CEOs of well-known cryptocurrency companies like to express their opinions not only at large events but also online. For example, the founder of the Ethereum blockchain Vitalik Buterin, who constantly shares his thoughts on what is happening in the industry. Or WhiteBIT CEO Volodymyr Nosov, who has repeatedly published articles about his views on certain things in the industry. And recently, Ava Labs CEO Emin Gun Sirer also decided not to stand aside and published a series of tweets about trends in the crypto community. Consider some of his words more closely.
Ignoring The Red Flags
Gün Sirer expressed concern about the tendency in the crypto community to ignore red flags in favor of individuals who initially appear to be successful. As an example, he cites FTX founder Sam Bankman-Fried, who allowed the current inmate of a Brooklyn prison to escape punishment for embezzling billions of dollars. Most people were not skeptical of the FTX CEO, which allowed the current inmate of a Brooklyn prison to escape punishment for stealing billions of dollars.
“We all ignored the huge red flags associated with SBF because "he looked smart" and "he made a lot of money." Then it turned out that he was dumb as rocks, was a sociopath, and was just stealing our money.”  Gün Sirer says.
Gün Sirer says that after Benkman-Frieda leaves, other, potentially worse ways of fraud will take its place, most likely in the form of various layer-2 solutions.

“The next cycle is going to be even more noisy, with even worse behavior. It has become really easy to launch a trash L2, and it's fairly easy to do that trick, perfected by a certain chain that reorgs every other day, where you find someone who is actually doing real work and you parrot what they say, while angling for a photo op with Vitalik [Buterin].”
The CEO points out red flags that characterize trash L2s:

Project narrative does not match project tech. E.g. centralized sequencers and layer-2s that lack fraud proofs are trash that is at odds with crypto.Projects that sell tokens now in order to raise money to do the work that will lead to some other technology later. Third prong of the Howey test has something to say about this, and it starts with S and continues with ecurity Offering.Founders dumping personal tokens pre-launch. Teams should be locked up. 8-figure sales pre-launch in order to "thank the staff" are about as OK as SBF stealing everyone's money because he's an "effective altruist."Very low float tokens. SBF played this game of manipulating low-float token valuations and borrowing against them. Enough said.Founders complaining that they are running out of [name of the narcotic]. I'm no moral police, but come on.

Diversity Of Perspectives 
Gün Sierer's tweet sparked a lively discussion, so numerous users reacted to his statements. Opinions were divided into two sides: those who supported the leader's views and those who criticized them.
Robert Sasu, the main developer of the MultiversX platform, emphasized the importance of the main qualities of the blockchain, such as decentralization, security, and thoughtful design.

“Decentralisation, security and correct construction by design matters. A lot of L2s miss most of these points. I can agree with your worlds, but don’t forget other ecosystem who scale at least as much if not more: like MultiversX. In case of blockchain let’s not forget that  for the whole concept to work, it must be possible that simple user can run and verify the network. The famous “Trust but verify”. For this the chain must use reasonable resources, and scale in horizontal way.” Sasu writes. 
Sasu is absolutely correct in pointing out that we should not forget about other ecosystems that are constantly improving. A good example is Solana, which regularly introduces updates, new features, and innovative applications to make the ecosystem more efficient. Another great example is Whitechain, which has recently rebranded its blockchain and is holding various events to develop the ecosystem and engage with the community. And also Polkadot, which launched an expansion update, introducing a new process to provide radical solutions to scale the network in a matter of weeks.
The user nextalphaa expressed a different point of view in the discussion about the Ethereum L2 solution. He emphasized the open and versatile potential of Ethereum, claiming that it facilitates the development of various projects that contribute to the ecosystem's goals of greater transparency and decentralization.  
The Ethereum L2 ecosystem has witnessed significant growth, reaching a total blocked value of over $38 billion. 
In October 2023, transaction activity on L2 networks exceeded that of the main Ethereum network. According to L2beat, these L2 networks are currently processing approximately five times more transactions than the main network.

Summary
Ava Labs CEO's words serve as a reminder of all the challenges the crypto industry is facing. The discussion of opinions showed the diversity of users' views. However, they all emphasize the importance of decentralization, as it allows for a more secure ecosystem.  In addition, it is important to carefully analyze and understand all the risks that arise in the industry to ensure stable and efficient development.

