Gate.io Telegram AMA Transcript with Aventus CEO, Alan Vey
April 27, 2022
As we recently announced, Aventus Network’s native token, AVT, is available on Gate.io listed in AVT-USDT. 🎉
As part of the announcement of the listing, Aventus CEO, Alan Vey, answered questions from the Gate Community during a 1 hour AMA that took place on Gate’s Telegram Channel, hosted by Gate.io’s Tom Rodriguez.
In case you missed it, we thought we’d provide you with a transcript of all of the questions that Alan answered during this Telegram AMA. Check out the transcript below to find out what questions the Gate Community had for Alan and what his responses were:
Welcome everybody to today’s AMA with Aventus
Today’s Guest is Alan Vey, who is the CEO of the company
Welcome Alan, great to speak with you again
Hi Tom, great to be here
Great. So Alan, let’s discuss the project a little bit
What is the utility behind Aventus? What problem is Aventus helping its clients solve?
Sure, Aventus is currently a layer 2 on Ethereum, deriving our security from that layer one and adding scalability (2000+ TPS) speed (0.1s confirmations) and price efficiency (average $0.01 per tx with very low volatility).
Got it, and what makes Aventus stand out from its competitors such as Polygon and other L2s?
We believe the blockchain industry is rolling out much like the internet did, where it started with siloed values (or intranets) which all needed to be connected together. We are focusing on interoperability, by building on Substrate (Polkadots Open Source Blockchain Technology) and moving to be a Parachain. This allows efficient cross parachain communication and we bridge Ethereum into the ecosystem with a template architecture to ultimately plug in any other key layer 1s to be part of that internet of blockchains
Tom Rodriguez: I see, in line with the interoperability focus we discussed last week
And who are some of Aventus’ current clients and what sectors do you specifically target?
Exactly. We started with a different approach to many in the public blockchain space by focusing on a corporate (B2B) strategy first and as such only businesses that worked with us were able to access the Aventus Network to drive transactions. This month we launched the Gateway API product and Wallet to bring this to a wider audience where anyone can send transactions so it will expand beyond the below.
Aventus rolled out in ticketing with users that have included FanDragon, LiveFrom, Live Nation, Sound Talent group etc. Then loyalty, which includes Cashback app, Vow Currency etc, then Supply chains with Artos, Coral, AMG etc, then Video games with Fruitlab, PIP etc and most recently NFTs with Vere, Parity, Aficionados etc.
We are both expanding B2B into new sectors and now supporting third parties with our grants program that is launching for developers to get involved and build more themselves.
Sounds good Alan, looks like Aventus has been tried and tested in the B2B space, looking forward to your move to B2C as well.
Aventus has been doing a lot of work to begin to decentralise the network. What does being “fully-decentralised” look like for Aventus?
Yes we now have a majority of the network validators (nodes) run by third parties, we have launched Governance allowing AVT to vote on key decisions for the network and are starting to open source the network.
Fully decentralised is when everything is open source, upgrades and decisions are all made by the community for the future of the network automatically (1 AVT = 1 vote) and anyone can join or leave the network as a validator at any time
Sounds good, appreciate the explanation there
What are Aventus’ goals before the end of 2022 in terms of your roadmap to becoming a parachain?
We need to launch some of the key infrastructure (Gateway API / Wallets etc), we are keen to extend functionality with some of the base blocks like DeXs, AMMs etc. We are also going to launch a test network much like Kusama with a new test network token that will add value to the existing AVT network and then get much more involved in community-based marketing to grow our community and better engage with the Polkadot one. Q3 2022 we expect to go for our parachain and roll out most of our optimisations to the network by Q4 2022
Interesting, and since interoperability is such a focus for you guys, could you share with our community what are the benefits to Aventus by becoming a Parachain? What will this mean for Aventus and the community?
Sure this is all in line with our vision of interoperability and connecting up the siloed blockchain value we see emerging now. For Aventus this means becoming part of a much greater community and allowing assets to move between the existing parachain infrastructure to add value and truly create that network effect
Understood, and by any chance will having interoperability with other blockchains make the network more vulnerable to malicious attacks?
We currently derive security from Ethereum and will move to do so from Polkadot as a parachain. This is equivalently risky in our view since each of the layer 1s have been active for some time and have sustained the variety of hacking attempts thrown at them. Of course it is impossible to predict where things will go perfectly, but so far so good.
Alright. Another potential concern that I want to ask you about since it is common to most (if not all) blockchains, as the volume of transactions on the Aventus Network increases, will this affect network performance?
Alan Vey: The performance of the network can be measured in various ways, of course if we hit up against a limit of 2000 TPS then the prices would have to increase before the network was further optimised to handle this but everyone in the blockchain space is a way away from this being the problem right now. Also we have the Gateway API product that (much like Infura does for Ethereum) manages the load balancing and queuing of inbound transactions to ensure that none are missed and enterprise applications building on the network can get the appropriate responses about network traffic at all times. This infrastructure is key to the successful rollout of a network to ensure performance is maintained.
Got it, and what would further increases in Ethereum gas fees mean for Aventus? Would this have any effect on network fees?
It would mean that we post summaries to the network less frequently, essentially making it slower to move assets between Ethereum and Aventus.
