Aventus Network AMA Summary Recap with Shin Chan Community

22 min readApr 27, 2021

We held a live AMA with Alan Vey , Co-Founder & CEO of Aventus Network on 27th April 10:00 PM (UTC+8). Here’s the recap for those who missed it.

Introduction

Jack | Shin Chan: Before AMA start, can you introduce yourselves and the team background?

Alan Vey : Sure, the core management team consists of myself as CEO, Anna Frankowska as CCO, Andrey Brozhko as Chief Product Officer, and Andrew Shackleton as CSO, with Daniel Masters of Coinshares and William Knottenbelt of Imperial College as board members and advisors.

I am a Forbes 30 under 30 winner for my work as co-founder & CEO of Aventus. Before moving into Blockchain, I worked at Deloitte in the Entrepreneurial Business Department and macro hedge fund Brevan Howard. I completed a Master’s Degree in Artificial Intelligence at Imperial College London with my masters thesis on blockchain technology. It was there that I co-founded Aventus.

Anna Frankowska is a 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 specialises in commercial strategy, partnerships and scaling products having successfully led companies in 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 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 software engineering degrees.

Danny Masters is a 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.).

Prof. William Knottenbelt is 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 of the World Economic Forum on blockchain and is technical advisor to a number of blockchain start-ups including Aventus, Gradbase and Alice.si.

Jack | Shin Chan: Do you have any news/update about Aventus Network would like to share with us?

Alan Vey : Today, the Aventus Network is a layer 2 blockchain protocol that brings scalability, lower costs, and speed to the Ethereum network.

Everyone knows that Ethereum suffers from serious problems of scale.

Aventus solves them by letting businesses and dapps build on top of the Ethereum network to boost Ethereum scalability and speed more than 100x while reducing costs 100x, too.

Our mission is to help accelerate the process of interoperability between all blockchains so that public decentralised blockchain can become truly commercially viable.

The network officially went live in February 2020 with more than 18.5m historical transactions ready for processing from partners like cachbackAPP.

We have recently signed an exclusive deal to launch Tixto.Me in collaboration with LiveNationFrance to deliver more than 200,000 tickets a year directly to customers.

We plan for further expansion with LiveNation in other countries following the test pilot launch. We have 2 more big partnerships that will be announced very soon.

We have use cases across the following sectors: Live Entertainment, Loyalty, Video Games and Supply Chains, with expansion with a new partner into one of the hottest blockchain sectors at the moment immanent.

AMA Twitter Section Begin:

Q1 : How do holders of the $AVT token benefit in the ecosystem? What power within the governance model do individuals hold and what are the basic requirements to participate?

Alan Vey : Broadly, the token has 3 specific utility use cases within the network.

1) AVT helps ensure network security, aka Validator deposits, via a proof of stake protocol.

2) Validators — AVT holders who stake AVT to AvN nodes, receives rewards for processing transaction fees paid by users to Validators. To date we have paid around 55,000 AVT to stakers in the past 2 months. Full transparency at explorer.aventus.io.

3) Governance. AVT holders have a right to vote on the future of the AvN.

AVT is available on Uniswap, Mercatox, and HitBTC and we are actively pursuing new listings which should be finalised this quarter.

The main benefit for holders comes from being a Validator. Staking AVT to an Aventus Network node lets transaction validators earn their share of Aventus Network transaction fees paid in AVT.

Governance is not fully launched yet, but will be soon. AVT holders will have the ability to vote on network parameters and similar. The first major vote will be electing the nominated stakers when the platform moves to phase 2 of the rollout. 1 AVT counts for one vote, unless it is used as stake in a node in which case it counts as 2 votes.

Q2 :What do Aventus team think about the staking economy? How is this implemented in Aventus ? What are the benefits can Aventus provide to these staking holders?

Alan Vey : The staking market will explode in the coming years. Nearly every new blockchain is based on Proof-of-Stake and layer-2 is no exception. We will see more and more of this as blockchain continues towards mainstream adoption with proof-of-stake as the preferred, most secure method of security.

It aligns incentives as it’s what token holders want, too — a way to earn while contributing value to the platform. With Aventus staking, AVT holders can maintain custody, while earning their share of network transaction fees by helping validate blocks. This is done by registering in the form at https://aventus.io/products and then using the Dapp at https://staking.aventus.io

Finally, proof-of-stake protocols are energy efficient as they don’t rely on computational power to solve complex mathematical equations. It consumes far less energy than an energy-intensive Proof-of-work protocol. Today, with ESG factors an increasingly and rightly popular trend, this is a notable advantage.

