Blockchain

Layer 1 Avalanche Launches New Subnet To Strengthen Connects With Institutions

Key Points:

Evergreen Subnets is new institutional installations introduced by Avalanche to enhance the blockchain ecosystem.
The new tool promises to provide institutions control over their blockchain environment while also allowing for inter-company collaboration.

Evergreen Subnets are new institutional deployments introduced by Ava Labs, the developer of the Avalanche layer-1 blockchain technology, to enhance the blockchain ecosystem.

According to Ava Labs, the companies will be able to build their own Evergreen subnets for research and development as well as production-ready use cases.

A subnet is a self-contained network with its own rules for membership and tokenomics. They are made up of a collection of validators, in this example, Avalanche validators, who collaborate to obtain agreement on the state of one or more blockchains.

As they continue to investigate blockchain advantages like as process efficiency, transparency, composability, asset tokenization, and more, institutions may simply build their own Evergreen Subnets for either research and development or production-ready use cases.

Avalanche’s native communication protocol, Avalanche Warp Messaging (AWM), is used to facilitate inter-company communication on Evergreen subnets. The AWM functionality enables native communication between any two subnet blockchains.

Avalanche presently features various Ethereum Virtual Machine (EVM)-based subnets, including the Intain Subnet, which is a tokenized asset-backed security (ABS) application, and the Deloitte Subnet, which is a platform for efficient Foreign Exchange Management Act (FEMA) fund disbursements.

Evergreen subnets, as opposed to default subnets, offer built-in features aimed at providing a ready-made solution for institutional blockchain installations, such as user and validator permissioning, jurisdictional-based geofencing, custom gas token selection, and EVM compatibility.

Presently, the Avalanche network has multiple EVM-based Subnet deployments spanning sectors and use cases, including DeFi, Gaming, NFTs, corporations, and institutions, on Mainnet and Testnet.

The announcement follows Ava Labs’ announcement that the South Korean internet giant SK Planet is creating an Avalanche subnet for its customers. The new UPTN subnet will be linked with SK Planet’s consumer application portfolio, including OK CashBag.

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Harold

Coincu News

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.