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Avant’s pilot project will focus on tokenizing American whiskey barrels.
Key Notes
Avant’s pilot project tokenizes American whiskey barrels, offering a unique Bitcoin-based asset investment.Anduro has been keen on improving the functionality of the Bitcoin network.Bitcoin multichain Layer-2 network Anduro has floated a new project called Avant. According to the firm, Avant is a tokenization platform for issuing and investing in real-world assets (RWAs) on the Bitcoin blockchain.
According to the recently revealed information, Anduro shared that it developed Avant after partnering with tokenization specialist Vertalo. The announcement also noted that the platform will start its tokenization efforts with an unexpected but yet iconic asset such as the American whiskey barrels.
Anduro to Use Avant Platform to Help Expand Bitcoin’s Utility
For clarity, tokenization is the process by which real-world assets are converted into digital tokens that can be bought, sold, and traded on a blockchain.
So, essentially, Anduro’s ambitious efforts set the path to expand Bitcoin’s utility beyond its traditional use as a store of value. That is, by offering a new way to tokenize tangible assets in a decentralized, blockchain-driven ecosystem.
In February, when popular Bitcoin miner Marathon Digital Holdings introduced Anduro, it spoke of the move as an indicator of its vested interest in accelerating Bitcoin development and adoption.
Since then, Anduro has been keen on improving the functionality of the Bitcoin network. That is because, more than just the decentralization, security, and popularity of the network, which makes it appealing for blockchain developers, there was a need for more functionality. Particularly, developers looking to scale their blockchain applications.
It is in view of this that Anduro has decided that Avant’s pilot project will focus on tokenizing whiskey barrels. The move is expected to allow investors to have ownership of a fraction of a tangible asset, a feat that might be practically impossible to achieve traditionally.
Speaking about the new platform, the product lead at Anduro, Julian Duran, has hailed the project. Duran shared that the project is far greater than simply replicating the RWA playbooks that already exist on the Ethereum and Solana blockchains. Rather, it’s about creating something that “a Bitcoiner would understand,” he said.
Duran further explained how the platform will resonate well with Bitcoin enthusiasts. He said that while platforms like Ondo Finance already allow for the tokenization of Treasury bills on Ethereum, Anduro’s Avant platform will focus on hard, traditional industries that resonate with Bitcoin users only. His statement reads:
“A Bitcoiner who wants tokenized Treasury bills can easily access that via Ondo Finance. Why would we create an Ondo Finance competitor? We see the opportunity in traditional, hard industries that are immediately recognizable, such as American whiskey.”
Future Plans
Though Avant is starting out with a focus on whiskey barrels, the platform may soon begin to maximize the broader potential of tokenization for other tangible, high-value assets, including art, real estate, and commodities.
It might be worth noting that Bitcoin is known majorly for its use as a digital store of value. However, its blockchain has been largely underused for more complex functions like smart contracts and tokenization. So much so that it is no gainsaying that other networks like Ethereum and Solana may have even left the Bitcoin network behind in that regard.
However, all that may be about to change once more platforms like Avant begin to spring up.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
