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Denali Incentivized Testnet Winners to be Notified on June 22

AVA Labs will notify Denali Incentivized Testnet winners on June 22 if they successfully earned AVA token rewards.

The form for participants to verify their NodeID closed earlier today, June 20, at 12:30 p.m. EDT. This cutoff time was an extension of the previous form submission deadline of June 18.

Validators in the Denali testnet were able to earn up to 2,000 AVA tokens by completing three challenges.

To claim their rewards, validators must pass Know Your Customer (KYC) checks.

AVA token rewards from the Denali Incentivized Testnet will be locked up for one year after mainnet launch.

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Emin Gün Sirer on Bitcoin Scaling Debate

AVA Labs co-founder Emin Gün Sirer reflected on the Bitcoin scaling debate in a recent interview with ForkLog.

As a result of disagreement on whether or not to meaningfully increase the transaction capacity of the network, Bitcoin split into two versions: Bitcoin Cash (BCH) and BTC.

Sirer expressed support for Bitcoin Cash, saying:

I like intellectually pure solutions and that’s why I like Bitcoin Cash. It has clearly defined what it wants to do.

Emin Gün Sirer

In contrast, Sirer criticized the approach taken by BTC:

I felt that one of the sides was bending the truth and saying things that were not scientifically correct in order to affect a particular change to the protocol.

They wanted to introduce that SegWit modification and certain economic subsidies and they weren’t honest with their users on that. Neither were they honest about the limitations of the Lightning Network, and it’s only now that people are starting to realize that Lightning Network is limited in capacity.

Looking towards the future, AVA improves the areas that led to the Bitcoin scaling debate. AVA uses a new consensus protocol named Avalanche that provides high throughput. Describing Avalanche, Sirer stated:

It allows AVA to be much faster and to achieve finality in one second. It supports more transactions per second than Visa without compromising decentralization.

In another reference to AVA, Sirer enthused:

But when you come into the space with something that is three orders of magnitude faster, then it changes the whole game.

In the ForkLog interview, Sirer gave a brief overview of his work on cryptocurrencies over nearly two decades, and described how it influenced the AVA platform:

The Avalanche protocol represents the best of what I know, combining features from different projects and the lessons learned, pulling it all together in a new and very fresh approach to creating a value proposition.

The entire interview is worth a read with interesting views on the history and future of AVA, Bitcoin, cryptocurrencies, and blockchain technology.

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AVA Token Distribution

Update: After this article was published, the AVA token was rebranded to AVAX. Original article below.

Here is what we know so far about the initial AVA token distribution.

There is a maximum supply cap of 720 million AVA tokens.

The genesis block will have 360 million AVA tokens when mainnet launches. The remaining 360 million tokens will be rewarded to network validator nodes over many years.

Overall AVA Token Distribution

Of the 720 million AVA tokens, here is the breakdown:

  • 2.5% (18 million tokens) awarded to venture capitalist (VC) investors in AVA Labs.
  • 10% (72 million tokens) rewarded to the AVA Labs team.
  • 37.5% (270 million tokens) distributed to the community in a variety of ways.
  • 50% (360 million tokens) rewarded to validators.

VC Tokens

How much did Andreessen Horowitz (known as “a16z”) and other venture capitalists pay for presale AVA tokens?

VCs invested $6 million in AVA Labs seed funding to receive 18 million AVA tokens in the genesis block. Thus, VC investors paid approximately $0.33 per AVA token. These AVA tokens are subject to a lockup period.

Kevin Sekniqi, co-founder and COO of AVA Labs, confirmed this information in separate comments on Reddit [1, 2] where he stated, “2.5% of total token supply has been given to VCs” and “seed round got in at 0.33$ per token.”

Seven investors participated in the AVA Labs funding round, including a16z, Polychain, and Balaji Srinivasan.

AVA Labs Tokens

AVA Labs team members, including founders and developers, will receive 72 million AVA tokens.

To encourage long-term thinking, the AVA tokens rewarded to the AVA Labs team are subject to a four year unlocking schedule, starting from when the network launches.

