🟠 LIVE - Avalanche Summit Day 3: Emin Gün Sirer and AVAX in Barcelona

After a particularly successful event last year, Avalanche is back with its famous Avalanche Summit in Barcelona, the catalan capital. As always, Avalanche is going all out and Cointribune is excited to bring you the latest news directly from the heights of Barcelona in the heart of the beautiful Poble Español. After our Day-1 and Day-2 live articles, it’s time to kick off Day-3!

Third and final day for the Avalanche Summit in Barcelona

This last day of the Avalanche Summit promises to be eventful. After yesterday’s numerous after parties, participants are back to discuss, network, and learn more about the future of Avalanche. The buzzwords are tokenization, subnet, and wrap messaging!

Tokenization & Art: A perfect match

The day starts off strong with a discussion on new opportunities in the tokenization sector, featuring Matthijs de Vries from AllianceBlock and Mads Boie Thomsen from ArtBanx. The discussion revolves around the various possibilities and reasons for tokenizing assets such as artworks, real estate, or even skateboards.

After some questions, the audience quickly explains that there are many challenges to democratizing physical assets in NFT format – such as lack of clarity on regulation, guarantee on the NFT issuer to ensure that the NFT is backed by a physical object, or how the change of ownership will occur if an NFT is transferred.

To these questions, the experts first answer that it is important to surround oneself with many different types of experts. Indeed, the two speakers are mostly involved in tokenization and the on-chain side of things, but work with legal partners and other private entities to ensure smooth and secure usage. Mads Boie Thomsen also talks about the concept of “Freeport,” which are highly secure private zones accustomed to managing all kinds of artworks. It is by working with this type of expert that it is possible to guarantee that a work is truly secured, and trust is placed in Freeports for the management and security of the object.

Mads Boie Thomsen also explains that the art market in its current form is actually very opaque, and investors do not have much information on the market, the real rate, and the possibilities surrounding a general work. One always has to go through a private entity to obtain this type of information. Mads Boie Thomsen therefore offers a more open solution and also allows art buyers to have their assets appraised in order to understand their theoretical value, even if they do not want to sell them.

Onto the Oracles

Oracles guarantee the transition of information between the off-chain and on-chain worlds. There are many oracles, with Chainlink being the market leader. In the Avalanche ecosystem, and especially subnets, RedStone plays an important role.

Marcin Kaźmierczak explains how RedStone’s new Oracle architecture allows for the same data flows on the main Avalanche network and on all subnets. This architecture provides more price data covering all native Avalanche tokens, staked tokens, and LP tokens. The 10-second update interval corresponds to the speed of the Avalanche chain and allows for efficient perpetual and derivative protocols.

Currently, the most affected markets are those of the DeFi space. In the future though, it will be possible to have oracles about the betting market, the weather, and about all information that can be displayed in an encrypted format. Ava Labs strongly believes in the future role of Oracles, which is why one of the grants was awarded to RedStone.

It is now time to meet more developers, investors, and enthusiasts during the lunch break. We will then be coming to a close of this third and final article covering the Avalanche Summit event in Barcelona.

The curtain closes on the Avalanche Summit

The second part of the last day took place in a more relaxed atmosphere, as people had already gotten to know each other. As for your humble servant, he made some business contacts over a game of chess, with 2 losses and 2 wins resulting in a neutral situation. While tapas and beers were flowing freely, the final conferences were held to conclude and summarize the mega event.

The topics covered were numerous, including wrapped messaging that connects all subnets, a major partnership with Alibaba to create a metaverse for the Chinese giant, and many other exclusives that strengthened the motivation of Avalanche’s developers and fans.

In the VIP corner, Emin Gün Sirer met with his fans, including a delegation of young Turks who came to take pictures and chat with this leading figure in web3, a beacon of hope in Turkey, one of the countries most interested in cryptocurrency, where physical exchange venues are popping up all over the capital and throughout the country.

To end on a high note, Cointribune was able to have an exclusive interview with Emin Gün Sirer on numerous topics, so stay tuned as it will be released very soon. We were able to discuss the future of subnets, wrapped messaging, and other inter-blockchain communication modes, as well as many other topics, such as the ambitious AI development project that Emin Gün Sirer personally pushed for at Ava Labs and which was announced exclusively at the conference.

We conclude these intense three days on a very positive note, as the bear market does not loom on the audiance. Quite the opposite actually. All types of people can be found here, including investors, curious individuals, developers, regulators, and everyone is coming together from all corners of the world to agree that the future will be multi-chain, that the development of one’s own blockchain is becoming a major topic, and that Avalanche will be one of the players in this change.

But as we are in Spain, all of this is accompanied by music! With a band performing many Spanish classics to thank the guests who are enjoying the final moments of the event, convincing everyone to return next year.

Thank you for following us during these live broadcasts on Day 1, Day 2, and Day 3. We look forward to seeing you soon for upcoming events!