Plethori will be launching their own ETH <> AVAX bridge later this week, enabling the project and its token holders to transfer their native PLE utility tokens to Avalanche’s rapidly expanding network.
The bridge will connect Plethori to the Avalanche blockchain, which will provide key advantages to the overall speed, efficiency, cost, and therefore scalability of its protocol, starting with increased speed and reduced gas fees for their recently launched 40% APY staking platform.
Avalanche is the fastest smart contracts platform in the blockchain industry, permitting dapps to perform at 4,500 transactions per second (Bitcoin: 7tps; Ethereum: 14tps; Polkadot: 1,500tps) with a time-to-finality of < 2 sec (Bitcoin: 60min; Ethereum: 6min; Polkadot: 1min).
This speed will ensure the best possible UX for Plethori’s platform while also reducing its carbon footprint and running costs. These improvements to the foundations of Plethori’s ecosystem will facilitate the mass adoption of its ETFX.
Plethori CEO, Callum Mitchell-Clark comments on the integration, “Avalanche is the new home of DeFi, and our team are very excited by the enormous advantages that building within its ecosystem provides. It will empower the Plethori protocol with true scalability.”
Avalanche’s speed comes from its unique consensus protocols. These rules govern how a group of nodes reach agreement to validate transactional data. Two families of protocols currently exist: classical consensus, which relies on all-to-all communication, and Nakamoto consensus, which relies on proof-of-work mining. Both have significant downsides.
Classical consensus protocols produce low latency and high throughput on small scales, but validations require input from all nodes, therefore on the global scale systems become impractically slow. By contrast, Nakamoto consensus protocols scale globally but suffer from high confirmation latencies, low throughput, and require huge energy expenditure.
Avalanche’s Snow protocols are a modification of classical consensus, which naturally keeps latency and energy expenditure low. However, Snow differs from classical methods because their algorithm doesn’t poll all nodes, but instead uses lightweight sampling. This allows global scalability and rapid throughput, solving the problems inherent in classical protocols, and avoiding the problems of Nakamoto protocols.
This iterative polling mechanism is termed as ‘gossiping’. Each node polls a small number of random neighbors to confirm its data. If the neighbourhood’s supermajority supports a different value, it switches it’s vote. This is iterated until convergence is reached, which is long before the whole system of nodes is polled, therefore saving a massive amount of time.
More announcements on the development of Plethori’s products will be released later this month. To ensure you don’t miss key announcements, head over to Plethori’s website and sign up for their mailing list. You can also connect via Telegram or Twitter.
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. Avalanche is blazingly fast, low cost, and eco-friendly. Founded by Cornell computer scientists who brought on talent from Wall Street to execute their vision.
Plethori is a Crypto ETF creation and trading protocol that allows users to invest in a wide range of Crypto ETFs comprising assets from sectors driving the crypto space. Plethori’s ETFX provides the framework for users to create and manage customized ETFs, earning a percentage of the transaction fees each time their fund is traded.
Offering the world’s most popular financial product within an innovative and gamified platform, Plethori are focused on facilitating mass adoption and accelerating the decentralization of the global economy.