Cornell Uni’s Emin Gun Sirer Debuts Ava Blockchain Following $6 Million Investment
Helen Partz's original article for cointelegraph.com reduced by 52%
Emin Gun Sirer, a professor at Cornell University and a major global blockchain expert, will launch his own cryptocurrency and blockchain network, Bloomberg reported on May 16. Sirer, the creator of the first crypto based on proof-of-work - Karma System - is now planning to launch a blockchain network that he touts as running as many transactions per second as payment giant Visa. Having raised $6 million from major investors such as Andreessen Horowitz, Polychain and MetaStable in February, Sirer's Ava Labs has reportedly launched a private test version of the Ava network on May 16, while the public launch is expected to be rolled out soon.
Sirer stated that the Ava network will obtain 1.35 second confirmation latency and purportedly enable applications "That aren't even possible yet," adding that his ultimate goal is to record every single certificate on the blockchain. Sirer, 47, is the co-director of the Initiative for Cryptocurrencies and Smart Contracts at Cornell University. Sirer has urged that people should only invest in and hold coins which they believe "Will be used, extensively, in the long run," arguing that cryptos that are bought on hype "Are pure speculation." Cointelegraph recently interviewed Sirer about his views on the future of crypto from an academic point of view concerning the technology.
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