Announcement: Avesta Renaissance – Moving From CryptoNote to an Enterprise Grade Blockchain Based Financial Solution Derived from Ethereum

As we approach the new year, the Avesta team has 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 optimized. 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.

Avesta Announces Early Launch of its Exchange Platform

Avesta is Launching its New Exchange Platform

The Avesta exchange opens before the end of this year and the final version will be fully operational before the end of February 2019.

Each phase of the launch incorporates the features of the previous phase while adding new functionality as well.

Exchange Roadmap

December 31: version Andromeda (Open Beta)

Andromeda Beta

• Email Login
• 2 Factor Authentication
• Fixed Trading Panel
• Single Order Type (Market Order) with Simple trading
• User Dashboard with infoboxes
• Funds Management (Deposit, Withdraw)
• User Orders, Trading History, Order Table
• User Profile and settings
• Support tickets
• Basic Security layer
• Email Notification

January 31: Version Andromeda Launch (Open Beta for Cygnus Version)

Andromeda Launch

Open Beta for Cygnus Version

• Log in with Email and Social Media
• Multiple Order Type (Market Order, Stop Limit, Limit) with simple trading
• User Dashboard with basic analytics
• Dispute Management
• Email and SMS Notification

February 15, 2019: Launch Version Cygnus (Open Beta Version Pegasus)

Cygnus Launch

Open Beta for Pegasus Version

• Google Authenticator
• Arbitration
• Advance Security Layer
• Cold Wallet integration
• KYC (API)
• News Management
• Live Chat Support
• Email, SMS and Push Notifications
• Liquidity Provider integration (Any one)

February 28: Launch Version Pegasus

Pegasus Launch

We have moved the exchange launch dates up in order to give users a chance to experience the next generation of crypto exchanges even sooner than planned.

Why Choose the Avesta Exchange?

The Avesta exchange will offer trading in many of the most popular cryptocurrency pairs. Further details will be released soon, so be on the lookout.

The exchange will come complete with top-notch security, advanced order types, and deep liquidity.

Wallets

The exchange will offer hot wallets, cold storage wallets, and multi-signature cold storage wallets for various levels of security and convenience.

Two-factor authentication via Google Authenticator and notifications via SMS and email will be available to help secure user wallets. It’s recommended that users create random, unique passwords at least 14 characters in length and use two-factor authentication for their wallets.

E

Superior Security

You’ve seen the headlines. Another exchange got hacked. During the years of 2012 – 2016, at least 22 crypto exchanges got hacked. And that’s not to mention the several high-profile hacks that have occurred in the several years since.

Many of these hacks were inside jobs. In other words, employees of the exchange stole the funds of their users. Avesta employees won’t have access to user data. Our third-party security provider will be audited regularly to ensure the integrity of all user wallets.

The Avesta exchange will be secured by Civic, a renowned name in data security.

Civic has been featured in publications such as Fortune, Forbes, Bitcoin Magazine, Coindesk, and many more. With the Civic secure identity ecosystem, all user data will be kept under lock and key at all times.

E

Advanced Order Types

In addition to the standard stop-loss and limit orders, Avesta will provide in-depth information on both a technical and fundamental level. This market data can help traders make better decisions.

The exchange offers a comprehensive suite of tools that allow traders to make technical drawings and prediction calculations. In addition, traders can integrate social media feeds, live news events, and an array of other analysis tools into a single trading page.

E

Liquidity

In a new asset class with limited capital like cryptocurrency, liquidity is of paramount importance. It’s hard to trade without your orders being filled.

With a fast and secure payment gateway, all bank transfers and credit cards will clear quickly, ensuring a full order book. Whether you’re a whale or a newbie, you can count on sufficient liquidity to execute your trades.

E

Transparent Low Fees

The exchange will come with small fees of only 0.15% for both takers and makers.

By comparison, the majority of crypto exchanges available today charge upwards of 0.25%.
All fees are transparent with no fine print. No hidden costs. No unexpected charges.

The Avesta Exchange Provides Everything Needed for Successful Trading

On top of all this, Avesta will provide fast customer support for all user inquiries. No more waiting for weeks to get a support ticket answered. Live chat support becomes available with the launch of version Cygnus.

