As we approach the new year, we have decided to roll out a new change to the Avesta platform. This solution brings positive benefits and will not change the convenience that Avesta miners and users have become accustomed to.
Avesta will soon move from the CryptoNote protocol to an enterprise-grade solution based on the Ethereum protocol.
Why Are We Migrating?
Avesta is committed to bringing our users the highest-quality cutting-edge technologies. To this end, we invested in a new research and development project several months ago. The purpose of this project was to investigate the potential use of a new enterprise-grade financial solution powered by the Ethereum blockchain.
The results have been a success. The Avesta blockchain will soon become even more stable, flexible and optimised. In the weeks to come, more details will be provided.
Why the Change From CryptoNote to Ethereum?
CryptoNote is an application-level protocol used by many privacy-focused cryptocurrencies. Bytecoin (BCN) and Monero (XMR), for example, use CryptoNote. This protocol works just fine so long as a relatively small number of transactions are involved. And until recently, AVE fell into this category.
For Avesta to reach its full potential, however, something more was required.
Because Avesta intends to bring the promise of cryptocurrency transactions to average users and the unbanked, the AVE blockchain needs a solution that will be able to function on an industrial scale. Point-of-sale transactions require large amounts of bandwidth – something that would not be possible with CryptoNote.
How Will User Wallets Be Affected?
In the long run, users won’t note any real change in how their wallets work on the front end. Everything will appear as seamless and easy as usual.
The migration process will take an estimated five days.
During this time, the Avesta blockchain will be offline. This means that mining AVE tokens will not be possible. Avesta wallets will also be non-functional during this time. After the migration is complete, you can use your wallet again.
New Year, New Protocol
In short, the change from CryptoNote to Ethereum promises to be positive for everyone involved. Avesta will maintain its privacy features while also being able to scale to the extent necessary to bring crypto to the masses. From a user perspective, nothing will change, but everything will be better.