New Startup Aims to Prove Blockchain Is Fast Enough for Finance
- Ava transactions per second have far surpassed other networks
- Blockchain slowness has limited its use on Wall Street so far
Spotting a software bug that could have prevented a $55 million theft -- but not alerting anyone in time -- marked a tough period in Emin Gun Sirer’s life. The computer science professor is now trying to use those lessons for a new project, Ava, that’s aimed at making blockchain fast enough for finance.
Ava allows for the creation and trading of digital assets, from new types of cryptocurrencies to claims on stocks or bonds, said Sirer, chief executive officer of New York-based Ava Labs and an associate professor at Cornell University. The company says it has found a faster way for computers on its network to reach agreement, or consensus protocol, and is now set to open up its systems to the public before it begins full operation this summer.