With low fees, high liquidity, advanced trading resources, and resilient security, the Avesta exchange aims to give the highest quality digital assets trading experience to new and experienced traders alike.

African Countries Seize Upon Opportunities to Use Crypto in Africa as an Alternative to the Traditional Banking System

There are several regions of the globe currently experiencing an explosion of new cryptocurrency users.

Many countries in Africa and South America appear to be at the center of this growth.

As we have covered before here on the Avesta news blog, crypto provides an avenue for the unbanked to access the financial system. Where there are large numbers of unbanked, we see a boom in crypto users as a result.

In addition, we have also covered the fact that when fiat currencies fail, crypto can step in and serve as a sort of lifeboat for citizens who see the value of their hard-earned cash quickly spiral into oblivion.

Countries like Nigeria, South Sudan, and Egypt, for example, have suffered steep declines in the value of their local fiat currencies. Citizens of these countries have turned to crypto to save themselves from the reckless policies of central banks.

The Central Bank of Nigeria, which is responsible for an inflation rate of 14% (the 6th highest in the world), has gone on the record to say that stopping crypto in Africa is impossible.

The central bank made a statement in 2017 that read, in part:

“Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the internet. We don’t own it.” This is very sensible and the correct and forward-looking approach.

This admission by a central bank demonstrates the potential of cryptocurrency being put in the hands of the people. Crypto in Africa can undo some of the damage done by central banks.

Aspects of Crypto That Make It Desirable for Africans

A 2017 article by HowWeMadeitinAfrica.com author Michael Rainer Press puts some of the advantages of cryptocurrency into perspective:

“The cryptocurrency-based blockchain economy is an asset-based economy, while the fractional reserve banking system, based on fiat currency, is a debt-based system.”

That same article goes on to describe how and why crypto markets, while often volatile, are actually more free than traditional financial markets:

“In a free decentralised global market where volatility is not suppressed by trillions of central bank-created quantitative easing (QE), the market becomes more volatile as it becomes more efficient, acting faster to information changes.”

In many African nations that have yet to establish economic systems or governance that their citizenry can rely on, digital currency may provide the perfect solution.

Having access to a financial store of value and medium of exchange coupled with privacy and security of funds can assist great numbers of people across the African continent.

Challenges for Crypto in Africa

While Africa has a large market for potential users, and a growing user base, there are still barriers to widespread adoption. Education, awareness, and user experience are just a few reasons that changes like these take time.

Still, considerable progress has already been made when it comes to crypto in Africa.

Services like BitPesa allow African users to make cross-border transactions with cryptocurrency, while others, like BTCGhana, provide local users and the unbanked easier ways to buy and sell bitcoin.

Avesta is Perfect for Crypto in Africa

With the Avesta wallet, users of all kinds can create invoices, mine AVE tokens, record business transactions, and more from within a simple user interface.

The increased interest in and use of cryptocurrencies in African countries and elsewhere signals a significant step on the road to crypto mass adoption.

When citizens of such countries decide to step into invoicing and point-of-sale transactions, the Avesta platform can easily step in and fulfill those needs.

The Concept of a Blockchain Phone Promises to Revolutionise the Smartphone Market

Blockchain technology has many use cases, most of which have yet to be discovered. 

The use cases that have been discovered and widely used, like financial transactions and decentralized applications, haven’t yet been integrated into a user-friendly device.

A blockchain phone could change all of that. Several companies have already created such a phone. While the market today is very small, it signals a new level of innovation for the crypto community.

One interesting application of blockchain involves using it in telecommunications. 

While the actual usage of a phone for talking and texting might not change much, the smartphone itself could provide an easy avenue for integration of other blockchain-based use cases.

Why Would Anyone Want a Blockchain Phone?

What’s so great about a blockchain smartphone?

It can do just about everything that has so far made blockchain revolutionary:

• Cryptocurrency wallets can be run from within the phone’s native operating system.
• Users can hold their private keys in cold storage if they wish.
• Decentralised applications, or Dapps, can be run right on the phone.

Or, it can be used to run nodes on a network.

Blockchains work through a distributed network of computers that store encrypted data in order to prevent tampering. 

This network makes it possible to keep a record of transactions with a centralized third-party. Computers that participate in this process are referred to as nodes.