Q3 :Aventus is developed under ETH, but many projects already see the BSC chain, which can say about that; What plan do you have to attract those who do not want ETH but still want to invest or associate with Aventus?, they will be associated with some NFT, now that they are trend?

Alan Vey : The first point here is that we have the ability to connect to any blockchain and will do so in a client-lead manner. If there is demand for other blockchains, we will roll out support for them, like BSC.

In that way, we can meet market demand where there is hunger for it as opposed to dedicating attention and resources to chains with insufficient demand.

Furthermore, if the polkadot ecosystem becomes valuable, we will become a parachain. This is easy for us given that we build using the polkadot open source blockchain: substrate.

Today you can stake in aventus at staking.aventus.io, by getting involved on ethereum. In the future we will roll out staking directly in the AvN meaning you only need AVT to stake, not ETH to pay transaction fees. Also, all fees will be paid in the AvN. To be a client of Aventus today requires no ETH. You can let your users lower out of the AvN layer 2 to Ethereum but there is no requirement to do so. You can even issue your assets directly in the AvN.

The AvN does provide NFT support if that is the question. We are launching with some large client use cases soon.

Q4 :I am an investor and I only care about the crypto prospects I choose, tell me the reasons why I should choose your project over the existing one? What are the benefits of your coins that can convince me to change from my other holdings?

Alan Vey : The closest direct competitors to the AvN are Polygon and Optimism. The most effective way to manage a competitive analysis in this respect is through three aspects: Tech, traction, and marketing.

In terms of tech each solution has its own approach promising similar performance. Optimism has not yet launched in production. We launched in February, Polygon launched last year (as Matic) and is thus the first mover.
- If you look at the number of users and number of transactions, we seem to have the highest based on public data available. Please see https://explorer.aventus.io for details. We will have processed over 18m transactions by the end of the quarter and have onboarded millions of users through our various use cases built on us (including but not limited to Live Nation, vowcurrency.com and artos.io).
- In terms of marketing we have taken a very cautious approach to date, preferring instead to strive for the most robust governance and regulatory structures until public launch. We are now in a position where we are starting to market seriously post launch in February and the results of that can be seen in the pipeline of new partnerships we have built. Nonetheless, we have some ground to make up in this area.

Q5 : Could you please tell me just a little more about the team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.

Alan Vey :The core management team consists of myself Alan Vey as Chief Executive Officer, Anna Frankowska as Chief Commercial Officer, Andrey Brozhko as Chief Product and Technology Officer, and Andrew Shackleton as Chief Services Officer, with Daniel Masters of Coinshares and William Knottenbelt of Imperial College as board members and advisors.

Alan is a Forbes 30 under 30 winner for his work as co-founder & CEO of Aventus. Before moving into Blockchain, he 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 with his masters thesis on blockchain technology. It was there that he co-founded Aventus.

Telegram Live AMA Begin:

Q6 :Please explain What are the technical details behind Aventus as a layer 2 protocol, Is it a side chain or some kind of rollup? What makes Aventus different from other layer 2 protocols?

Alan Vey : We can implement any business logic in our layer 2 for particular use cases this varies. Some do not have a requrement to have the secuirty of their transactions proovable on Ethereum as long as they can exit their assets. Others do care so we have a variety of implementations. We are launching a new website and white paper which will give much more insight.

Q7 :How much is the is the minimum AVT to stake for me to be eligible to get a rewards?

Alan Vey : No minimum. Each validator stakes 250,000 AVT. You can be a portion of that AVT and earn a portion of the fees.

Q8 : Does anyone know when aventus will be add on binance or other top trading app ? Also how we can invest on aventus now?

Alan Vey : We are actively in discussion with excahnges and will have new listings this quarter. Right now your best bet is on UniSwap.

Q9 :You point out that “Aventus makes it better to build on Ethereum”, that is, do you think that by implementing Aventus many projects will put aside BSC chain to develop their projects in ETH and be much more attractive?

Alan Vey : I have addressed this point in detail in my thought leadership here: https://www.techradar.com/news/ethereum-a-victim-of-its-own-success

Q10 :Can you explain us why user that want to become Validators must fill a registration before apply as one? Why do we need to reveal our personal data?

