The team at Aventus Network, a Layer 2 blockchain protocol that aims to provide scalability, lower cost, and speed for transactions with Ethereum or ETH backing, recently explained why Block Explorer (where you can see all crypto transactions) the “Keys” to creating more are transparent and “trustworthy” DLT ecosystems.
Aventus Network states in a blog post that blockchain or Distributed Ledger Tech (DLT) have the potential to “usher in a new era of transparency and create a trustless world that rewards good behavior by not hiding anything in the shadows”.
Aventus adds that transparency “is by far the best regulator of behavior”. According to the platform’s developers, transparency in blockchains or DLT networks is enabled with Block Explorer tools such as Etherscan for Ethereum and Aventus Block Explorer.
The Aventus team also mentions that in a blockchain-oriented world with open access to many different block explorers, companies will “compete for transparency”. Aventus claims that “the greater its transparency, the greater its attractiveness to investors and customers.” The developers also believe that “less costly, inefficient regulations that add to the burden of manual processes are required”.
As mentioned on an Aventus blog:
“In this new, transparent world, there is better access to reliable information, creating more efficient markets that better determine the market price and quality of goods and services. Business valuations can be accurately made by taking into account a company’s ability to manage its assets, debt, and equity, giving investors clear visibility and control over everything from supply chain management to managing assets. “
The developers at Aventus Network pointed out that blockchain-based security tokens can represent ownership of stocks, works of art, and even real estate (as they already do). This gives owners and investors “immutable control over ownership and transaction history”. All “tokens and transactions, including the underlying assets they represent, registered or recorded on a blockchain are transparent and visible to everyone,” added Aventus.
“Every activity in a blockchain is a separate transaction. Transactions are grouped into blocks in a chain and recorded in the digital ledger. A block explorer is a search function tool like a blockchain search engine, with which any participant in a blockchain can search for transaction information in this chain. “
Aventus also noted that the record of blocks (and transactions within them) is immutable (or cannot be changed or changed) and is visible to all, which helps to “create a transparent, trustworthy world”.
They also mentioned that a common or typical block explorer that many have been using by now is Etherscan – a widely used Ethereum block explorer that anyone can use to search the Ethereum blockchain for cryptocurrency (ETH) transactions, digital currency addresses, virtual tokens and Crypto prices.
As explained by Aventus, “you can instantly check the status of a transaction on Ethereum and your asset ownership is directly linked to your address, which can be traced to anyone with a simple search.”
Aventus Network developer added:
“Similar to Etherscan, the Aventus Network (AvN) has just introduced its own Block Explorer in its own network, with which companies and decentralized platforms can build on Ethereum without the typical restrictions in terms of size, speed and costs. The Aventus Network Block Explorer acts as a window into the AvN blockchain, allowing users to view all historical transaction data and blocks as they are created and validated. In addition, Aventus validators can view the transaction fees they earn by staking the Aventus token at AvN nodes. “
Alan Vey, an alumnus of Imperial College Londonis the co-founder and CEO of Aventus Network Services, a second-tier blockchain protocol that enables businesses and decentralized protocols to develop apps on Ethereum without the usual limitations of size, speed and cost.