“The Exodus site claims that each blockchain phone will serve as a node, and that “we want to double and triple the number of nodes of Ethereum and Bitcoin.” Jules White, an assistant professor of engineering at Vanderbilt University, said that the upside to a phone that’s already configured to be a node is that it would make it easier for people to enter the cryptocurrency market. “The average person is probably not going to know how to download an application to do something with bitcoin,” he said. “So if you had a phone that had it built in from the beginning … it might allow a lot more participation in these cryptocurrencies.”

Having thousands or even millions of people carrying around nodes in their pockets would allow networks to scale much more easily.

Mass Adoption of Crypto and the Blockchain Phone

The blockchain phone could be an easy way to facilitate the mass adoption of crypto.
Because a blockchain phone can come complete with all the software necessary to interact with the blockchain, more users might be inclined to use it.

It has often been said that one of the biggest things holding back mass adoption of crypto is a user-friendly interface. People need to be able to engage blockchain in a way that feels comfortable as they can with other technologies.

When you interact with the internet, you’re not necessarily aware of everything happening in the background. 

Things like TCP/IP protocols and DNS servers aren’t something the average internet user has to think about or even knows about, even though they are necessary components of using a web browser, for example.

In a similar way, users of a blockchain phone may be able to use cryptocurrency wallets and decentralized applications without having to understand the technology behind them.

The Avesta Wallet Also Provides a User-Friendly Interface

The Avesta wallet takes less than two minutes to set up, involves no long strings of random characters, and doesn’t require much technical know-how.

Using the wallet, users can send, receive, and store tokens, create, send, and record invoices, and much more. This functionality is contained in one simple desktop wallet program.

For fast and affordable transactions, sign up for an Avesta wallet today.

Avesta Responds to Defamation at the Hands of Former Employee

It’s not uncommon for former employees to make attempts to discredit and defame the company they once worked for. Circulating false rumors and making baseless accusations are common tactics.

Recently, a rogue ex-employee of Avesta has been defaming the organization using patently false claims. We wanted to clear the air around this unsettling situation to reassure those interested in Avesta that there is nothing to worry about. These accusations have no basis in reality. The source they are coming from cannot be perceived as having a shred of credibility, and Avesta continues to move forward with its development as planned.

One of the unfounded allegations circulating around is that Avesta is a “scam” or that Avesta uses the hashing power of their miners to mine other altcoins for their own profit. The team strongly denies those false allegations. Rest assured, there is no evidence. In fact, all investigations into the matter have proven the accusations to be false.

In addition, the credibility of the ex-employee is something that has raised red flags. Several sources have noted that “he is unreliable and can’t be trusted”. No evidence relating to the false narrative promoted exists or ever existed.

The great thing about the blockchain is that it creates an immutable ledger of all transactions. The Avesta Blockchain is no exception. Therefore, by looking at the history recorded in the blockchain, we can know for certain whether or not someone is telling the truth. There is no room for ambiguity and no need for rhetoric. Objective inquiry is a simple matter.

The Avesta project has made great strides and continues to advance on all fronts. The Avesta wallet successfully integrated an invoicing feature this quarter and the launch of an exchange is being planned for Q4 2018. The blockchain powers on.

In conclusion, there’s no reason for Avesta users, partners, or investors to be concerned about this matter. Nothing has changed and none of these claims are true in whole or in part. The evidence has proven this. Regardless of this unfortunate incident, the Avesta timeline continues moving forward, with big plans coming down the pike for Q4 2018.

Avesta Announces Revolutionary New Invoicing Feature of the Avesta Wallet

A much-anticipated feature of the Avesta wallet has recently been added. This new functionality has great potential and has achieved an unprecedented level of utility and convenience for blockchain technology.

The Avesta white paper states that

“Some of the major problems in cryptocurrencies are solved by Avesta. We have created a fast, secure, and easy-to-use cryptocurrency that is also untraceable.”

In addition to being a revolutionary solution for crypto in general, Avesta’s web-based wallet has promised to give businesses a new way to create, record, and pay their invoices. And that promise has been fulfilled.

Business Accounts and the Avesta Wallet

Business accounts using the Avesta wallet can now enjoy the seamless integration of Avesta’s multi-coin wallet and comprehensive invoicing feature. Tracking your financial transactions has never been easier. In addition, all invoices are recorded on the blockchain’s incorruptible and permanent ledger, giving you the ability to view everything in real-time.

