what is Avalanche ?
Avalanche is an open-sourced and smart contracts compatible platform created to develop decentralized applications (dApps) and enterprise blockchain protocols.Being open-sourced means that the distributed ledger technology (DLT) used by the platform is completely transparent and publicly accessible. avalanche lunched on 2020 by ava labs, avalanche designed for transaction speed, low costs, and eco-friendliness.
How does avalanche work..?
Avalanche is the fastest smart contract platform in the blockchain industry and rival of ethereum. avalanche blockchain is different of others like bitcoin consensus mechanism is pow (proof of stack ) and ethereum blockchain consensus mechanism is pos (proof of stack).Traditional pos work sequentially. So it means that it adds following ordering one block after another to the blockchain. This mechanism citation undertsand its scalability is limited.
Avalanche is based on a PoS blockchain consensus algorithm called Snowball. The concept behind Snowball is the following: As soon as a node receives an incoming transaction, it checks if the transaction is valid, and, in addition, asks a small number of other random nodes for their opinion. To better understand avalanche consesus algorithm Snowball, think of the following scenario: Imagine a room full of people discussing what to eat for snacks . There are two options: apple or mango. Some initially prefer aplple while others initially prefer mango. Ultimately, though, everyone’s goal is to reach consensus.
Avalanche is a multi-chain decentralized platform. The primary infrastructure is based on three separate blockchains.
The Platform Chain (P-Chain): The metadata chain.P Chain is used for the coordination of all the validator nodes across the network. Moreover, it is also responsible for managing the staked funds and creating custom subnets.
The Exchange Chain (X-Chain): The default asset chain. X Chain (or Exchange Chain) is used to create and manage digital assets and tokens. It also facilitates the peer-to-peer transfer of the crypto tokens, including the platform’s native currency, named AVAX.
The Contract Chain (C-Chain): The default “Smart Contract” chain. It enables the creation of any Ethereum-compatible smart contracts using the Snowman consensus protocol.
what is avax.
avalanche native token we called it avax .The maximum supply of the AVAX token total supply at 720 million coins. The smallest unit of AVAX is called nAVAX, and one nAVAX is equal to 0.000000001 AVAX. there There are two main uses for AVAX in the Avalanche ecosystem. Avalanche users need AVAX to pay for transaction fees on the network. That’s similar to how ETH is used to pay for gas fees on Ethereum. In fact, Avalanche’s fee algorithms are based on same as Ethereum’s dynamic gas fee model, which algorithm known as EIP-1559.
Second, AVAX is used in staking, which is a term for pledging crypto, in this case AVAX, to participate in the validation process and help secure the blockchain..
Where and how to buy AVAX
Avax is official token of the avalache platform .Avalanche gained tremendous popularity as an alternative for Ethereum developers. Avalanche has become one of the larger cryptocurrencies, with a market cap around $10 billion as july 2023.
Avalanche available on most of crypto exchange and decentralized exchange. Like
- Binance
- Coinbase
- kucoin
- Pancakeswap
- Biswapor others
Benefits of Avalanche (AVAX)
Avalanche is a blockchain network with smart contract functionality. That gives it a variety of uses, including its main purpose of building dApps, as well as non-fungible tokens (NFTs) and blockchain gaming.
1. Interoperability
2. Fast & Scalable
3. Secure
4. Decentralised
5. Usability
6. Governable & Democratic