Aventus allies with Scytale in a bid to win a Polkadot parachain slot 🚨 This article is 3 years old...
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Aventus allies with Scytale in a bid to win a Polkadot parachain slot
The blockchain venture capital and consulting firm will support Aventus realize its goal of becoming fully embedded into the blossoming Polkadot ecosystem.
2 min read
Updated: Feb. 23, 2022 at 10:53 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Aventus Network (AvN) recently announced teaming up with Scytale Ventures, a blockchain venture capital firm that will help the Layer 2 solution reach its goal of becoming a Polkadot parachain.
Founded in 2017, Aventus combines the elements of public and enterprise blockchains–leveraging scale and privacy of a permissioned blockchain with the security and interoperability of public networks.
Built using Substrate
“Their organic decision to first build on Substrate because of the tech stack, then work with us to join the community dedicated to multichain interoperability, is a testament to the power of Substrate, and will unlock tremendous value for stakeholders. We’re confident that–with our expertise and investment–Aventus will ensure true interoperability with the Polkadot ecosystem, setting an example for others in this space to follow,” commented Mark Cachia, Founder at Scytale Ventures.
According to the announcement, Aventus’ partnership with Scytale Ventures includes a sizable DOT grant, however, the exact value contributed by the VC was not specified.
📣 Announcing a new partnership with @ScytaleVentures to boost Polkadot Parachain plans 📣
As reported first by @CoinDesk, the goal of this new partnership is to help bring business-friendly blockchain apps to the Polkadot network.
Read more here 👉https://t.co/PnEQ8zWy3D pic.twitter.com/tmZTfT200j
— Aventus (@AventusNetwork) February 23, 2022
Winning a parachain slot would enable smart contracts, dApps and other assets or utilities on the enterprise chain to be seamlessly and securely transferred between Aventus, Polkadot, and a host of other compatible blockchains.
“Imagine a world in which you couldn’t send emails from Gmail to Microsoft–or you couldn’t view the same webpage on both a PC and a Macintosh. That’s the problem facing blockchain right now–thousands of different projects are built on different languages, and they cannot talk to each other. Polkadot is the solution to this–bridging different chains and giving them a common language,” said Alan Vey, Co-Founder and CEO of the Aventus Network.
Winning a parachain stot
“Integrating into the Polkadot family has always been an ambition for Aventus, and with Scytale’s expertise and capital injection we have the rocket fuel we need to reach our goal of ensuring true interoperability with the wider blockchain community,” Vey added.
In a bid to win an auction for the Polkadot parachain slot, the first batch of projects amassed billions of dollars worth of DOT late last year–some from community-based crowdloans, some from VCs that staked tokens to support their pics.
However, as Polkadot auctions advance and more slots are won, the costs of snagging a parachain decrease.
Earlier this month, Aventus celebrated its listing on Coinbase–crowning the start of a promising year for the network.
Will the Layer 2 that positioned itself to offer scalability and interoperability to businesses add a Polkadot slot to the list of this year’s achievements, remains to be seen.
Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.
Posted In: Polkadot, Parachains
