The Aventus Network (AvN), a blockchain protocol that makes Ethereum transactions cheaper, faster and more efficient, today announced that, following a successful launch on 16 February 2021, it has now processed more than 1.2m transactions.
cashbackAPP, a global rewards network that was involved during the testing phase of the AvN, is in the process of fully migrating its transactions onto the network, forecasting that within six months its overall net margins will increase by around 25% as a result.
Since launching, AvN has processed more than 1.2m transactions in addition to the 8.5 million tested within a private network over the past year. In addition, Aventus Token (AVT) holders who joined the Validator Registration scheme on 2 February 2021 have earned a total of 28,000 AVT for staking their tokens on the network.
Bish Smeir, Bish Smeir, CEO of cashbackAPP (UK) said, “We are delighted to say that we have now fully migrated our transactions onto the Aventus Network. Aside from the saving in terms of cost and boost to our revenue, the Network is enabling us to offer an excellent level of service to both merchants and end customers.
“As a rewards network, our greatest challenge to overcome is the speed and efficiency of cashflow. We need to ensure that we can collect fees from merchants and distribute them as rewards to end customers as quickly as possible. Aventus now enables our transactions to be conducted nearly instantaneously, both transforming our user experience and enabling us to continue scaling up with no operational limitations.”
cashbackAPP will be using Artos Systems’ enterprise APIs to deliver their live transactions onto the AvN. For a monthly fee paid in fiat, Artos will take care of any complexity involved in the AvN like paying AVT token gas fees, enabling cashbackAPP to focus on their business.
The potential applications of the AvN are vast. The network enables organisations ranging from financial asset managers and supply chain coordinators through to live entertainment companies and rewards networks to easily develop and implement efficient, highly secure and future-proof blockchain solutions.
Aventus’ AvN protocol mitigates the main challenges associated with Ethereum:
- AvN is 133X faster than Ethereum, scaling up to 2,000 transactions per second compared to Ethereum’s 15,
- The average transaction cost for organisations using AvN is $0.01 – less than 1% of the average Ethereum transaction fee,
- Token transfers are processed in 0.13 seconds by AvN – more than 100 times faster than Ethereum,
- As a layer-2 blockchain solution, Aventus combines the best of Ethereum’s highly secure distributed ledger with complete interoperability with future or existing blockchains.
Alan Vey, co-Founder and CEO of Aventus added, “We have been delighted by the responses and feedback we have received following the launch of the Aventus Network. When we first started developing the protocol, our primary goal was to enable businesses to transform by harnessing the potential of blockchain. cashbackAPP are the first of those businesses, and have already made incredible progress in taking full advantage of the network.
“However, the launch of the network and onboarding of cashbackAPP are only the first steps in our bold new strategy for Aventus, and we continue to develop a range of new capabilities that we will be announcing over the coming months.”