Jovay is already active and processing blocks and transactions.
“The next phase of global finance is being built on Ethereum,” says Abbas Khan.
Ant Group, the parent company of Chinese payments giant Alipay, has launched Jovay, a second layer (L2) network built on top of Ethereum.
The new network, developed by Ant Digital Technologies, the cryptocurrency-focused arm of Ant Group, will focus on the tokenization of real-world assets (RWA).
Jovay seeks facilitate instant, low-cost transactionsas well as integrate value flows between different networks with an institutional-grade security level.
Ant Group’s decision to build on top of Ethereum, a public, decentralized network, is notable. Instead of opting for a private chain or permissioned system, the company has chosen the existing infrastructure of the second largest digital asset network by market capitalization, after Bitcoin.
Abbas Khan, engineer at the Ethereum Foundation consider that This launch “is a sign that the next phase of global finance is being built on the foundation of Ethereum”.
As CriptoNoticias has explained, second-layer scalability solutions allow transactions to be executed outside the main Ethereum network, which provides improvements in speed and lowers the payment of commissions.