The AvaCloud product has four main components: an automated blockchain builder, managed validators, comprehensive data tools and chain interoperability.
The automated blockchain builder provides companies with access to a no-code blockchain portal that offers 24/7 technical support and a dedicated infrastructure team to help them manage a custom network. Each blockchain operated through AvaCloud uses precompiled smart contracts that are customizable and built into the blockchain protocol.
Managed validators provide automated installation and updates, while comprehensive data tools provide blockchain insights from across the entire Avalanche network and Ethereum blockchain.
Additionally, Ava Labs recently rolled out Avalanche Warp Messaging, which allows for native communications between all Avalanche subnets.
With these new tools, users can quickly create a free testnet, launch onto mainnet and continue to add on functionality as they expand over time.
Nicholas Mussallem, senior vice president of product at Ava Labs, said that AvaCloud allows companies to bring its Web3 products to market faster and with lower risk, without needing to hire blockchain-focused employees.
"Historically, custom blockchains have required both intensive capital and human investment," he told CoinDesk. "One study quotes end-to-end deployment for a custom blockchain to have an average time and cost exceeding 12 months and $1.5 million per year."
He added that public blockchain networks are often unsuitable for business and government entities because they either "fail to meet regulatory requirements or are too expensive and slow."
"As blockchain has matured, it’s become clear that one size does not fit all," he said. "Because AvaCloud-powered blockchains are able to customize validator requirements like KYC and privacy, industries with strict regulations can benefit from blockchain tech. This opens the door for TradFi adoption, HIPAA compliance, government programs and much more."
According to Ava Labs, the new tool will create greater revenue opportunities and "sets the stage for mass adoption-ready cloud-based infrastructure in blockchain." AAA game studio Shrapnel and Korean conglomerate SK are among its early users.
Ava Labs has been expanding its product offerings to cater to both Web2 and Web3 audiences, welcoming financial institutions like DeloitteT. Rowe Price and WisdomTree into its ecosystem. In May, the cloud division of Chinese tech behemoth Alibaba built a launchpad for businesses to deploy metaverse spaces on the Avalanche blockchain.
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Institutional interest in Avalanche has coincided with a surge in its number of daily active addresses. Transactions on the Avalanche blockchain have also grown substantially compared to last year's figures despite broader declines across the crypto industry.
Edited by Toby Leah Bochan.