Alan Vey : We do everything to the highest standars requred by the regulator and our regulated service providers. There is a requirement to identify individuals who are agreeing to the T&Cs since this is a contractual relationship.

Q11 :One of the great limitations of the ETH chain is that it does not provide interoperability between chains, thus, how does AvN make it possible for applications to interconnect with other chains being developed in ETH?

Alan Vey : Multiple options. One we are a layer 2 to Ethereum but can very easily expand this based on how we have designed it to support many other layer 1 chains. We also build using the open source framework from polkadot (substrate) meaning we can eailiy plug in as a parachain should the client demand be there.

Q12 :You recently partnered with FanDragon Technologies. How does this help Aventus to scale? What’s the biggest impact that drives you to make partnerships?

Alan Vey : Yes we have many partnerships, the FDT one was great given the Live Nation integration. We prioritse onboarding of clients based on transaction fees that they can generate for our validators.

Q13 :With so many cases that have arisen of people trying to damage the image of the projects, does Aventus consider that it is protected against these attacks, if so, what tools does it use to protect its project and how reliable are they?

Alan Vey : There is no way to avoid it. Everyone tries, we will consistently prove them wrong and let the free market decide.

Q14 :How does Aventus project increase the token’s value, liquidity and utility? So that it can lead to an increase in token prices? What is your plan to make your project stable and provide the highest return for investors in the long term?

Alan Vey : The Aventus Token (AVT) is an ERC-20 token with 18 decimal place accuracy.
There is a total supply of 10,000,000 AVT, a good portion of which is locked up in staking.
As the network grows, so will the number of nodes, and the total quantity of AVT staked.

Broadly, the token has 3 specific utility use cases within the network.
AVT helps ensure network security, aka Validator deposits, via a proof of stake protocol.
Validators — AVT holders who stake AVT to AvN nodes, receives rewards for processing transaction fees paid by users to Validators. To date we have paid around 55,000 AVT to stakers in the past 2 months.
Governance. AVT holders have a right to vote on the future of the AvN.

AVT is available on Uniswap, Mercatox, and HitBTC and we are actively pursuing new listings which should be finalised this quarter.

Q15 :Do you think #Aventus Network (AvN) would be a good choice for us who are planning to build new project by using your chain?

Alan Vey : It depends what your project does. If you are responsible for a large number of trasnactions or are in a high growth sector like DeFi, please reach out to info@aventus.io.

Q16 :What soIutions has Aventus deveIoped for DeFi is generaI probIems and how did they manage to aggregate the entire crypto market on a decentraIized pIatform?

Alan Vey : For DeFi our largest appliation is vowcurrency.com, a loyalty solution active across 8 territories globally.

Q17 :I could read that the minimum rates that they will implement in the Aventus protocol will be $ 0.01, and that little by little it will decrease, but really how do they guarantee that it will decrease, but really how will they control so that network congestion does not affect them?

Alan Vey : Right now we can do 2,000 TPS that over 5bn tx a month. We are no where near that capacity and have the ability to further improve that number. For now our deals are done trying to secure the largest per tx fee our clients can handle in their use case. We are active across: live entertainment, loyalty, supply chains, video games and NFTs

Q18 :Revenue is a very important aspect for all projects to survive and maintain the project / company. What is the way to generate profit / revenue of token? What is the income model?

Alan Vey : The core aventus team is funded through equity investment (smallest component of funding) from Coinshares, revenue for value added services (like data availibilty and managed service offerings to validators) and grants from the aventus foundation.

Q19 :If I want to invest in this project, how do I track that project daily or weekly, do you have a team in the same project that I plan to invest in?

Alan Vey : To stay the most up to date please join our telegram community: https://t.me/Aventus_Official

Q20 :The Ethereum blockchain is having some problems with its transaction speed and high gas fee,but why does $Aventus token still use Ethereum blockchain?Do you have any plans to convert to other blockchains?

Alan Vey : Yes we do and we can support any other Layer 1. This is all client driven for us at the moment and there is little demand we have come across for other use cases. But as we expand we continue to evaluate.

Q21 :All team members are clearly visible on their website. As far as I can see, not a single developer is featured on the AVT site … Why isn’t the full team displayed on the AVT site?

Alan Vey : We thought it best to just show the top level decision makers for now. The new white paper that will be out in May will feature the 3 key specialistst in the dev team too.

Q22 :With AvN, you say apps can easily work with other promising blockchain technology, cross-chain. Well, the Aventus Network, BSC, Polkadot, Tron, Heco, etc. Is it possible to integrate with other advanced blockchains such as, do you have a plan for that?

