Aventus End of Year Roundup (2019)
December 20, 2019
– About Aventus
– 2019 Overview (including the Key Highlights)
– The History of the Aventus Network
– Aventus Development Update
– Aventus Adoption Update
– The Year 2020 for Aventus
The Aventus Network is an open source, decentralised protocol that revolutionises the way digital assets are issued, owned and transferred across value chains. We have created a peer-to-peer digital asset issuance platform with a rules engine that governs ownership transfer on a blockchain-backed architecture.
Security and independence are derived from underlying open independent blockchain networks: both with proven high-security, and the level of transaction throughput and data privacy that enterprise-grade solutions expect. Aventus currently operates on Ethereum: a global, open-source platform for decentralised and securely encrypted applications.
Throughout 2019, various teams across the Aventus ecosystem have been preparing for a major launch in Q1 of 2020. We predict that this launch will significantly increase the scope of the commercial viability of the Aventus Project, which in turn will generate:
- An increase in the utility of AVT, substantially affecting its use.;
- A significant increase in the number of innovative use-cases in multiple industry verticals that can be supported.
- An industry breakthrough, and first-to-market innovation, in scale and anonymity on a public blockchain.
Key Highlights of 2019 Include:
- The development and rollout of the Aventus Layer 2 Proof-of-Authority network on Ethereum, which provides scalability and anonymity to digital asset transactions without significantly compromising on the essential principle of decentralisation.
- The release of Aventus Classic: a decentralised ticketing protocol on Ethereum that satisfies the original Aventus Whitepaper, as published in 2017.
- FanDragon Technologies has developed a secure SaaS mobile ticketing delivery solution, and becomes a new partner to the Aventus Ecosystem. FanDragon has already powered a number of events to test the infrastructure and recently announced a new ticketing client, Kaboodle, who will generate tickets on the Aventus Protocol in 2020. The Kaboodle platform handles over 1 million tickets each year, including music venues and festivals across the UK, Canada and Europe.
- The onboarding of several new partners within the Loyalty space across Aviation and Retail. These partners use the Aventus Network via Artos Systems, which is the official development partner of the Aventus Protocol. Artos Systems is an enterprise-grade SaaS company that acts as a bridge to Blockchain® for interconnected business. These partner announcements will be published in the middle of Q1 next year, and are projected to result in millions of transactions on the Aventus Network in 2020.
History Aventus Network
The original Aventus vision was to build an open ticketing standard on Ethereum, which was developed to provide greater control and oversight to ticket rights-holders and other value-chain participants over their inventory. While Ethereum’s inherent security standards and independence from corporate interest presented the perfect platform for the Aventus’ solution, the lack of scalability and anonymity meant that it did not meet the enterprise-grade needs within the ticketing industry. At the time, it was assumed that when a version of Aventus was released publicly, these issues would not have practical relevance anymore, since a solution was expected to exist in the Ethereum ecosystem to combat these concerns.
As it happens, at the Beta release of Aventus in May 2018 (over a year after the development of the concept had begun), these issues were still unresolved on Ethereum, and were no other commercially viable solutions that could be leveraged as an alternative. It then became clear that the scope of, and proposed architecture presented in, the original white paper was insufficient for servicing enterprise-level ticketing clients. Therefore, the teams working on Aventus had to increase the scope of the project, and realise their own solution for domain-specific scalability and anonymity.
During the development process, a Proof-of-Authority-based, Layer 2 solution that preserved the security and independence of Ethereum while incorporating the scale benefits and privacy of permissioned blockchains, was conceived and built:the Aventus Network.
The universally applicable and open-ended nature of the new Aventus Network also provided opportunities to expand into other markets. Aventus expanded its reach to any industry concerned with both fungible and non-fungible digital assets, not just tickets. This range included, but was not limited to:
- Financial assets
- Vouchers and gift cards
- Loyalty points
- Virtual goods
- Collectibles (i.e. games).
The full spectrum of details of the Aventus solution will be published in the Aventus Whitepaper 2.0, which will be significantly more comprehensible and up to date with the latest developments. Moreover, the Aventus team will also release their new website. Both are expected to materialise during the month of January, 2020.
Aventus Development Update
Overall, 2019 was a big year for Aventus in terms of technical advancement:
- Development of the Aventus Proof-of-Authority (PoA) Network: the non-fungible token version of the scalability and anonymity Layer 2 solution has already been functional and used actively for live events in Q4 2019. This is currently a cloud-based architecture with a single operator that posts Aventus Blocks of digital asset transactions onto the Tier 1 Aventus Smart Contract System on Ethereum. The Ethereum-based smart contracts have been audited and are publicly available on our Github. The fungible token version of the network has almost been completed and will launch in January 2020.
- Completion of the Aventus Decentralised Peer-to-Peer Network specification: a decentralised version of the original PoA network has been designed and is now ready for implementation in 2020. It moves to a more decentralised network architecture, where anyone can run an Aventus node to validate and process Aventus transactions and blocks. More information about this will be released in Q1 2020.
- Completion of the Developer Resources and Aventus Block Explorer: documentation and other developer materials for building on the Aventus network, including, but not limited to, a Block Explorer and transaction “watcher” API, have been developed. It is ready to be launched in 2020. These tools will showcase Aventus Blocks, Aventus Tier 1 transactions and network statistics to AVT holders and network users.
- Release of Aventus Classic: In October 2019, Aventus Classic (A-Classic) was released. A-Classic is a smart contract system on Ethereum that provides an open-standard to the ticketing industry for blockchain-enabled tickets. It satisfies the original Aventus Whitepaper and is currently live on the Rinkeby test network. The code for it can be found here. Moreover, details on Aventus Classic and other innovations related to the main Ethereum network can be found here.
Aventus Adoption Update
The year 2019 was an important year for gaining adoption of the Aventus network. The development of the Aventus PoA network resulted in a commercially-viable solution for enterprises to successfully leverage public blockchain technology.
Some key wins include:
- Partnership with FanDragon Technologies: as an ecosystem-development partner, they spearhead the commercial adoption of the Aventus Protocol in ticket delivery. The team consists of seasoned ticketing and tech industry veterans including Robert Weiss, Steve Machin, and Alan Rakov.
This prominent team successfully developed their mobile ticket-delivery SaaS technology on the Aventus Protocol and have run several events through the PoA network. They enjoy a sizeable business development pipeline in the event ticketing space, including a partnership with Kaboodle, a UK-based ticketing company, which handles over 1 million tickets a year for music venues and festivals across the UK, Canada and Europe. In short, Aventus expects millions of transactions on the Aventus Network through FanDragon in 2020.
2. New Ecosystem Partners in the Loyalty Space: these will be announced early next year. These new partners are expected to produce millions of transactions for the Aventus Network and are going live in Q1 2020.
3. Satoshi Awards Partnership: this partnership is with Aventus Classic, which is engaged in a joint DApp competition to develop an open-source ticketing system on the Classic protocol. The competition typically has 10+ entries and selects one winner. The ticketing system will eventually be free and open to anyone looking to host an event, sell tickets and scan them.
The Year 2020 for Aventus
Aventus Network participants should expect to see:
- The public launch of an increased scope of the Aventus project, including a new website, whitepaper and a series of partner announcements;
- The public launch of the Aventus Proof-of-Authority network, including a block explorer, developer resources and other media;
- The release of the decentralised Aventus Layer 2 network and a series of new partner announcements in various verticals.