Avalanche – AVAX
Avalanche (AVAX) is a fully open-source platform for launching decentralized (finance) applications. Enterprises can build their own customisable blockchain that fits their needs (private & public), in an interoperable and highly scalable ecosystem. It mainly focuses on transaction speed and low transaction costs. In addition it is energy efficient (carbon neutral) and thus eco-friendly.
Avalanche was created by Ava labs, enabling enterprises or basically anyone to create and deploy decentralized finance (DeFi) applications and custom public & private blockchains. It’s focused around resolving an issue many earlier blockchains camp with: centralization, scalability and high transaction fees, using the Avalanche consensus protocol.
Avalanche saw a lot of traction earlier this year thanks to being one of the most scalable blockchains around. Especially DeFi users have been using their smart contracts for buying, selling, trading / swapping & staking cryptocurrency. We’ve tested this ourselves as well and haven’t had a single transaction fail when swapping our assets. In fact, we’re currently seeing more projects initially launch on Avalanche rather than the Ethereum Network for these reasons.
This review of Avalanche – AVAX was created for informational purposes. This article is not intended for promotion.
Avalanche (AVAX) is a fully open-source platform for launching decentralized applications. Companies can build their own customizable blockchain that fits their needs (private & public), in an interoperable and highly scalable ecosystem.
The system operates on its own blockchain but has the capability of aggregating other cryptocurrencies and blockchain protocols onto its network.
Transactional finality < 2 sec.
An Avalanche – AVAX crypto transaction should take less than 2 seconds to process and be considered permanent and irreversible whilst Ethereum – ETH takes about 6 minutes.
4,500 TPS – Transactions Per Second
The Avalanche – AVAX P-Chain has a roughly 4,500 tps. This means it can process roughly 4,500 number of transactions processed within one second. You can look at ‘tps’ as a rating for the performance of hardware and software, such as the MHz and GHz rating of the computer. Compared to other Blockchains is AVAX blazingly fast, as they advertise.
It’s ultimate goal is to deliver a highly scalable blockchain without having to sacrifice decentralization or security.
Validators that want to join the network specify the node’s ID, when they want to start & stop validating, how many AVAX is staked, the address to send rewards to & the delegation fee rate.
Those interested in staking their AVAX to an exiting node, can choose to do so to our partner’s node (Château Crypto), one of the nodes with the highest uptime available and lowest fee allowed by the network (2%): NodeID-LrSg1rvoyFVcwWRDo8cJsWpRswRjhY8a9.
There’s various reasons why developers decide to build on Avalanche. It’s easily possible to launch Ethereum DApps as the network is Solidity-compatible, there’s fast transactions, it’s highly scalable, powered by thousands of nodes, allows for the creation of custom public & private blockchains and enables developers to deploy any virtual machine (VM) on Avalanche.
Avalanche features 3 built-in blockchains: Platform Chain (P-Chain), Exchange Chain (X-Chain) and the Contract Chain (C-Chain).
The P-Chain is the metadata blockchain on Avalanche, which keeps track of active subnets & enables developers to create new subnets, as well as the P-Chain coordinates the validators. Both the P-Chain and C-Chain use the snowman consensus protocol, about which you can learn more here.
The X-Chain enables the creation and trading of digital smart assets, these assets can be stablecoins, utility tokens, NFTs, but also mimicked real-life assets (synthetic assets).
The C-Chain was created to simplify the life of Ethereum DApp developers. The conversion chain is compatible with Ethereum tooling, allowing for both the creation and migration of DApps.
To further accelerate growth of the network, Avalanche introduced their Avalanche-X Accelerator program, in which developers and companies can apply for a grant to fund their development. Developers can also access all sorts of resources and content.
Avalanche was built by AVA labs, their leadership team counts four members:
Emin Gün Sirer, CEO at AVA labs: ‘’Emin was a Professor of Computer Science at Cornell University, where his research focused on operating systems, networking, and distributed systems. He is well-known for having implemented the first currency that used Proof-of-Work (PoW) to mint coins, co-authoring the famous selfish mining paper, characterizing the scale and centralization of existing cryptocurrencies, having proposed the leading protocols for on-chain and off-chain scaling, and many more seminal works.’’
John Wu, President at AVA labs: ‘’John Wu brings over 20 years of experience as a fintech executive – most recently as CEO of SharesPost Digital Assets Group – and technology investor at firms like Tiger Management, Kingdon Capital, and Sureview Capital (backed by Blackstone Group). John joined Avalanche as part of its acquisition of Investery, a SaaS platform he founded to facilitate investor discovery, management, and transacting of private market assets.’’
Maofan ‘’Ted’’ Yin, CPA at AVA labs: ‘’Ted is passionate about designing and building practical distributed systems that solve fundamental problems like fault-tolerance, consensus inefficiencies, and peer-to-peer systems. His research works include the Snow/Avalanche protocols, and the HotStuff protocol, which is the foundation consensus protocol used by Facebook Libra.’’
Kevin Sekniqi, COO at AVA labs: ‘’Before Avalanche, Kevin was a PhD candidate in Computer Science at Cornell conducting research in distributed systems, cryptography, security, and economics. He previously did research and software engineering at prominent organizations, including Microsoft and NASA JPL.’’
Their whole team can be found on their website, on this page, and has experience across various well-known companies:
Rather than focussing on a fixed roadmap, Avalanche is powered by their core team and through community development, which have completed over 5,500 different tasks already.
Their testnet first launched in April 2020, whereas the Avalanche mainnet launch occurred in September 2020. The team and all contributors have continued developments to accelerate adoption ever since.
Avalanche – AVAX has partnered up with Chainlink, Cartesi, Reef and others.
In terms to Play 2 Earn (P2E) gaming, AVAX added Polyient Games to their portfolio. Polyient Games invests in early-stage companies making decentralized gaming better and faster. Polyient Games is in it’s way partnered with Gala Games, well known for publishing games like Townstar and The Walking Dead Empires.
To read the whitepaper, make sure to visit avalabs.org/whitepapers
The Avalanche token -or AVAX-, is a utility token and the main cryptocurrency of the Avalanche ecosystem. Users receive rewards and pay small fees using this toke. In total, there are only 720 million AVAX tokens scheduled for issuance. 360 Million tokens of these were minted at launch. The other 360 million as staking rewards.
AVAX staking rewards stakers with more AVAX. To stake your AVAX tokens, you can delegate your stake to a validator to earn a percentage of the staking rewards.
For more information, make sure to read stake-avax.com/how-to-stake-avax-on-avalanche.
DeFi is rapidly growing beyond the limits of one chain. Avalanche is fully compatible with Ethereum assets, apps, and tooling with faster speeds, higher throughput, and lower fees.
AVAX let’s you mint your own digital products in seconds for fees less than a cent with fully proven digital ownership such as art, collectibles, in-game items, music and more.
More info about AVAX NFT’s can be found at avaxnfts.com
Avalanche (AVAX) is one of the projects we consider to be one of the most promising blockchains. It “competes” with blockchains such as the Ethereum Network, Polkadot and Solana.
Since it can process the most transactions per second with a transaction finality -less than 2 seconds- we think it could remain one of the better blockchains. Especially for DeFi and to build Play 2 Earn (P2E) games, combined with fast and cheap transactions to buy in-game add-on content.
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