All invoice data can be exported into a comma-separated values (CSV) file, Excel spreadsheet, or PDF document.

Simply select “create new invoice” under the “my businesses tab” and enter the required details.

Users can create and manage a large number of commercial accounts. Each account allows for several inputs and allows users to:

•       Create, modify, or delete contacts
•       Create and remove items
•       Create and cancel invoices
•       Create and remove administrators

A New Level of Utility Value

Never before has this kind of transaction technology been fused with a multi-coin wallet like the Avesta wallet. The implications are monumental.

Cryptocurrency payment intermediaries have now become obsolete. No longer will users have to create an invoice, send it to a client or customer, and await payment into their personal wallet. Likewise, businesses no longer have to wait for invoices or use crypto payment intermediaries.

Signing up for an Avesta wallet is easy and takes less than two minutes. All you need is your name and email address. After confirming your email address and setting up a two-factor authentication method (2FA), you’re good to go. You can begin mining, invoicing, or just using the multi-coin Avesta wallet as you would any other wallet.

In short, the Avesta wallet and its new invoicing feature are sure to aid in the widespread adoption of crypto as more than just a store of value. The wallet also makes it easier to obtain and use crypto, something that people in more and more countries desire to do in order to diversify into alternative currencies.

Avesta’s multi-coin wallet, with its new invoicing feature for Business accounts, is too useful for crypto-minded companies to ignore.

Unbanked Populations in Developing Nations Need Cryptocurrency Like Avesta

Interest in and demand for crypto has been rising in developing nations for some time now.

This has presented a problem in that while mobile phone usage is now high in many parts of the developing world, most citizens of such countries still do not have reliable access to crypto.

Thankfully, this has begun to change.

One of the larger cryptocurrency news stories in the second half of 2018 has been about the integration of developing nations and cryptocurrency.

Paxful Bringing Developing Nations Cryptocurrency

Paxful, a bitcoin exchange, has plans to bring crypto to the unbanked in inflation-torn Venezuela.

We have previously written about the tragic situation in Venezuela with the Bolivar entering hyperinflation and how some Venezuelan citizens have turned to crypto as a financial lifeboat of sorts.

Avesta can also be part of the solution in preventing catastrophes like this from happening in the first place. The demand for crypto in Africa shows that it can be done.

In June of 2018, the Paxful exchange saw over 770,000 bitcoin trades occurring in Nigeria and over 50,000 in Ghana. And that’s only two African nations interacting with a single exchange. These numbers provide a glimpse into the great potential for developing nations and cryptocurrency.

Unbanked populations of countries being ravaged by the effects of runaway inflation stand to benefit the most from the integration of cryptocurrency and blockchain technology.

We’ve also written much about the potential crypto market in Africa . In addition to having extraordinary demand for cryptocurrency services, the African continent has the largest population of unbanked adults in the world.

Meanwhile seen on the streets of Nairobi….Driven by the volatile fiat currencies, the enthusiasm, hype, and the slow but progressive acceptance of #crypto and #blockchain in #Africa is exciting #Bithelaofficial#Remittances #FinancialInclusion pic.twitter.com/N9avqNYDzm

— Pesabase (@pesabase) June 7, 2018

Coinbase Charity to Bring Developing Nations Cryptocurrency

In addition, Coinbase recently announced the creation of a charity aimed at bringing developing nations cryptocurrency. The charity intends to donate cryptocurrency to those in developing nations who are not currently able to participate in any financial system.

Brian Armstrong, CEO of Coinbase, gave the following statement, as summarized by Coindesk:

“In a release, Armstrong wrote that “most people I respect and know in the crypto ecosystem believe we have a moral responsibility to shepherd this technology forward in a way that allows it to reach its full potential.” He cited lower fees, reduced transaction times, micropayments and mobile device-friendly payment systems as some of the advantages for blockchain technology.”

It’s interesting to note that Avesta fulfills all of the advantages listed. “Lower fees, reduced transactions times, micropayments and device-friendly (including point-of-sale) payment systems” are all features of Avesta.

According to a 2012 report issued by The World Bank , the “unbanked,” or people without access to traditional banking services, total approximately 2.5 billion. That’s about one-third of the world’s present population.

