Ava Labs, the developer of the Avalanche layer 1 blockchain platform, is introducing new institutional deployments to enhance the blockchain environment.
On April 6, Ava Labs officially introduced Avalanche Evergreen Subnets, a suite of institutional blockchain customizations and tools designed to address the specific requirements of financial services companies.
The new product aims to allow institutions to maintain control over their blockchain environment while enabling communication between companies.Ava Labs director of institutional business development Morgan Krupetsky told Cointelegraph.
“Many institutions are currently building use cases on enterprise blockchains like Corda, Hyperledger, Quorum, or R3, which are inherently not interoperable and rely on third-party bridges,” Krupetsky said. With the evergreen subnets, member institutions will be able to communicate with each other without relying on third-party bridges, seamlessly transferring assets, proceeding with transaction confirmations and other messages, the executive said.
Communication between companies in the evergreen subnets is enabled with Avalanche’s native communication protocol, called Avalanche Warp Messaging (AWM). The AWM feature provides native communication between any two blockchains on different Avalanche subnets.
A subnet, or Avalanche subnet, is a dynamic set of validators that work together to reach consensus on the state of a set of blockchains. Subnets are independent and do not share execution, storage, or network with other subnets or with the main network, allowing the network to scale.
“Subnets were always part of the goal state vision for the Avalanche network,” Krupetsky said, adding that the first subnet – DeFi Kingdoms – launched in April 2022. “Subnets can be considered application-specific blockchains that can be customized for a whole host of industries and use cases,” he added.
Unlike default subnets, evergreen subnets are a type of Avalanche subnets with certain built-in features that are intended to offer a ready product for institutional blockchain deployment. Some of the built-in features are user and validator authorization, jurisdiction-based geofencing, custom gas token selection, and support for the Ethereum virtual machine, Krupetsky noted.
Evergreen subnets also allow for a controlled environment while providing public blockchain development, the executive added, stating:
“In our work with institutional partners on both the buy and sell sides, we found that institutions had common considerations and requirements when looking to implement on public blockchain infrastructure, which is why we created Evergreen.”
Krupetsky also asserted that Avalanche’s evergreen subnets bring the “best of both worlds” of private blockchain solutions and fully public solutions because, separately, these options do not meet long-term scaling needs or security standards. security and control.
The news comes amid Ava Labs’ announcement that South Korean tech company SK Planet is building an Avalanche subnet for its users. The new subnet, UPTN, will integrate with SK Planet’s portfolio of consumer applications, including OK CashBag.
SK Planet, a leading data and technology company in South Korea, is building an Avalanche Subnet for their tens of millions of users.
Their subnet, UPTN, will be integrated with SK Planet’s portfolio of consumer applications, including OK CashBag. pic.twitter.com/hnbwapQBgM
— Avalanche (@avalancheavax) April 5, 2023
As previously reported, Avalanche Foundation director Emin Gün Sirer believes that subnets are the next big thing on the blockchain after smart contracts. According to the executive, they enable features that are only possible with “network-level control and open experimentation.”
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.