summary: Aventus Protocol is a layer-2 Blockchain protocol that brings scalability, lower costs, and speed to Ethereum transactions.
content: Aventus Protocol (Founded in 2016) is a layer-2 Blockchain protocol that brings scalability, lower costs, and speed to Ethereum transactions. It is a Blockchain solution that combines the scale and privacy of private Blockchains with the security and independence of public chains. It solves issues with scalability by taking transaction processing off-chain and uses cutting-edge ‘zero-knowledge proofs’ for Privacy. The ultimate goal of the Aventus Protocol is to improve standardization, trust, and Security across value chains. It does this while lowering costs, reducing friction, and generating entirely new asset services. On February 10, 2022, Aventus announced that its native utility token (AVT) has been listed on the leading crypto international exchange Coinbase, marking a significant breakthrough for the Aventus Network, opening up the purchasing and selling of AVT to Coinbase’s 73 million registered users. Aventus network history The original Aventus vision was to build an open ticketing standard on Ethereum, which was developed to provide greater control and oversight to ticket rights-holders and other value-chain participants over their inventory. While Ethereum’s inherent security standards and independence from corporate interest presented the perfect platform for the Aventus solution, the lack of scalability and anonymity meant that it did not meet the enterprise-grade needs within the ticketing industry. At the time, it was assumed that when a version of Aventus was released publicly, these issues would not have practical relevance anymore, since a solution was expected to exist in the Ethereum ecosystem to combat these concerns. As it happens, at the Beta release of Aventus in May 2018 (over a year after the development of the concept had begun), these issues were still unresolved on Ethereum, and there were no other commercially viable solutions that could be leveraged as an alternative. It then became clear that the scope of, and proposed architecture presented in, the original white paper was insufficient for servicing enterprise-level ticketing clients. Therefore, the teams working on Aventus had to increase the scope of the project, and realize their solution for domain-specific scalability and anonymity. During the development process, a Proof-of-authority-based Layer 2 Solution that preserved the security and independence of Ethereum while incorporating the scale benefits and privacy of permissioned Blockchain, was conceived and built: the Aventus Network. The universally applicable and open-ended nature of the new Aventus Network also provided opportunities to expand into other markets. Aventus expanded its reach to any industry concerned with both fungible and non-fungible digital assets, not just tickets. This range included, but was not limited to: • Financial assets • Vouchers and gift cards • Loyalty points • Virtual goods • Collectibles (i.e. games). Aventus Protocol Foundation (APF) and it's Core Team Members The Aventus Protocol Foundation is a not-for-profit entity that owns the intellectual property of the Aventus protocol and governs the Aventus ecosystem. It uses the funds received from the token sale that took place in September 2017 to allocate grants for the development of the protocol and ecosystem. It also holds 19% of AVT earmarked for grants to further the adoption of the Aventus technology once launched. The Protocol's core team includes: | Name | Position | Bio | | ---- | -------- | --- | | Alan Vey | Co-founder & CEO | Alan is Blockchain entrepreneur and co-founder & CEO of Aventus Network Services, a layer-2 Blockchain protocol that brings scalability, lower costs, and speed to z transactions. Before moving into Blockchain, Alan worked at Deloitte in the Entrepreneurial Business Department and macro hedge fund Brevan Howard. He completed a Master’s Degree in Artificial Intelligence at Imperial College London. His master's thesis investigated film rights distribution using blockchain in partnership with BAFTA. | | Anna Frankowska | Chief Commercial Officer | Forbes 30 Under 30 Europe Technology award-winning entrepreneur, Economist by education with a diploma from University College London, and Investment Banker (RBS) by training with CFA Level 1 and FCA & PRA certifications. Anna specializes in commercial strategy, partnerships and scaling products having successfully led companies in the fintech, blockchain, and entertainment industries. She is also a World Economic Forum Global Shaper and sits on the advisory Board of The Oxford Guild Society. | | Andrey Brozhko | Chief Product Officer | Andrey Brozhko has over 20 years of experience leading product and software engineering efforts, primarily in distributed systems and security applications, spanning