As the EVM compatibility layer for nearby protocols, Aurora Labs specializes in providing services in virtual chains. With its mission to launch its own chain for projects and have its own ecosystem and environment, Aurora Lab stands out from other blockchain companies. In this interview at Token2049 in Dubai, host Eric Spibach spoke with Declan Hannon, Vice President of Growth at Aurora Labs.
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No code, no cost, no complexity
To launch a dedicated blockchain network before Aurora Labs, your project requires countless amounts of time and resources to coding, testing and deploy. This process not only requires technical knowledge, but also costs a considerable amount of money. However, Aurora Labs’ virtual chain technology allows projects to launch their own customized chains without writing code. This eliminates the complexity of building a blockchain network from scratch and significantly reduces costs.
“The project can focus on the important things that are building a great product.”
Declan Hannon, Vice President of Growth at Aurora Labs
Declan highlights the efficiency of Aurora Labs by explaining that anyone can visit their website and launch their own chain faster than completing the introduction of the interview at hand. Anyone (not just engineers) can use Aurora Lab to create blockchain-based projects. This opens up the possibilities for a wide range of industries and companies to explore the benefits of blockchain technology without barriers to technical expertise.
Virtual chains and traditional chain launches
As the conversation continued, Declan was encouraged to explain how this would work for those who were not familiar with blockchain technology. Currently, there are open source opportunities or large rollup providers out there, but they cost money. Furthermore, managing that chain further complicates the system. From validators to Oracles, it can all look overwhelming, and that’s where virtual chains come into play.
“What Aurora did is take that complexity and strip it up.”
Declan Hannon, Vice President of Growth at Aurora Labs
Once the user enters the website and signs up with their email address, they will be taken to the chain expansion page. From there, they choose which type of chain such public or permitted. Other specifications, such as whitelist options, are presented to provide the builder with the opportunity to customize the virtual chain to best suit their needs. The base token option is also available to those who wish to attach a specific token unit to their virtual chain.
Deployed to a nearby protocol
The process is even more seamless as these virtual chains are nearby protocols that are L1 where they are deployed. It focuses on developer friendliness and efficiency, making it the biggest choice for builders looking to deploy virtual chains. Nearby there is a great horizontal scaling opportunity that gives developers the ability to scale their virtual chains without limitations as needed. This allows for a seamless and efficient experience, with the greatest choice for deploying virtual chains.
“Aurora Lab is a virtual blockchain network.”
Declan Hannon, Vice President of Growth at Aurora Labs
This method also reduces congestion, increases transaction speeds, and allows for a more stable platform that developers can build. White Label Blockchain is used as an analogy, with each virtual chain being a unique label for the same underlying blockchain infrastructure. This allows for a high level of customization and flexibility that allows developers to create their own solutions on nearby platforms.
Aurora Labs will disable interoperability
Even if someone builds their own chain, another challenge is to bring fluidity to the system. What the Aurora Labs team calls the “The Forwarder” protocol allows assets to be brought in from locations such as Binance, Coinbase, and Kucoin. This creates an open ecosystem of assets with fundamental values and rules. Forwarders allow users to bring any asset from anywhere and use it in other chains to allow interoperability between different systems.
Taking another step, they also launched Near Intense, the first multi-chain dex that allows users to bring and exchange assets from any network without the need for a wallet. This intuitive design for the average non-technology-savvy user will help increase accessibility to decentralized finance and drive mainstream adoption.
Invitation to Web2 companies
By making the process of integrating with blockchain easier, Declan believes it will open the door for Web2 companies interested in using blockchain technology to enhance services. It is an advantageous situation for both parties involved as it may leverage more audiences and provide additional features. The difficulty is that these traditional powerhouses may not know the complexity of blockchains where Web3 natives already have handles.
This is where invitations to Web2 companies appear. Declan believes that by extending open invitations and providing solutions as seamless integrations, these companies will simplify the process of adopting blockchain technology. This also opens up opportunities for collaboration and innovation between Web2 and Web3 entities.
Final Thoughts
On May 1st, a new service known as “The Virtual Chain Marketplace” will be released by the Aurora Labs team. This new feature is launched in the crowd console, ensuring that projects entering the ecosystem receive all the support they need.
Beyond infrastructure, Declan shares examples such as the Tokenomics simulator to ensure that every aspect of a blockchain project is well thought out and planned. Additionally, legal support is provided through partnerships with law firms to ensure that the project complies with regulations in different jurisdictions.
This market will become a hub for everything related to launching the chain. We look forward to how it continues to evolve and support the growth of our blockchain projects. It is clear that the team at Declan and Aurora Labs are dedicated to providing comprehensive solutions for blockchain projects, from development to development.