Introduction

In just a decade, blockchain technology has transformed from a simple, tamper-proof ledger for recording transactions into a sophisticated platform capable of executing smart contracts and enabling seamless communication and data transfer between blockchains.

Today, blockchains have further evolved into tailor-made, solution-specific platforms known as enterprise-grade blockchains, designed for various business use cases.

Aventus is a leading enterprise blockchain dedicated to building a scalable and interoperable platform for consumer and commercial applications.

This article will explore the technology behind Aventus Network, how it maintains interoperability with Polkadot and Ethereum, and highlight its tokenomics.

What is Aventus Network?

Source: Aventus Network

Aventus is a private, permissioned layer-2 blockchain built on Substrate, designed to provide scalability for businesses adopting blockchain technology through a blockchain-as-a-service model. As a private blockchain, Aventus offers faster transaction processing and lower fees compared to public blockchains, making it ideal for businesses handling high transaction volumes. It operates in a controlled environment with enhanced security features, ensuring a safe and secure platform for business transactions and data sharing.

The choice of Substrate for Aventus is based on its flexibility and optimization for a wide range of use cases. This also gives it a parachain status on Polkadot and leverages the Nominated Proof of Stake (NPoS) consensus mechanism for security.

It maintains interoperability with the Ethereum ecosystem via a distributed bridge. This interoperability allows seamless transfer of Ethereum assets to and from the Aventus Network (AvN).

Aventus Network is supported on Nova and Sezame Wallets.

Brief History

Aventus was founded in 2016 to address the ticketing industry’s challenges through blockchain technology. Their initial project, Aventus Classic, was an open-source, decentralized Ethereum-based ticketing protocol designed to combat fraud in event ticketing.

However, the scalability limitations of the Ethereum blockchain presented significant challenges. To overcome these issues, Aventus aimed to build a scalable solution applicable to various business use cases. This vision led to the development of the Aventus Network, a private layer-2 blockchain that is interoperable with Ethereum and functions as a parachain on Polkadot.

Team

Alan Vey

Alan Vey is the Founder and Chairman of Aventus. The idea for Aventus stemmed from his thesis on using blockchain technology for film rights distribution. He also co-founded the NFT marketplace VereNFT and the eCommerce platform Artos Systems. Alan holds a Master’s degree in Computer Science and Artificial Intelligence from Imperial College, London.

Martha Aviles

Martha is the Chief Marketing Officer at Aventus Network, with an experienced role in managing marketing teams for different companies. She holds a Bachelor’s degree in Marketing from Texas A&M University and a Master’s in Business Administration from the University of Texas, Austin.

Emmanuel Ngubo

Emmanuel Ngubo is a Software Engineer at Aventus and previously served as a Developer Relations Engineer. He co-authored the Aventus whitepaper. Emmanuel earned his Ph.D. in Telecommunications from King’s College, London, and holds a Master’s degree in Network Communications from Coventry University, London.

Annika Monari

Annika Monari is an AI and blockchain entrepreneur who co-founded Aventus and Artos Systems alongside Alan Vey. She graduated from Imperial College, London with a degree in Physics.

Andrey Brozhko

Andrey Brozhko is the Chief Product and Technology Officer at Aventus and a co-author of the Aventus Whitepaper. He is an experienced entrepreneur with a track record of creating commercially successful products and services in fintech, blockchain, cloud security, and identity management. Andrey holds an MBA from Warwick Business School, United Kingdom.

Features

Whitelabel NFT Marketplace

This is a generic NFT marketplace that can be adopted by various businesses. It offers personalized features like Know Your Customer (KYC), crypto and fiat payment gateways, and promotional services. The marketplace also features NFT minting, exchange, and a storage feature for intellectual property.

Blockchain-As-A-Service

Aventus offers business-grade blockchain services. The Aventus blockchain operates on a permissioned system that is secure and scalable, and allows interaction with public chains like Ethereum.

Governance Application

This voting feature is best suited for decentralized autonomous organizations (DAOs) and independent web3 projects. It is a democratized governance mechanism where one vote is equivalent to one token (FT or NFT) owned.

The Aventus Network Gateway API

The Gateway API is the fastest, least expensive, and most convenient way to interact with the Aventus Blockchain. It offers a user-friendly web Application Program Interface for integrating third-party applications and creating new Aventus Network-native products. Through the Gateway, users can create accounts, submit transactions, and query the blockchain state.

The Aventus Gateway includes a split-fee payment feature where one account covers the transaction fees for another account. This allows businesses to pay blockchain fees in AVT for their clients while charging their customers in fiat currency. It comes with an Admin Portal that lets businesses specify the users’ public keys for whom they will be covering fees.

