Layer 1 protocol Avalanche (AVAX) is releasing “Evergreen Subnet” – a suite of blockchain implementations, tools and custom services for financial institutions.
Ava Labs, the developer behind the Avalanche blockchain, said in a statement that companies will be able to launch their own Evergreen subnets for research and development as well as “production-ready use cases.” Press release.
A subnet is a sovereign network that defines its own membership and token rules. They consist of a set of validators (in this case, Avalanche validators) that work together to reach consensus on the state of one or more blockchains.
“Organizations can implement their blockchain strategy in a private, permissioned chain with known and approved partners, while maintaining the ability to communicate with other subnetworks through exchanges. Avalanche’s original communication method is Avalanche Warp Messaging ( AWM),” according to the statement. The statement added that AWM allows users to transfer data, communicate and exchange assets without relying on third-party intermediaries.
Avalanche currently has several subnets based on the Ethereum Virtual Machine (EVM), including the Intain Subnet, a cryptographically secure asset-backed (ABS) application, and the Deloitte Subnet, an efficient funds payment platform under the Exchange Control Act ( Federal Emergency Management Agency).
Cortina upgrades
Avalanche’s AVAX token is up 2% on the day, driven by news of the Evergreen Subnet release and the launch of the Cortina upgrade on testnet on Thursday.
Source: TradingView
Cortina makes it easier for exchanges to support Avalanche’s X-Chain, the protocol it uses to send and receive funds. The upgrade will also lead to faster development, among other benefits, according to Avalanche.
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Bitcoin Magazine