Alan Vey : Yes it is possible and we will do so with client demand of which there is not any for us right now.

Q23 :You have told us about the low gas rates and the speed that Aventus provides, but regarding security, how safe and reliable will it be to use Aventus and its layer2?

Alan Vey : We have various implementations depending on use case. Some derive their full security from Ethereum so almost as secure as ethereum, whilst others just work in the Aventus ecosystem and thus are more analegous to side chain security.

Q24 :How do you plan to increase the demand and scarcity of the Token? Do you have token burn or buy-back plan?

Alan Vey : We do not want to burn tokens. We prefer letting stakers (who contrict the circulating supply of AVT) earn fees for their value add to the system. Anyone can become a staker at staking.aventus.io.

Q25 :Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project?

Alan Vey : In terms of the tech we have delivered and the clients we have signed and strated to onboard, yes. In terms of the public validation besed on our quite presence in market so far, not yet!

Q26 : If matic is a direct competitor, what is the difference between the 2 project teams? Who is more competent / has more experience. Who have run their roadmap more consistently.

Alan Vey : I cant objectively answer this, here are the facts we can say:

The closest direct competitors to the AvN are Polygon and Optimism. The most effective way to manage a competitive analysis in this respect is through three aspects: Tech, traction, and marketing.

- In terms of tech each solution has its own approach promising similar performance. Optimism has not yet launched in production. We launched in February, Polygon launched last year (as Matic) and is thus the first mover.

- If you look at the number of users and number of transactions, we seem to have the highest based on public data available. Please see https://explorer.aventus.io for details. We will have processed over 18m transactions by the end of the quarter and have onboarded millions of users through our various use cases built on us (including but not limited to Live Nation, vowcurrency.com and artos.io).

In terms of marketing we have taken a very cautious approach to date, preferring instead to strive for the most robust governance and regulatory structures until public launch. We are now in a position where we are starting to market seriously post launch in February and the results of that can be seen in the pipeline of new partnerships we have built. Nonetheless, we have some ground to make up in this area.

Q27 : Is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project sustainable for its development?

Alan Vey : The Aventus Foundation still has significnat capital to delive on the vision. Furthermore by creating revenue streams from value added offerings around the AvN we are able to further extend the runway.

Q28 : I would like to be a part of your project team . Are there any ambassadorial deals or job a crypto enthusiast like me can be part of and what are your requirement?

Alan Vey : We are about to launch in China, as such we are doing significant hiring in that community to build things out. Please email jobs@aventus.io if you think you can help.

Q29 : Many DEFI projects are in a hurry to release products with serious errors in the smart contract. Have you performed audits by third parties ? Do you think the your system is safe enough against hacks and hacker attacks

Alan Vey : We take security very seriously. We are following a cautious roll out following polkadot since we are part of their builders program: https://polkadot.network/launch-roadmap/. Furthermore yes, all of our code is audited twice by third parties.

Q30 :What is your top priorities in 2021? Could you share some plans for the upcoming year?Which part of the project are you most focused on right now?

Alan Vey : Marketing, driving further adoption and exchnage listings to make it eaier for our clients to purchsae their AVT for trasnactions.

Q31 : Staking programme is very important for any project, Can i stake your token? Do you have any plan of starting staking programme?

Alan Vey : Yes, please find all registration information at aventus.io/products and the Dapp at staking.aventus.io

Q32 : Can you give me another example of business logic, if you don’t mind, and why is the price for printing an NFT higher than the usual transaction price?

Also, if you know, will ticket sellers stick to NFTs, like do tickets really have to be NFTs so you can program them to split the revenue during resale?
As I mentioned earlier, ℅ divisions for various stakeholders, event organizers, artists, ticket holders, etc.?

Alan Vey : An example is any smart contract logic you could think of in Etheruem, e.g. a multisig wallet. We charge more for NFTs because margins are higher and the businesses can take it. Our goal is to maximise AvN transactions fees. Of course we could do it for lower but for now there is not need.

We are looking at a big deal in football for NFT for season passes. Its not so much about the primary sale payment being on chain, the big guys (Live Nation, AEG etc) wont allow this, but the secondary market is interesting here.

Q33 : Your project has great features. There must be an experienced team behind. Can you tell some about your team and their experiences in the market?