Without access to a financial account, it’s unlikely that an unbanked person will have the means by which to escape poverty. And three out of four people that are in poverty are also unbanked, according to the same World Bank report.

Avesta – the Developing Nations’ Cryptocurrency

Avesta aims to provide a means by which the unbanked can use crypto as well. Being easily integrated into point-of-sale systems, merchants everywhere can use Avesta tokens as a means of payment and receipt.

The unbanked in Africa and elsewhere will benefit from Avesta as its low transaction fees allow for financial actors of all sizes to take part in its financial ecosystem.

On top of its ease of use and utility value, Avesta will also solve the legal issues surrounding the use of crypto. From the Avesta white paper:

“By partnering with legal entities around the world, Avesta will launch the development of a legal framework for wider adoption of blockchain technologies and payment solutions.”

Fiat Currencies Failing in Africa and Elsewhere Leading to Increased Crypto Adoption Worldwide

In 2018, the world finds itself at a unique crossroads.

With fiat currencies failing around the globe at an alarming rate, citizens of all nations will soon have to make a choice, assuming they haven’t had to do so already.

The choice is simple. Will we continue to suffer the consequences of unlimited money printing at the hands of private banks? Or will we choose to adopt new, decentralized methods of storing and exchanging value like Bitcoin and Avesta?

The African continent, in particular, has a number of countries that have begun to see their fiat currencies collapse at freefall speed.

When fiat currencies fail, the daily endeavors of businesses and citizens change dramatically. People find it hard to obtain the basic necessities of life such as food, water, and energy as the cost of everything begins to increase exponentially. What costs fifty units of fiat currency one day might cost seventy-five the next.

While there are a handful of nations experiencing this very scenario right now during the second half of 2018, two stand out in particular: Sudan and Venezuela.

Fiat Currency Failing in Venezuela

Over the past several years, the Venezuelan Bolivar has entered hyperinflationary collapse.

Food and medicine have become scarce while the demand for hard currency and alternative currencies has increased.

In Venezuela, merchants have begun demanding physical currency notes instead of credit cards. Yahoo News reports that seniors have recently taken to the streets in protest, demanding that their pensions be paid in cash:

“Currency notes are in very short supply; in some markets, food and other basic goods can be purchased for three times less if the buyer pays cash.

So seniors are desperate to stretch their income by paying in cash.

Octo says he often has to get up at 3:00 am to go wait outside the bank and withdraw money.

“If we have to pay with a card, we are getting robbed,” Octo explained. What could cost 10,000 bolivars in cash costs 40,000 with a card.”

As a consequence of all this currency devaluation, some individuals have turned to mining bitcoin in order to survive.

While exchange rates for their local fiat currency continue diminishing precipitously, the exchange rate for crypto is rising. This inverse relationship is the main reason why crypto adoption will continue to increase.

Sudan is also facing circumstances similar to that of Venezuela.

Fiat Currency Failing in Sudan

Sudan is now suffering the second highest inflation rate in the world as of 2018, just behind that of Venezuela.

In response to an abrupt devaluation of the Sudanese Pound, banks have limited the amount of currency anyone can withdraw from their account. 

While in theory, this prevents the Pound from devaluing further by restricting people’s ability to trade Pounds for other currencies, in reality, it cements the idea that the currency has reached a breaking point and initiates further panic.

Sudan’s inflation rate has skyrocketed to a record high of 122%. #Sudan has surpassed South Sudan and now has second highest inflation rate in the world after Venezuela. pic.twitter.com/vIlCEvEDfi

— Prof. Steve Hanke (@steve_hanke) January 28, 2018

Crypto, Avesta, and the Solution to Fiat Currencies Failing

Everyone wants to preserve their wealth and way of life. With crypto, this is possible no matter what happens to fiat currencies. Fiat currencies failing will no longer be a problem.

Once platforms like Avesta have reached mass adoption, the world will see its inflation woes wither away.

As written in the Avesta whitepaper, the goal of Avesta is to

“spark a revolution in cryptocurrency that leads to mass adoption and an environment where cryptocurrency is used at point of sales.”

Once this has been accomplished, economic systems in Africa and elsewhere will have a chance to stabilize. Citizens of the world will be able to conduct fast, affordable transactions with currencies that have intrinsic value without worrying about fiat currencies failing.