Ecosystem

Aventus Network

The Aventus Network is the blockchain backbone of the ecosystem. Most transaction processors are operated by independent third parties, including GABI Ventures, Coinshares, 100 Acre Ventures, Imperial College London, and Scytale Ventures. Initially managed by the Aventus Foundation, control has since been handed over to the community, ensuring decentralization and broader participation.

Aventus Services

Aventus Services operates as an arm of the Aventus Network that secures collaborations and partnerships with notable organizations. It functions as the revenue-generating entity established to promote the Aventus Network and drive its adoption among businesses; promotes Aventus Network’s blockchain technology, gateway API, whitelabel NFT feature, and other features across the following industries;

• Music: It is in active partnership with Beatport, an EDM music store to launch an NFT marketplace for electronic music, changing how artists and record labels interact with their fans.
• Sports: It collaborated with Parity Sports, a community for female athletes focused on closing the gender pay gap among athletes using NFTs. Parity Sports uses Aventus NFT whitelabel solution.
• Gaming: Aventus handles token transactions for Fruitlab, a gaming platform where gamers earn from watching, sharing and playing their favorite games.
• Telecommunication: With blockchain technology, telecom companies can ensure secure and transparent communication channels, safeguarding against data breaches and fraud. It is partnering with Vodafone to develop a solution that involves equipping cargo tracking pods with blockchain-enabled SIM cards.
• Energy: Aventus deployed its gateway API, block explorer, and governance application for Energy Web, a global non-profit organization promoting the use of sustainable energy with web3 technologies specifically designed for the energy sector.
• Supply Chain: Aventus improved cargo operations at Heathrow Airport, London by increasing the digitization, and improving transparency of the supply chain with blockchain technology.

Partnership

VOW Currencies

Source: Vowcurrency

Vow (VOW) is a cryptocurrency designed to introduce a new system for discount vouchers. VOW allows retailers to create their own discount vouchers, called Voucher Currency (vCurrency), which can be denominated in various fiat currencies (v$, v€, etc.). Retailers lock up VOW tokens in a smart contract to create these vouchers. This locked VOW acts as a guarantee that the retailer will accept the vCurrency back as a discount on their products or services. Aventus offers improved user experience and faster payouts with its scalable Layer 2 blockchain.

EnergyWeb

Source: Aventus Network

Energy Web is a global non-profit organization promoting the use of sustainable energy with Web3 technologies specifically designed for the energy sector. Aventus supports Energy Web by offering its parachain service to launch Energy Web X, a parachain compatible with Polkadot. This will improve scalability, speed, interoperability, and security for Energy Web. Aventus also serves as a validator on the Energy Web Network, Additionally, Aventus provides a managed service for other validators, enabling trusted entities to secure the network without needing technical expertise.

Wolf of Wall Street

Source: NFT Horizon

Wolf of Wall Street is a 2013 movie about the financial world that resonates with the blockchain community. Celebrating its 10-year release, Aventus Network partnered with the film rights holders to launch The Wolf of Wall Street Experience: a series of NFT drops that included never-before-seen scenes from the film’s making, unlockable content, experiences, and limited access to an exclusive event to celebrate the film’s anniversary.

How Does Aventus Network Work?

On the Aventus Network, accounts are created using the SR25519 cryptographic curve. Each account’s address is derived from its public key and represented in the SS58 format. Users and nodes can sign messages and transactions, and access funds on the AvN using these cryptographic keys. There are three types of nodes on the AvN: Remote Procedure Call (RPC), Archive, and Collator nodes.

• Remote Procedure Call (RPC): A RPC node allows network users to interact with the blockchain by sending transactions through it to the Collator nodes, or querying data on the state of the chain.
• Archive: An archive node keeps full history but does not participate in block production, and is used to take backup snapshots.
• Collators: A collator node Authorized nodes that can create blocks on the chain.

Graphical representation of Aventus Network and its relationship with Polkadot and Ethereum blockchains (Source: Aventus Network)

Consensus and Block Formation

Consensus is the process by which nodes agree on the state of the chain. Aventus Network achieves this by relying on the Polkadot relay chain, which maintains a consensus mechanism (currently Nominated Proof-of-Stake - NPoS) and a validator set responsible for finalizing blocks across all connected parachains.

When a transaction is sent to the Aventus blockchain, it undergoes a validation process. During this process, every node in the Aventus Network (AvN) checks the transaction for correctness. If the transaction passes validation, it is placed in the Memory Pool, where it queues to be included in a block.

