The Avalanche Summit LATAM kicked off with the most anticipated announcement
The highly anticipated Avalanche Summit LATAM 2024 kicked off this Wednesday in the Argentine capital with a huge turnout of participants. The first part of the agenda offered a preview of what is the largest update of that network in its history, Avalanche9000.
In this first forum, the two main brains behind Ava Labs appeared on stage. Its president, John Wu, and its CEO, Emin Gün Sirer, spoke at length about the origin of this network, what makes it different from other blockchains, and its future projections.
The latter is closely linked to the changes brought by the new blockchain update. It is worth noting that Avalanche9000 aims to stimulate the creation of new Web3 applications with huge incentives for developers. In addition, it promises complete autonomy and decentralization to create own networks within Avalanche (subnets).
As you will see below, it was a presentation with points of great interest and which offers clear outlines of this new stage of Avalanche.
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30 years before Avalanche Summit LATAM 2024
In his words, Wu looked back to the era of the creation of the foundations of the Internet as we know it today. He says that during that time, there were enormous challenges related to the task of creating something new. Entrepreneurs needed to raise huge amounts of capital to complete the steps necessary to achieve success.
He adds that these ranged from hiring an all-star team of developers, advertising, research, etc. Most successful technology companies like NVIDIA or Apple did not plan to have the market dominance they have today. In fact, 30 years ago some of these companies did not exist, with exceptions like Microsoft.
Wu suggests that this is evidence of how complex it was to start a business in the digital field during the Web1 and Web2 era. He says that creating a web address was also a huge challenge that required large teams of experts. Now, all of this has been simplified because businesses are not built from scratch, but rather from the path that others have already taken, he explains.
Avalanche's president emphasizes that this is the analogous role of this blockchain network. "What we have launched is a new option for entrepreneurs. You can start companies in a totally different way, it is a completely different path. You can start with yourself being the investor, the developer and the publicist, because in Web3 you build on what others have already done," he says.
Avalanche's ability to stimulate creation
Wu points out that even in the matter of raising money, there are possibilities that did not exist in the past. “If you want to raise money, you can start a company with a utility token that can attract users and customers. They become the pioneers in your community and will get benefits and therefore become your main advertisers,” he says.
He adds that Avalanche works like the equivalent of a browser on the Internet. In that sense, it “opens the door for tomorrow in blockchain.” At this point, he points out that there are other networks that offer options for entrepreneurs and developers to create their products on. However, Avalanche has tools that make it different from the rest, he says.
Ava CEO Emin Gün Sirer took the stage to discuss this topic. He explained in detail the functions of the Avalanche blockchain and the advantages it offers to developers. He also explained how these advantages will be further expanded starting with this new era of Avalanche9000.
Gün Sirer stressed that since the birth of Satoshi Nakamoto's masterpiece, Bitcoin, many things have changed. Among them, Ethereum stands out, which is a pioneer of multi-purpose blockchains with the introduction of smart contracts. Subsequently, other similar networks were born.
However, Avalanche has a vision that deviates from the main concept of these blockchains.
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What makes Avalanche's blockchain different
During his participation at the Avalanche Summit LATAM 2024, Gün Sirer stressed that Avalanche is not a virtual machine that supports applications. On the contrary, with its network of subnets it allows any developer to create their own completely independent and decentralized virtual machine.
“What sets Avalanche apart from the rest is that you can create what you want and your success is not tied to the success of others,” he stresses. In his view, this is the big difference between Avalanche and monolithic systems, “where all applications depend on a single blockchain.”
The expert emphasizes that this approach allows for the creation of a more robust and adaptable financial system, capable of operating under different regulations and geographical contexts. The idea is to establish decentralized networks that do not depend on each other, which gives greater autonomy to users and reduces the risks associated with the failure of a single blockchain.
The long awaited Avalanche9000
During this presentation at Avalanche Summit LATAM, Ava’s CEO presented some of the most anticipated features of Avalanche9000. The network upgrade delves deeper into the efficiency and decentralization improvements of that blockchain.
In addition, it has a stimulus program for developers, which consists of a fund of $40 million dollars. These will be used to support developers in the creation of decentralized applications that benefit the community.
With this, Emin emphasizes that they seek to "eliminate the economic and logistical barriers that often hinder development on blockchain platforms, thus making it easier for innovators to bring their products to market more quickly and safely."