No, we keep our network fees constant, since as you can imagine when you sit across the table from the CTO of a large organisation you cannot say your bill will be 100k a year +- 75%.
Tom Rodriguez: Yes, it would seem like a major problem, although it still doesn’t seem to be uncommon in the blockchain scene
On a more technical note, in your Whitepaper you mention that Aventus uses Summaries instead of ZK-Rollups, what are the benefits of this?
At the time of implementation, only Summaries allowed for payments in Native Cryptocurrencies. And the use of Native Cryptocurrency introduces the possibility of a staking mechanism, allowing the community to benefit from each processed transaction. Also fewer transactions on the Ethereum Mainnet leading to a lesser Carbon Footprint
Ok I see, glad to see some movement towards carbon neutrality since it has been a topic that has affected the space before
Also, has Aventus built an expert team to help drive the project forward? Are there any other notable investors/advocates for the project?
Yes for sure, the first I would mention is Professor William Knottenbelt, Director of the Cryptocurrency centre at Imperial College London, he has been involved since the early days and is always an amazing sounding board on all technical aspects of the network. Next is Daniel Masters, Co-Founder / Chairman of Coinshares, he has also been involved since the early days and has mentored us on how to do Corporate Governance properly alongside various lessons in treasury management / traditional finance and finally Mark Cachia, Founder / CIO of Scytale Ventures who has been supporting us in our vision to integrate with the Polkadot community and helped us get the public endorsement we recently received in the press from Gavin Wood.
Glad to hear there are some notable backers and supporters of the project
Alan, we will now open the group up for the community to ask their questions. Please wait until I freeze the group before answering any questions
🔰🔰What are your top priorities in 2022? Could you share some plans for the upcoming year?
Top priorities: 1) Polkadot parachain, 2) further decentralisation (governance, validators etc) 3) open sourcing
Where can I get all the latest news about Aventus? Do you have a Twitter/Telegram/Discord community? If so, can you share the link here because there are a lot of fake telegram/twitter groups?
Twitter / Telegram @AventusNetwork,
Do you have a Whitepaper? If yes, please share it with us. Secondly, do you have plans for pre-sale? Now where can I join it?
Alan Vey: https://github.com/AventusProtocolFoundation/docs/blob/master/resources/Aventus%20Network%20Technical%20Whitepaper.pdf
No pre-sale, ICO in 2017 selling 6m AVT for 60k ETH. No further sales
Do token holders have the right to participate in the management of other projects? Will they be able to vote on a new decision about the project?
Yes, please see gov.aventus.io
Can you give an overview of your Tokenomics, and the UTILITY of Token?
Proof of Stake blockchain:
Users (transaction originators): Users pay AvT as fees to the AvN for processing their transactions, enjoying low and predictable transaction fees of approximately $0.01 on a scalable and secure network.
• Validators (transaction processors): Validators deposit AvT when they join the AvN. This stake serves the purpose of being a fraud deterrent. If the Validator seeks to damage the network by violating its rules, they are penalised directly. This aligns their incentives with those of the network. Validators are rewarded in additional Aventus Tokens based on the extent of their activity on the network.
• Stakers (non-transacting): Anyone holding any amount of AvT can stake their AvT to earn rewards in additional Aventus Tokens, assuming that there is at least one validator on the AvN that hasn’t reached its stake limit.
• Voters (non-transacting): AvT holders will see their votes carry weight equivalent to the amount of AvT they hold.
@Shivam405 | HYSS Ambassador:
Currently, NFTs are a hot topic, but NFTs are not just for art. Does your project think that more real-world use cases will emerge for NFTs as time goes on, why should we take NFTs seriously?
Yes please see Vere.io for some of the cool stuff happening in the Aventus ecosystem. i think it is all about utility, today NFTs are a new medium for digital marketing strategies, in the future they are the value economy of the digital world (social media, meta verse etc)
Does your project support staking programs? If yes, how is your staking system working? What are the requirements for users if they want to stake on your platform?
Yes it is a Proof of Stake system. People can stake to help secure the network and earn fees for doing so, in the first year we had 2.5m AVT staked and I believe about 150k AVT in fees paid
Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
We agree so we do not have smart contracts. The substrate architecture has pallets which essentially mean validators have to agree to deploy new functionality, it cannot just be anyone putting new functionality on the network. Slightly slower for new features, but way more secure to address exactly these sorts of issues.
@StrintsLoki | The God Of The Dogs!:
Is your platform suitable for Crypto beginners? Or is it only appealing to professional users?
We try to make things as intuitive as possible. We started in the enterprise space so we have a lot of supporting infrastructure to make the system usable and deliver a great UX now when we roll into the more B2C side of the market
What is the first thing you would like people to think of when Aventus Network is mentioned to them?
Alright Alan, thank you very much for your responses
At this time we have to close the AMA
I want to thank the community for joining us here today As well as Alan for being our guest and being as thorough with his answers as always
Thanks Tom for hosting me and thank you everyone for listening, hope to see you in our community in the future!
With that said, this concludes our AMA with Aventus.
If you would like to hear more information, you can also refer to the conversation we has last week on Youtube
Until next time everyone!
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