$ETH $SOL $DOT #AvaLabs

According to #AvaLabs , the tool will make it possible for businesses to market Web3 products more quickly, affordably, and risk-free.

The organisation behind layer 1 #blockchain #Avalanche , Ava Labs, is introducing AvaCloud, a #Web3 launchpad that aids companies in creating fully managed, no-code blockchain ecosystems.

An automated blockchain builder, managed validators, extensive data tools, and chain interoperability are the four main parts of the AvaCloud product.

Companies have access to a no-code blockchain portal with 24/7 technical support and a dedicated infrastructure team through the automated blockchain builder, which enables them to manage a private network. Every blockchain managed by AvaCloud makes use of precompiled, adaptable smart contracts that are part of the blockchain protocol.

While comprehensive data tools offer blockchain insights from across the entire Avalanche network and Ethereum blockchain, managed validators offer automated installation and updates.

Avalanche Warp Messaging, which Ava Labs recently released, enables native communication between all Avalanche subnets.

With the help of these new tools, users can easily set up a free testnet, go live on the mainnet, and keep adding functionality as they grow.

AvaCloud: Fast and Safe Web3 Product Marketing Without Hiring Blockchain Specialists, Says Ava Labs’ Senior VP

According to Nicholas Mussallem, senior vice president of product at Ava Labs, AvaCloud enables businesses to market their Web3 products more quickly and safely without the need to hire blockchain specialists.

He told CoinDesk that historically, “custom blockchains have required both intensive capital and human investment.” According to one study, the end-to-end deployment of a custom blockchain takes an average of more than 12 months and costs more than $1.5 million annually.

Public blockchain #networks , he continued, are frequently inappropriate for use by businesses and governments because they “fail to meet regulatory requirements or are too expensive and slow.”

One size does not fit all when it comes to blockchain, he said, adding that the technology has matured. “Industries with strict regulations can benefit from blockchain technology because AvaCloud-powered blockchains can customise validator requirements like KYC and privacy. This makes it possible for the adoption of TradFi, HIPAA compliance, government initiatives, and much more.

SK Planet, a leading South Korean conglomerate, has partnered with Avalanche, a global blockchain platform, to develop a customized blockchain and Web 3.0 services. This partnership marks the first case of cooperation in technology and marketing between Avalanche and a Korean conglomerate.

The two companies plan to work closely together to lead the next-generation Web 3.0 service and expand their global network by deploying a dedicated technical team exclusively for SK Planet business.

@azcoinnews

The agreement ceremony was held on the 29th of last month at the SK Planet Pangyo office building. The signing ceremony was attended by Hansang Lee, CEO of SK Planet, Professor Kim, Head of CX Business Headquarters, Taeyang Kim, Head of Platform Center, Emin Gün Sirer, CEO of Ava Labs, John Nahas, VP of Business Development, and Justin Kim, Korea Representative.

One of the significant advantages of using the Avalanche subnet for SK Planet is that it can be used independently like SK Planet’s own mainnet while enjoying the technical advantages of Avalanche. Avalanche is recognized in the global market based on fast transaction completion speed, low gas fee, compatibility with Ethereum Virtual Machine (EVM), and custom blockchain subnet.

SK Planet plans to expand the service value of OK Cashbag, which was only available in the real economy, to the virtual economy by launching the OK Cashbag membership NFT. The company aims to provide users with more experience and benefits by allowing them to design the benefits they want through OK Cashbag Membership NFTs, leading to new experiences and participation for users.

Through this partnership, Avalanche is expected to continue aggressive domestic expansion, starting with this partnership with SK Planet. The company is currently discussing collaboration with various domestic large companies, financial institutions, national institutions, and game companies.

Ava Labs CEO Emin Gun Shea said, “This partnership is very meaningful in that Avalanche selected SK Planet as the first case of cooperation in technology and marketing with a large domestic company and SK Planet as a strategic partner to target the Asian market.”

#Avalanche #Avax #AvaLabs #SKplanet #azcoinnews

This article was republished from azcoinnews.com