Block creation on the Aventus Network uses an Authority-based round-robin (AURA) scheduling algorithm. This algorithm ensures that each node (specifically, Collators) gets a fair chance to author blocks. Collators are responsible for gathering transactions from the Memory Pool and forming them into a block.

Once a Collator creates a block, this block, along with the state transition proof (STP), is passed to validator nodes. The Polkadot relay chain temporarily assigns these validators to the Aventus parachain. The AURA algorithm’s round-robin mechanism ensures that each Collator has an equal opportunity to author, sign, and submit blocks to the relay chain validator nodes.

Interoperability with Ethereum

The Aventus Network uses a single lightweight and gas-efficient smart contract that securely facilitates the movement of blockchain assets between different chains. This process is divided into Lifting and Lowering.

Lifting - Moving funds from Ethereum Mainnet to Aventus Mainnet

Lifting assets is the process of moving fungible tokens from Layer 1 to Layer 2 on the Aventus Network (AvN). To do this, you submit your tokens to the AvN contract, which then locks them on Layer 1 and registers your balance. The contract emits an event, and once confirmed in Layer 2, an equivalent balance of those tokens is created in your Layer 2 account using the hash of the Layer 1 transaction.

Lowering - Moving funds from AvN Mainnet to Ethereum Mainnet

To move tokens from the Aventus Network to the Ethereum Network, each transaction must be signed by at least two-thirds of the collator nodes. This ensures the transaction is valid and verifiable by the Ethereum contract. A special module called “Ethereum-transactions” ensures that each transaction to Ethereum is sent only once and is properly authorized. The network regularly updates Layer 1 Ethereum with transaction details from the Aventus Network, creating an immutable record on Layer 1.

What is AVT Token?

The Aventus Token (AVT) is an ERC-20 token that serves as the utility token for the Aventus Network.

Token Utility

On the Aventus Network, The AVT Token has four major use cases;

Transaction Fees

Users pay AVT as fees for processing their transactions on the Aventus Network. These fees are often low and predictable.

Security

Collators on Aventus author new blocks and execute transactions. To discourage malicious behavior, Collators stake AVT upon joining the network. Any attempts to harm the network result in direct consequences for the Collator.

Incentivized Staking

AVT token holders can stake their tokens and receive rewards in return.

Governance

AVT tokens are used in voting and proposals. The voting power of AVT holders is proportional to the amount of AVT they hold, ensuring a fair and representative governance system.

Fundraising

Aventus raised approximately £26 million at an initial coin offering in 2017. Aventus is backed by prominent investors, including Coinshares and Scytale.

Project Tokenomics

The AVT token has a circulating supply of 6 million AVT as of the time of writing, (May, 2024). A recent proposal approved the continual minting of additional AVT tokens proportional in percentage to the amount of AVT earned by stakers after every staking period. Thus increasing the total supply from 10 million tokens to 10.6 million.

Is Aventus Network (AVT) a Good Investment?

Aventus as an enterprise-grade blockchain has opened up modern businesses to the adoption of blockchain technology, creating use cases in sports, entertainment, supply-chain management, data management, etc. It also prides itself as an environmentally friendly project having achieved carbon-neutral status in 2022, consuming just 0.001kWh per transaction – compared to Ethereum’s energy consumption of over 238kWh per transaction (as of January 2022). However, it is at the risk of competition, as other enterprise-grade blockchains are offering similar services.

Investors are encouraged to research and evaluate their risk tolerance before investing in any cryptocurrency because, like any investment, investing in Aventus (AVT) carries certain risks. Investors should consider the cryptocurrency market’s volatility and potential regulatory changes.

Note: Investing in Aventus or any other crypto project does not guarantee profit and could result in capital loss.

How to Own AVT?

To own AVT, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy AVT.

News on Aventus Network

AVT Holders Approve New Governance Structure

Source: Aventus Network

In the latest governance proposal by the Aventus community, AVT holders agreed to introduce community proposals, where token holders could propose upgrades and changes to the Aventus Network. Any holder proposing is required to stake 100,000 AVT tokens before submitting. If the proposal is approved by the community, the staked AVT is locked for a year, this ensures that proposers are invested in the success and implementation of their proposals. The AVT staking requirement can be deposited by one or multiple accounts.

Aventus Dissolves Aventus Foundation

Aventus Foundation, the decision-making body of Aventus Network has been dissolved, following the passing of a governance proposal held in May 2024, that allows AVT token holders to put forward governance proposals for major decisions on the Aventus Network.

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