Emin Gün Sirer’s AVA Labs to Distribute 2M Tokens Ahead of Full Launch
AVA Labs, a blockchain protocol founded by Cornell’s Emin Gün Sirer, is planning to distribute 2 million tokens in its final testnet before the project’s full launch in summer.
The so-called “Denali Testnet” will serve as the final stage of the AVA network testing before AVA’s mainnet launch. The new testnet will allow each validator to earn up to 2,000 AVA network’s native tokens, AVA Labs announced on May 29.
AVA Labs tokens are not yet listed on any cryptocurrency exchange and are not available for public purchase, a spokesperson at AVA Labs told Cointelegraph.
The testnet to run from June 1 to June 15
While testnet registration starts immediately on May 29, the first phase of the testnet launch will start on June 1. At that time, participants are expected to set up live nodes, an AVA Labs representative explained. The Denali testnet consists of three core challenges, which run until June 15. While AVA Labs expects to move to its mainnet in summer 2020, there is no specific date for the full launch of the project, an AVA Labs’ spokesperson said.
The Denali testnet follows AVA’s first successful testnet known as “Cascade.” Launched in mid-April 2020, AVA’s Cascade testnet amassed 300 developers setting up and running validator nodes.
AVA network is purportedly going to be the “Internet of blockchains” once launched
Initiated by Sirer in 2019, AVA Labs is an open-source platform and a layer 1 protocol for launching decentralized finance, or DeFi, applications and enterprise blockchain solutions. The platform is designed to unify DeFi applications and blockchain deployments in one scalable and interoperable ecosystem. According to AVA co-founder, Kevin Sekniqi, the best way to describe the new protocol is the “Internet of blockchains.”
In late April 2020, AVA Labs’ Sirer said that as much as 95% of all existing cryptocurrencies do not represent any tech advancement and should be regarded as nothing but scams.
AVA network’s token is not to be confused with Travala.com’s proprietary token, AVA. Backed by the world’s largest cryptocurrency exchange, Binance, Travala.com is a blockchain-based travel booking platform that features payments and loyalty rewards in its native crypto, AVA token.