Alan Vey : The core management team consists of myself Alan Vey as Chief Executive Officer, Anna Frankowska as Chief Commercial Officer, Andrey Brozhko as Chief Product and Technology Officer, and Andrew Shackleton as Chief Services Officer, with Daniel Masters of Coinshares and William Knottenbelt of Imperial College as board members and advisors.

Q34 : I read that Aventus doesn’t offer the classic yield farming that we see in all DeFi projects, but yet instead you own an “Analog” system with some similarity that allows to generate some performance Could you tell us about it, how does it work, can any user do it?

Alan Vey : Our staking scheme is little different to others. On UniSwap you may deposit liquidity and then withdraw fees. On aventus you deposit stake as a validator and earn fees for trasnactions that are processed. Anyone can do it at any level: staking.aventus.io

Q35 : Who is the main core team of Aventus Network can you tell us and where do you based on do you know each other?

Alan Vey : We are based in London. I know Anna from crypto conferences, Shack (CSO) came through a recruiter but is also South African and Andrey also came through a recruiter but we have know each other for years. The team came about 30% from network, 50% from recruiters and 20% from existing team members. We have been working together for a long time now.

Q36 : What’s the price of the Aventus token, I couldn’t find it from anywhere?

Alan Vey : We are only really on UniSwap right now and are actively in discussions with excahgnes and will list with a few this quarter.

Q37 :Do you offer any Dapp for other defi wallets to connect and use Aventus Network, for example trust wallet or metamask?

Alan Vey : Yes the polkadot js (subkey) wallet.

Q38 :DeFi is one of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on DeFi with us? Do you think DeFi will disrupt the current financial system? What is PROJECT INVERSE’s approach to the DeFi sector?

Alan Vey : Yes DeFi is a very exciting space. I think it will continue to grow. We will have to watch how regulation evolves since this is a very touchy area. Furthermore we will need to see where the majority of traffic ends up. Ethereum obviously kicked off everything but cannot keep up with the demand.

Q39 :What is the NFT support on Aventus Network? Do you have any NFT token support on your platform or will you create in the future?

Alan Vey : Yes we do, we support ERC1155.

Q40 :I saw a success story on your website, Aventus helped CashbackAPP increase their net margin by 25% in just 6 months. I think this is a great achievement. How do you do it? and do you have any other partnerships or collaborations?

Alan Vey :We did this by restrucuturing the nature of the balance sheet obligation that is cashback. The normal operator of a chashback scheme has to hold onto the cash from busiensses and pay to users. There are loads of transaction fees and damagin UX from the existing system which we solved and now the loyalty scheme does not have to be backed 1 to 1 by real cash at all times. We have lots of other partnerships, most recentyl Live Nation: https://www.bloomberg.com/press-releases/2021-04-13/live-nation-sas-france-turns-to-fandragon-s-aventus-network-powered-blockchain-technology-to-launch-a-new-fan-engagement

Q41 : I understand that you currently have only two products, Aventus Network and Aventus Classic, do you think they will be able to expand to many other utilities this year? If so, what utilities would be ideal for this protocol?

Alan Vey : The Aventus Network already has 5 use cases which you could think of as products in the way you seem to be defining them: Live Entertainment (tickets), Loyalty (cashback), Video Game (in game currencies), Supply Chains (soft commodity provenance) and NFTs (yet to eb announced).

Q42 :How can I buy your tokens right now and do you have any whitelisting contest right now?

Alan Vey : UniSwap, no white listing anyone can get involved and get staking if you sign up at aventus.io/products.

Q43 :Everyone wants to get as many users as possible for their project, so I would like to know, how important do you consider it is to have a large number of users and what are they doing to publicize Aventus and get loyal and active users?

Alan Vey : Number of users can be misleading, the most important metrics to us are number of trasnactions and average price per transactions so me maximise fees for our validators. We provide value added services to make integration as simple as possible to our network and we have started a large marketing campaign to demonstrate how well we are placed in the competitive landscape.

Q44 : I have sees Many Advisory team of many project not being active to spoke about the project. They only play as the untalk picture on the Website.
What about AVENTUS ADVISORY TEAM? Are they contribute pretty enough to help and advertise the AVENTUS project?

Alan Vey : Daniel Maters (Coinshares) is not only and investor and board memebr but a close personal advisor, the same goes for Will Knotttenbelt (Imparial College). Both have been invovled for years. We do not do the empty advisor profile thing you are elluding to.

- End -

Aventus Network AMA Summary Recap with Shin Chan Community

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