What is Avalanche (AVAX)?
Avalanche is an advanced blockchain platform that promises extreme scaling capabilities and fast confirmation times.
It is designed to address some of the limitations of older blockchain platforms, including slow transaction speeds, centralization, and scalability—and uses several innovations to do so.
While many proof of stake (PoS) blockchains only allow a select number of validators to participate in achieving consensus, Avalanche allows anybody staking at least 2,000 AVAX to participate.
Avalanche allows individuals and firms to easily deploy their own purpose-built blockchains, whether these be for private use-cases (permissioned blockchains) or public ones (permission-less).
The AVAX token is used as the in-house payment method for Avalanche, and is mainly used during transactions. Users can also earn passive income by staking their coins on the network.