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Blockchain

Polygon And Avail Split After 3 Years, Co-founder Forms A New Entity

March 16, 2023 - Around 2 mins mins to read

Key Points:

  • Anurag Arjun, the co-founder of Polygon, has announced his resignation, as well as an effort to decouple the Avail project from this blockchain ecosystem.
  • Polygon released Avail to the public in mid-2021 after launching it in late 2020.
  • Avail says its plan is to put ownership in the hands of the community.
Polygon spun out its modular blockchain project Avail into its own company. Anurag Arjun, the co-founder of Avail, departed and purchased the company, and the Avail employees will transition to the new organization.
Polygon And Avail Split After 3 Years, Co-founder Forms A New Entity

Avail is presently functioning on testnet, with the mainnet set to debut soon. As part of the spin-off, Avail will establish the Avail Foundation, a new non-profit foundation, and ultimately pass over control to the community.

Polygon is said to have initiated the Avail project in late 2020 and made it public in mid-2021. Avail is a modular blockchain that enables developers to create scalable and flexible apps. Modular blockchains, as opposed to monolithic blockchains, segregate essential operations such as consensus, security, data availability, and execution.

Arjun was a co-founder of this initiative earlier. Nevertheless, the purchase of the project by a different entity (owned by Arjun) would formally remove it from Polygon. Arjun stated:

“As someone passionate about leveraging technology to have a real impact, I initiated Avail with the same conviction as when we first started Polygon. Blockchain has to be scalable for anyone, anywhere, to benefit from this life-changing technology.”

Polygon And Avail Split After 3 Years, Co-founder Forms A New Entity

Arjun’s whole Polygon team will be transferred to the new business as a result of this relocation. Avail currently has no public information about the size and composition of this team.

Avail also stated on Twitter:

“In other words, we’re tearing down barriers to blockchain development, giving developers the power to disrupt stagnant industries and drive change for communities. And we’re doing it all with an open-source, protocol-agnostic approach that puts the community in charge.”

As Coincu reported, Unstoppable Domains has partnered with Polygon Labs to launch the .polygon domain. This shows that layer 2 is still attracting active projects and activities.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Anurag Arjun

avail

Polygon

Polygon Labs

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Blockchain

Polygon And Avail Split After 3 Years, Co-founder Forms A New Entity

Key Points:

  • Anurag Arjun, the co-founder of Polygon, has announced his resignation, as well as an effort to decouple the Avail project from this blockchain ecosystem.
  • Polygon released Avail to the public in mid-2021 after launching it in late 2020.
  • Avail says its plan is to put ownership in the hands of the community.
Polygon spun out its modular blockchain project Avail into its own company. Anurag Arjun, the co-founder of Avail, departed and purchased the company, and the Avail employees will transition to the new organization.
Polygon And Avail Split After 3 Years, Co-founder Forms A New Entity

Avail is presently functioning on testnet, with the mainnet set to debut soon. As part of the spin-off, Avail will establish the Avail Foundation, a new non-profit foundation, and ultimately pass over control to the community.

Polygon is said to have initiated the Avail project in late 2020 and made it public in mid-2021. Avail is a modular blockchain that enables developers to create scalable and flexible apps. Modular blockchains, as opposed to monolithic blockchains, segregate essential operations such as consensus, security, data availability, and execution.

Arjun was a co-founder of this initiative earlier. Nevertheless, the purchase of the project by a different entity (owned by Arjun) would formally remove it from Polygon. Arjun stated:

“As someone passionate about leveraging technology to have a real impact, I initiated Avail with the same conviction as when we first started Polygon. Blockchain has to be scalable for anyone, anywhere, to benefit from this life-changing technology.”

Polygon And Avail Split After 3 Years, Co-founder Forms A New Entity

Arjun’s whole Polygon team will be transferred to the new business as a result of this relocation. Avail currently has no public information about the size and composition of this team.

Avail also stated on Twitter:

“In other words, we’re tearing down barriers to blockchain development, giving developers the power to disrupt stagnant industries and drive change for communities. And we’re doing it all with an open-source, protocol-agnostic approach that puts the community in charge.”

As Coincu reported, Unstoppable Domains has partnered with Polygon Labs to launch the .polygon domain. This shows that layer 2 is still attracting active projects and activities.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News