
  3. Scalability: Polkadot allows transactions to be parallelised on different Parachains. The Aventus Network can scale to 2000+ transactions per second at an average cost of $0.01 per transaction. If we were to register for multiple Parachains we could horizontally scale to a maximum of 200,000+ transactions per second.
  4. Adaptability: Polkadot’s on-chain governance and Substrate Framework means the Aventus Network can upgrade itself and adapt to changes easily. Upgrades to the network are coordinated autonomously, ensuring the development reflects the values of the community and avoids stagnation.
  5. Community value: To maintain a Polkadot Parachain slot, Parachains must compete for a slot. This means Aventus must continually look to maintain a competitive advantage and deliver value to the community in order to maintain a Polkadot Parachain slot.

As mentioned above, in order to win the auction, DOT must be contributed by the community through a crowdloan bid.

This means that those who see the value in our contribution to the Parachain ecosystem, or the benefits to the Aventus Network of joining the Parachain ecosystem, can help us to win a slot by contributing DOT.

We will be partnering with a number of exchanges to allow you to stake your DOT and contribute to our auction. Make sure to keep checking back for more details around this.

Those who stake their DOT to help us win a Parachain slot will be rewarded with AVT. More details on rewards and rates will come soon, so stay tuned and keep checking back on this page!

You can stay up to date with the latest Aventus news and the press by following us on our social channels.

We’ll also be sharing developments in real time via email, so join our mailing list below to be the first to hear about updates!

Read the original article here

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Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel

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