large multinational companies and startups in Fintech, Blockchain, and Cloud industries. Ex-R3 and ex-Oracle, he is a graduate of Warwick University and holds an MBA and MSc in software engineering degrees. | | Daniel Masters | Investor & Advisor | Bitcoin Pioneer, Executive Chairman of CoinShares, a company that has accumulated over $3B in assets in XBT Provider listed products while having attracted over 40,000 clients. Entrepreneur, visionary founder, and industry leader in the domain space’s first two NASDAQ-listed bitcoin and Ethereum tracking certificates. Director of the world’s largest, first fully regulated Bitcoin Fund (which is now retired). Co-founded Global Advisors in 1999, after serving as Global Head of Energy and Trading Business at Morgan Guaranty Trust Company (“MGT”) in New York (now JP Morgan Chase & Co.).William Knottenbelt | | William Knottenbelt | Advisor | Prof. William Knottenbelt is a Professor of Applied Quantitative Analysis in the Department of Computing and Director of the Imperial College Centre for Cryptocurrency Research and Engineering (IC3RE). He is an expert on the World Economic Forum on blockchain and is a technical advisor to several blockchain start-ups including Aventus, Gradbase, and Alice. si. | Overview Founded in 2016 by Annika Monari and Alan Vey, the Aventus protocol is a layer-2 Blockchain protocol that brings scalability, lower costs, and speed to Ethereum (ETH) transactions. It enables Digital asset issuance, management, and ownership, bringing the scale of permission-ed Blockchain and the security and interoperability of public Blockchain — without the shortcomings of either. The protocol's token Avent ("AVT") is key to enforcing its economic model. Its purpose is to reward participants for providing value (e.g. voting on the legitimacy of events, buying tickets, promoting events, and matching buyers and ticket resellers). By August 2019, the teams had completed Aventus Classic — the purely Ethereum-based Aventus protocol that satisfied the bulk of the original whitepaper. However, because Ethereum had not solved outstanding issues, the solution could only serve a scale of around 100 tickets per second. Therefore, the teams working on the Aventus project had to develop their solution to combine the strengths of public and private Blockchains without their weaknesses. Today, Aventus is an open, Decentralized protocol that revolutionizes the way Digital assets are issued, owned, and transferred across the Value chain. The Aventus Protocol derives security and independence from open, independent Blockchain networks. It is the generality of the Aventus Protocol that resulted in the growth of the potential market to include any fungible or non-fungible digital asset beyond just tickets. That is why the new Aventus Protocol opens up a market for physical goods and supply chains, Financial assets, vouchers, and Gift cards. As well as loyalty points, Virtual goods, Collectable and more. Initially, one of the main objectives of Aventus is to de-silo the event ticketing industry in a Decentralized manner, allowing ticketing applications and promoters to automatically sell tickets for other events and gain commissions for doing so. This enables event organizers to reach a wider audience. The Protocol is intended to make purchasing tickets more transparent and selling them more profitable for an artist or venue. The protocol creates a unique identity for each ticket that is then stored on a Public Blockchain. Each transaction involving the ticket is likewise recorded publicly. Today, the Aventus Protocol can scale to thousands of transactions per second and is completely GDPR compliant. In its current state, it preserves key components of Decentralization, with certain elements made open source. A future, full-release will be entirely Decentralized and wholly open source. It is an Ethereum (ETH)-based ticketing protocol designed to alleviate fraud and ticketing in the event ticketing industry. The Aventus Protocol was used for some of the tickets sold for the 2018 FIFA World Cup in Russia. The protocol’s key functions: A Layer 2 solution: The Aventus Protocol is what is known as a ‘Layer 2 Solution’. This means that it is built on top of an existing public Blockchain network, in this case, Ethereum (ETH). This layer 2 Solution processes transactions ‘off-chain’. The purpose of this is to solve the scalability problems of Ethereum while maintaining the benefits of security and independence. Off-chain processing allows the Aventus Protocol to more quickly verify transactions while still benefiting from the security of the public Ethereum Blockchain. The processing is handled by Aventus Nodes, which batch transactions together before making them public. This means the Aventus Protocol can process transactions faster than a public Blockchain, while still preserving the properties of Ethereum where 