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Enterprise-grade blockchain will take part in August Polkadot Parachain slot auction to bring enhanced scalability, speed, interoperability and security to Aventus ecosystem

2 August 2022 – London, UK: Aventus Network, an enterprise-grade blockchain, today announces it will take part in an auction this month to lease a slot in Polkadot’s Parachain ecosystem. 

Joining the Polkadot ecosystem forms part of Aventus’ long-standing wider ambition to bring scalability, interoperability, speed and affordability to the blockchain space, in order to make building on blockchain accessible for businesses. Via its enterprise-grade infrastructure, Aventus aims to bring large-scale enterprise adoption of blockchain to the Polkadot ecosystem.

Polkadot is what is known as a layer 0 blockchain, allowing all of its Parachains to operate as layer 1 blockchains within the Polkadot ecosystem and reap the benefits of shared security, interoperability and scalability. 

Earlier this year, Aventus announced a long-term partnership with leading blockchain venture capital firm Scytale Ventures, of which Gavin Wood, Polkadot founder and Ethereum co-founder, sits on the advisory board, in order to accelerate its integration with the Polkadot ecosystem. 

Aventus will take part in the auction for slot 26, which will run from 28 August – 4 September. 

To outbid other networks, a staking campaign will be started, in which the Aventus and Polkadot communities can bid on behalf of the Aventus Network. The bids will be denominated in DOT, the token that powers Polkadot, which will be returned to the participant at the end of the slot lease via a smart contract. Those who stake will be rewarded in AVT, the token that powers the Aventus Network.

Commenting on Aventus, Gavin Wood, Founder of Polkadot, said: “The blockchain community has flourished over the last two years and so has the variety of services blockchains provide. The next challenge facing the community is making interoperability between blockchain networks a reality. This is precisely what Aventus’ integration into the Polkadot network will enable, bringing the speed, security and long-term cross-compatibility required for Aventus to work seamlessly with the wider blockchain community. We can’t wait to see where this takes Aventus – the possibilities are endless.”

Alan Vey, Founder and Chairman of Aventus Network, commented: “The vision for Aventus has always been of an interoperable and user-friendly Aventus Network ecosystem. Blockchain is rolling out much like the internet did, where various siloed intranets need to be connected into the ‘internet of blockchains’. We believe that the best possible step to achieve this vision is to become a Parachain on Polkadot. We’re excited by the prospect of enhancing our own speed, scalability and interoperability for the Aventus community, as well as adding value to the wider Polkadot community.”

Mark Cachia, Founder of Scytale Ventures, added: “When we made the decision to embark on a long-term partnership with Aventus earlier this year, it was because of Alan’s and the team’s dedication and commitment to delivering solutions underpinned by utility and interoperability – two keys crucial to unlocking the true value of blockchain, and also two pillars of the Polkadot ecosystem. Aventus’ proposition complements the current Parachain ecosystem, while adding new value as an enterprise-grade blockchain.”

Daniel Masters, seed investor in Aventus and Chairman at CoinShares International, said: “The next frontier for blockchain is solving the problem of interoperability, and Aventus has long seen that. Becoming a part of the Polkadot ecosystem will position Aventus at the forefront of this effort. Alan and the team have shown unwavering commitment to innovation, and their contribution to the Polkadot ecosystem will undoubtedly bring great value.”

You can keep up with the latest developments on Aventus’ Parachain bid here.