Quantstamp is working with the team behind Avalanche, a Layer 1 decentralized network aiming to bring DeFi to global finance institutions, to enhance the platform’s security. By optimizing the security of the platform, Avalanche can cater to the needs of traditional global finance including the regulatory and geographical complexities of globally traded digital assets.
Founded by Emin Gün Sirer, an Associate Professor of Computer Science at Cornell University and expert in distributed systems, Avalanche seeks to pioneer the next wave of DeFi growth.
Optimizing for Compliance
To enhance the liquidity of traditional assets with blockchain technology, Ava Labs is empowering users and organizations to control all aspects of their custom subnetworks so that compliance is ensured from the foundational layer. Subnetworks, also referred to as subnets, are a dynamic set of validators working together to achieve consensus on the state of a set of blockchains within Avalanche.
Avalanche makes it easy for these subnets to control who can validate and participate in their network. Not only does this allow nodes to be restricted by specific jurisdictions, it also enables these custom subnets to create complex rulesets as required by their specific use cases.
Equipped to Help DeFi Reach its Potential
DeFi composability enables the creation of powerful applications, but the independent development of DeFi protocols can create security issues as we have seen with the many hacks that have taken place this year alone.
Avalanche aims to provide a strong, scalable foundation for DeFi apps. Avalanche’s contract chain–a highly scalable implementation of the Ethereum Virtual Machine–is compatible with all of the key Ethereum tooling that has fueled DeFi’s growth to-date, including MetaMask, Web3.js, Remix, Truffle Suite, and the Embark Platform. Avalanche strives to make it seamless for developers to build, launch, and scale decentralized applications through partnerships with ecosystem projects like Chainlink to natively integrate its oracles and Avalanche-X, an accelerator program that provides guidance and funding to DeFi projects building on Avalanche.
Layer 1 Security with Quantstamp
Quantstamp recently enhanced the security of the Avalanche network by auditing the protocol and recommending improvements. In doing so, Quantstamp is helping solidify the network’s foundation and the subnets that will be created on top of Avalanche. Be on the lookout for Avalanche’s mainnet launch, which is scheduled to take place in late August.
Quantstamp has secured over 5 billion USD worth of digital assets and more than 120 blockchain products for enterprises, foundations, and start-ups. Quantstamp also provides security services to other Layer 1 protocols including Cardano and ETH 2.0 via their audit of the Prysm client.