Avalanche is a blockchain platform that aims to resolve scalability issues and displace Ethereum as the most popular protocol for smart contracts.
What is Avalanche?
- Avalanche is an advanced blockchain platform that tackles scalability issues that can commonly be found on different blockchain platforms.
- AVAX is the cryptocurrency token powering the Avalanche network.
- Any user can become an Avalanche Validator, assuming they stake at least 2,000 AVAX tokens.
- AVAX tokens are received as a form of payment for transaction fees, being burned in the same manner as GAS for the ETH blockchain.
- Avalanche consists of three interoperable blockchains; each with distinct purposes.
- Avalanche can optimize for flexibility, speed, and security without any trade-offs by splitting its architecture across three separate blockchains.
|Token Type/Protocol||X-Chain, P-Chain, and C-Chain|
|Total Token Supply||391,128,419|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||September 2020|
|Can it be mined?||No|
Who is behind Avalanche?
Avalanche was founded by Emin Gün Sirer, Kevin Sekniqi, and Maofan Yin.
Ava Labs is the developer behind Avalanche and was founded in 2018, with the main network eventually getting launched in 2020 when they raised $60 million through token sales.
Avalanche has a reputation for introducing impressive benefits for corporate and individual users, where the network allows businesses to create new blockchains easily while developers have the ability to construct a selection of different blockchain token services.
What is the purpose of Avalanche?
Avalanche is a platform for creating custom blockchain networks as well as decentralized applications (dApps), and its primary purpose is to make this a lot easier on the developers by building a system of three interoperable blockchains; the Exchange Chain (X-Chain), the Contract Chain (C-Chain) and the Platform Chain (P-Chain).
- The C-Chain and the P-Chain are secured through the usage of what is known as the “Snowman Consensus.” Snowman is the name of Ava Labs’s implementation of the Avalanche Consensus protocol.
- There are over a thousand subnets on Avalanche, where each one works together in Avalanche, which allows for more than 4,500 transactions to be processed per second.
- Avalanche uses a combination of multiple custom-built blockchains as well as a powerful proof-of-stake (PoS) consensus mechanism to achieve a decentralized and powerful platform for developers to build on.
- Avalanche is fully compatible with the Ethereum toolkit and is an excellent way to launch an array of decentralized applications (dApps) on the platform.
- AVAX can be used as a medium of exchange across the platform in order to pay for any network fees.
- AVAX – as a layer-1 solution – is in one of the most competitive spaces of cryptocurrency, competing directly against other blue chips like Ethereum, Cardano, and Polkadot. As such, it has to establish a strong foothold and continue to develop rapidly in order to get a piece of the market and increase adoption.
News and Updates:
- Avalanche has announced a partnership with Encode Club, which is intended to educate people about the blockchain and onboard people into the crypto ecosystem.
- Avalanche also announced a big upgrade, where they intend to add several optimizations such as Snowman ++, which reduces MEV and Contention, C-Chain fee reductions, and block-based fees.
- Avalanche has managed to build a strong community on Twitter with more than 344,000 followers as of October 20, 2021.
Community & Whitepaper Links:
Official Website: https://www.avax.network/
White Paper: https://www.avalabs.org/whitepapers
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