Cornell Uni’s Emin Gun Sirer Debuts Ava Blockchain Following $6 Million Investment

Emin Gun Sirer, the creator of the first PoW-based crypto, plans to build a blockchain that will enable apps “that aren’t even possible yet.” Emin Gun Sirer, a professor at Cornell University and a major global blockchain expert, will launch his own cryptocurrency and blockchain network, Bloomberg reported on May 16.Sirer, the creator of the first crypto based on proof-of-work (PoW) — Karma System — is now planning to launch a blockchain network that he touts as running as many transactions per second as payment giant Visa.Having raised $6 million from major investors such as Andreessen Horowitz, Polychain and MetaStable in February, Sirer’s Ava Labs has reportedly launched a private test version of the Ava network on May 16, while the public launch is expected to be rolled out soon.…

Messari CEO: Ethereum 2.0 Proof-of-Stake Transition Not to Happen Until at Least 2021

Messari CEO Ryan Selkis predicted that the proof-of-work algorithm will be the status quo for “at least two or three years.” The Ethereum (ETH) 2.0 proof-of-stake (PoS) transition will not take place until 2021, the CEO of crypto analytics firm Messari predicted at a panel of ConsenSys’ Ethereal Summit on May 10.During the panel titled “The Smart Contract War Is Coming,” Messari’s Ryan Selkis pointed out major risks associated with Ethereum’s migration from a proof-of-work (PoW) to a PoS consensus algorithm, arguing that PoS systems “are not proven to work.”According to Selkis, the currently PoW consensus algorithm of ethereum 1.x, is “probably pretty good, and maybe even good enough.” The expert elaborated that the algorithm is well-established, having proven itself in the last decade with bitcoin (BTC), as well as ethereum in the last several years.Selkis forecasted that the PoW algorithm will be a status quo for “at least two or three years,” while the ethereum PoS transition will “take a lot longer than anybody appreciates.” He stated:“I don’t expect Proof-of-Stake and ethereum 2.0 to happen before the end of 2021 at the earliest.”The Ethereum blockchain’s transition from PoW to PoS is one of the most discussed and anticipated events in the crypto community.…