The protocol said the subnet will be a suite of institutional blockchain deployments and tooling specifically designed for financial services.
Layer 1 protocol Avalanche (AVAX) is releasing “Evergreen Subnets” – a suite of blockchain deployments, tooling and customization services – for financial institutions.
The firms will be able to launch their own Evergreen subnets for research and development, and for “production-ready use cases,” said Ava Labs, the builders behind the Avalanche blockchain, in a press release.
A subnet is a sovereign network that defines its own rules for membership and tokenomics. They are composed of a group of validators – in this case, Avalanche validators – that work together to reach consensus on the state of one or more blockchains.
“Institutions can pursue their blockchain strategies in private, permissioned chains with known and approved counterparties, while retaining the ability to communicate with other subnets through Avalanche’s native communication protocol Avalanche Warp Messaging (AWM),” according to the statement. The AWM allows users to data transfer, communicate and asset swap without relying on a third party intermediary, the statement added.
Avalanche currently has several 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.
https://www.coindesk.com/business/2023/04/06/avalanches-new-subnet-to-offer-blockchain-customization-for-financial-institutions/
#crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #avalanche #avalanchenews #avalanchenewstoday #layer1 #layer1news #layer1newstoday #avax #avaxnews #crypto
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple