“Big business is increasingly interested in Web3 solutions”: Aurora Labs crypto startup CEO on blockchain

  • Service presented by CEO Alex Shevchenko
  • He said Aurora Cloud makes it as easy and fast as possible to run an EVM-compatible network over NEAR
  • And the platform has already signed several agreements with large businesses

Today is June 10, which means the first day online marathon of Incrypted Conference 2023 has begun.. In this article, we will take a closer look at the Aurora Cloud service, which is presented by Alex Shevchenko, CEO of Aurora Labs.

A few words directly about blockchain

In the beginning of his speech, Shevchenko briefly described the current state of the Aurora ecosystem. The blockchain was launched in the spring of 2021 and has not been hacked since.

He also noted that Aurora is fully Ethereum-compatible and has enormous scalability potential. The network has extremely low fees and leaves no carbon footprint.

Web2-business and blockchain

CEO Aurora noted the fact that big business is increasingly interested in Web3 solutions.. But their approach is extremely one-sided. These counterparties are focused on maximizing profits and audience retention.

According to a 2021 Deloitte report, 76% of large businesses surveyed see asset tokenization as a significant advantage in the long term. This allows you to increase liquidity, make the business more transparent and attract a new audience. But there is a nuance.</nbsp;

The current development of Web3 does not allow to fully meet the needs of “whales”. As an example, Shevchenko cited Ethereum, where it takes at least 20 seconds to process a single transaction.. According to Shevchenko, this is the next step in the development of the ecosystem. In fact, the development is an infrastructure for launching and managing EVM-compliant blockchains.</nbsp;

These networks are called Aurora Silos. It is a turnkey “framework” for launching a new solution with integrated KYC and AML measures and a customizable commission model that runs on top of the NEAR Protocol.</nbsp;

The platform also plans to introduce another product, the Web3 wallet Aurora Pass. Its main goal is to lower the entry threshold for a new audience. The key advantage of the wallet is the complete absence of commissions.

Aurora already has several agreements with large businesses to use the service Cloud. These are European company Enpower and game studio Netmarble. You can find a detailed activity guide in a separate article on our website.