The Blog
Keep up with our Polkadot Parachain bid!
August 02, 2022
We’re excited to announce that we’re going to be bidding for a Polkadot Parachain slot from 28 August – 4 September. This page will house all the information about our journey and how you can get involved.
We’ll be regularly updating this page with developments on our journey, so be sure to check back to see how we’re getting on!
Support our Parachain bid!
Aventus makes it easy for businesses and decentralised platforms to build on Polkadot, Ethereum and beyond.
We’re an enterprise-grade blockchain with all the necessary value-add services built around the network. Via our modular architecture, we allow businesses in any sector or ecosystem to capitalise on the blockchain while future-proofing themselves with full interoperability.
We have a world-class team, and some of the leading names in blockchain and tech have supported us – including Gavin Wood, Founder of Polkadot.
“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.”
— Gavin Wood, Founder of Polkadot
We help our clients solve real-world problems, and those that have trusted us are already thriving.
“Following six months of testing on the Aventus Network test net, we concluded that we will continue to increase our net margins by nearly 25% long-term with the introduction of the Aventus Network main net.”
— Bish Smeir, Chair of VOW and CEO of CashbackAPP
“The Aventus Gateway framework has opened the door for us, giving us a truly scalable, simple solution with the flexibility we need. It’s been very easy to integrate PIP – our universal gaming rewards token – into the AvN, and NFTs are now firmly on our roadmap.”
— Cameron Leslie, Managing Director of fruitlab
Parachain auctions explained
How it all works
One of the biggest advantages of being a Parachain is the combined benefits of the shared ecosystem.
We plan to use these benefits to power our offering – bringing a blockchain solution with superior speed, scalability, interoperability and security to businesses.
Polkadot Parachains are leased in slots via auction. The project which can provide the largest amount of locked-in DOT will win the slot.
Backers can support their favourite projects by staking DOT for the duration of the lease period in a process known as a crowdloan.
What is a crowdloan?
A crowdloan is a way for new projects to garner the support they need to connect to the Polkadot network as a Parachain. Backers can support a project by staking their DOT for the length of the Parachain lease in exchange for a reward, usually in the form of the project’s native token. These contributions will pay for the Parachain slot lease and generate rewards in AVT. When the Parachain lease expires, the DOT that you staked is returned to you.
While locked, the contributed DOT tokens can be used to cover the cost of Parachain lease, but are never directly accessible by Aventus (or any Parachain).
All you need to know
At a glance
FAQ
Your questions answered
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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
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.
Note: Our Crowdloan is not live yet. We will update this page as soon as it is, so keep checking back!
Those who support our Parachain bid will be rewarded in AVT, the Aventus Network’s native token. The quantity of AVT you will receive as a supported will be proportional to the amount of DOT you
stake. No more than 200,000 DOT can be contributed and the reward pool will be 600m AVT – meaning each DOT staked will be rewarded with 3 AVT.
AVT is listed now.
You can currently trade AVT on a number of exchanges:
We recently published a governance vote to allow members of the AVT community to determine whether to make an amendment to the protocol, allowing for the minting of additional AVT proportional in percentage to the amount of AVT earned by stakers after a staking period.
This newly minted AVT will be used, in part, as rewards for those who participate and contribute DOT for the duration of our slot lease.
You can find more information about this governance proposal here.
All DOT will be automatically released to back to their owners at the end of the lease period. They actually never leave your custody. This process works directly between you as the contributor and the Polkadot Network.
If we don’t win this auction, we will go for another one. But in terms of the DOT staked for this auction, the funds are automatically returned to their owner and unlocked.
Roadmap
What Next?
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!