Community Tokens

AVA Labs will distribute 270 million AVA tokens to the community in the genesis block in a variety of ways:

Validator Node Tokens

The 360 million AVA tokens not included in the genesis block will be rewarded to validator nodes over years according to a minting function.

Validator nodes participate in the consensus process to validate transactions and secure the network.

Validators are incentivized to stay online and operate correctly as their rewards are based on proof-of-uptime and proof-of-correctness.

Overall, the objective is for wide AVA token distribution across the ecosystem.

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Deadline to Claim Testnet Rewards

AVA Labs announced that participants in the Denali Incentivized Testnet have until June 18 at 6 p.m. EDT to submit information to be eligible for token rewards.

By completing challenges, validators in the testnet were able to earn up to 2,000 AVA tokens.

To claim the rewards, validators must first submit information to verify their participation and then pass additional Know Your Customer (KYC) checks.

Token rewards will be locked up for one year after mainnet launch.

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Something Cool… Next Week

Kevin Sekniqi, co-founder and COO of AVA Labs, teased that “Something cool” is coming next week.

The obvious speculation is that AVA Labs will release details about the upcoming AVA token sale.

Are y'all ready for next week screenshot
Something cool screenshot

Nicolas Lemaitre, a general manager at AVA Labs, has also repeatedly teased about AVA token sale details coming “next week” since at least June 7.

Hopefully next week screenshot
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Denali Incentivized Testnet Completed

The Denali Incentivized Testnet ended on June 15, 2020 at 11:59:59 p.m. UTC.

At the peak of participation, at least 1,040 nodes concurrently staked testnet tokens to be validators in the Denali test network.

Participants earned up to 2,000 AVA tokens for completing three challenges, which included becoming a validator, participating in a network upgrade, and maintaining an operational node for at least 30% of the testnet duration.

The testnet itself continues to run, although participation is no longer incentivized through AVA rewards.

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2,000 AVA Required to Stake

A minimum of 2,000 AVA will be needed to stake for a validating node in mainnet, according to Nicolas Lemaitre, a general manager at AVA Labs.

This amount is a reduction from the 20,000 AVA specified in the AVA native token whitepaper.

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P-Chain Switching to UTXO-Based DAG

In the future, AVA’s Platform Chain (P-Chain) will switch to use a DAG with UTXOs instead of the current linear chain with accounts.

The benefits of using a DAG with UTXOs are that computation is parallelizable, it offers higher throughput, and it is simple to prune to save space.

There are three default chains in AVA, including the Platform Chain (P-Chain), the Exchange Chain (X-Chain), and the Contracts Chain (C-Chain).

The X-Chain already utilizes a DAG and UTXOs. In contrast, the C-Chain is a linear chain with an account-based model which is totally ordered and good for smart contracts.

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Denali Incentivized Testnet Ends in Two Days

The Denali Incentivized Testnet is intended to be the final phase of testing before AVA’s mainnet launch.

Participants can earn up to 2,000 AVA tokens for completing three challenges, which include becoming a validator, participating in a network upgrade, and maintaining an operational node for at least 30% of the testnet duration. The challenges end on June 15, 2020 at 11:59:59 p.m. UTC.

At least 1,037 nodes concurrently staked testnet tokens to be validators in the Denali network. However, staking funds to be a validator does not necessarily mean the validator node is actually up, running, and actively validating. A well connected node had 965 active peers on June 12.

AVA’s main network is scheduled to launch in July 2020.

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Welcome to AVA Report

AVA Report provides news and information about the open-source AVA platform and AVA token.

AVA enables fast and nearly free digital payments anywhere in the world without middlemen or banks.

The AVA token has a limited supply to protect against monetary inflation. No more than 720 million AVA tokens will ever exist.

With the AVA platform, you can also create and trade custom tokens and digital assets, build decentralized apps, and launch custom blockchain networks.

Compared to other protocols, AVA enables higher transaction throughput, faster transaction finality, greater scalability, and better energy efficiency for a greener world.

Join us on the journey into the internet of finance!