AVA, the next-generation blockchain platform, has started its first of two proposed public testnet releases. The first release enables participants to join a global network of validators and engage in high-velocity transactions. Approaching speeds of thousands of transactions per second and payment integrity of less than two seconds, AVA gives similar throughput to top payment processing companies. The release of the public testnet allows AVA’s abilities to be tested ahead of its mainnet launch later this year.

The AVA platform is located to redefine open finance by allowing DeFi (decentralized finance) applications to be more meaningful and to scale with global demand. Powered by the cutting-edge Avalanche consensus protocol, AVA enables anyone to build both public and private smart-contract-based blockchains that interoperate. AVA is intended to be backward-compatible with out-of-the-box support for enduring Ethereum-based DeFi applications. Emigrating decentralized applications to AVA allows open finance the power to fulfill its commitment to a mainstream audience.

Emin Gün Sirer, CEO of AVA Labs stated in a statement, “As an open-source project, we listen intently to the invaluable input of our active global community, and are building a solution that is driven by the demands of prospective users, one which enables permissionless and permissioned blockchains to scale and connect like never before.“

In an extension of showing its capability, the AVA testnet attempts to maximize network participation and strengthen the platform for future adoption. “We are focused on creating the most functional and scalable blockchain possible. Our mission has always been to address the needs of the global financial market. We make it viable to integrate DeFi into traditional finance,” said Kevin Sekniqi, COO of AVA Labs in a statement.

Industries such as payments, digital identity, tokenization, supply chain, and Internet of Things (IoT) are involved in AVA as a flexible DLT platform that allows either unique demand. Developers and enterprises over the globe can now communicate with AVA and begin developing open finance applications on the public testnet. Sirer said in a statement: “Since exiting stealth mode last year, the team has been focused on building the most robust and secure network possible,” later stating, “Our mainnet launch is expected later this year. Opening the AVA testnet to the public just one year after operation signifies our commitment to delivering on our promises in a rapid manner. We welcome anyone to get involved, test the functionalities of the platform, and scrutinize the code.”