Aventus Network and Scytale Ventures Partner to Accelerate Integration With Polkadot
Scytale Ventures also takes significant position in AVT, the Aventus Network token
London, February 23, 2022: Aventus – a layer-2 blockchain protocol that brings scalability, speed and lower costs to Ethereum transactions – today announced the start of a long-term partnership with Scytale Ventures, a leading blockchain venture capital and consulting firm. Scytale will work to integrate Aventus into the Polkadot ecosystem to provide interoperability between the two networks and help realise Aventus’ vision of being fully embedded into the wider blockchain ecosystem.
Polkadot gives you the ability to interoperate with a wide variety of blockchains in the Polkadot network. Lack of interoperability in the blockchain space is one of the greatest barriers to adoption, leading to a fragmented industry where thousands of different tokens and networks are built on varying standards and consensus models. Polkadot works to ensure long-term cross-compatibility of these projects and simplify adoption by connecting and securing unique blockchains under common security guarantees.
For Aventus, this integration will enable smart contracts, decentralised applications (dApps) and other assets or utilities on the Aventus chain to be seamlessly and securely transferred between AvN, Polkadot, and a host of other compatible blockchains. Scytale, Polkadot and Aventus will develop a powerful new infrastructure that will maintain the utility and tokenomic model of the existing AVT token and staking model, whilst enabling Aventus to become a ‘parachain’ (an integrated blockchain) of Polkadot.
Aventus’ partnership with Scytale Ventures includes a sizable DOT (Polkadot’s token) grant to help develop the necessary applications to plug into the Polkadot ecosystem. In addition, Scytale Horizon Fund II, has taken a significant position in AVT as a vote of confidence in the project.
Alan Vey, Founder and CEO of Aventus, said: “Imagine a world in which you couldn’t send emails from Gmail to Microsoft – or you couldn’t view the same webpage on both a PC and a Macintosh. That’s the problem facing blockchain right now – thousands of different projects are built on different languages, and they cannot talk to each other. Polkadot is the solution to this - bridging different chains and giving them a common language. Integrating into the Polkadot family has always been an ambition for Aventus, and with Scytale’s expertise and capital injection we have the rocket fuel we need to reach our goal of ensuring true interoperability with the wider blockchain community.”
Mark Cachia, Founder at Scytale Ventures added: “We are eager to support Alan and the team at Aventus to integrate more closely with the Polkadot Ecosystem. We invest primarily with strong teams with exemplary dedication and character, and I cannot think of anyone more committed to delivering useful, interoperable solutions than Aventus. Their organic decision to first build on Substrate because of the tech stack, then work with us to join the community dedicated to multichain interoperability, is a testament to the power of Substrate, and will unlock tremendous value for stakeholders. We’re confident that – with our expertise and investment – Aventus will ensure true interoperability with the Polkadot ecosystem, setting an example for others in this space to follow.”
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.”
Daniel Masters, seed investor in Aventus and Chairman at CoinShares International, said: “This partnership with Scytale marks a major step forward for Aventus and sets a clear path for growth and innovation well into the future. Solving the problem of interoperability is a top priority for many working in the blockchain space. Integrating with Polkadot will position Aventus at the leading edge of this effort. I am excited to see how Aventus, its token holders and clients will utilise the opportunities interoperability will bring.”