Avalanche is a blockchain with smart contract functionality that emphasizes transaction speed, low cryptocurrency transfer fees, and environmental responsibility. Its developers describe it as the most scalable blockchain at the moment. AVAX is its own cryptocurrency.
Avalanche (AVAX): What you need to know
1 – What is Crypto Avalanche (AVAX)?
- The basic principle : The protocol is based on a complete and innovative ecosystem, completely secure and above all fast. Its blockchain is designed to meet all needs in terms of features needed for smart contracts and decentralized applications (dApps). In this environment, users will eventually be able to manage any type of asset using the power of smart contracts.
- Use : Unlike some competitors, the Avalanche platform has its own digital token called “AVAX” (capped at 720 million). This token is the central part of the governance system and is used for voting, as well as for paying fees on the network or as a means of payment on the platform.
2 – The project and blockchain that underpin this ecosystem
Project : The peculiarity of the platform is that it is built on a family of protocols called “Snow”, which distinguishes it from two other consensus families: Classic and Nakamoto. This protocol offers various achievements and advantages: a large number of nodes, low latency, high resistance to attacks, high decentralization, as well as special environmental friendliness and resilience.
blockchain : Avalanche has an ecosystem of interoperable blockchains providing this environment with robust adaptability, optimal speed, and enhanced security. To achieve this, AVAX was built on three separate and compatible networks:
- X-Chain: A network of exchanges that allows you to create crypto assets and facilitate their exchange.
- C-Chain: A chain of smart contracts that executes these contracts and Ethereum Virtual Machine (EVM) contracts.
- P-Chain: A chain of platforms responsible for coordinating validators and creating subnets.
3 – Avalanche Analysis and Opinion (AVAX)
- The network offers unique performance compared to other crypto networks. This network can process over 4500 transactions per second. For comparison, it takes 7 seconds for Bitcoin, 14 seconds for Ethereum, and 1500 seconds for Polkadot. In fact, the Avalanche development team created this consensus with the goal of achieving transaction speeds that could match those of Visa!
- Another positive: Developer experience allows them to benefit from superior flexibility for public and enterprise applications and blockchains. Indeed, its ecosystem offers high security as well as very good scalability through the combination of Proof of Stake and Gossip Protocol.
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- Avalanche has some drawbacks as this ecosystem is subject to very strong competition in the smart contract market. Other blockchains are also facing this, such as EOS and NEO. Finally, the Avalanche project is primarily focused on business.
4 – How to win or get Avalanche (AVAX)?
AVAX tokens can be mined in two main ways. Or with the help of GPU mining, the most popular and profitable method of mining cryptocurrencies. Cloud mining is another alternative where specialized data centers sell or rent machines to cryptocurrency miners. The advantage here is not to suffer from equipment maintenance, noise, power consumption and heat.
In addition, Avalanche allows its users to “stake”. The blockchain rewards validators if they are online and active during the validation period. Please note that there is no limit to the number of validators on the network as long as they provide at least 2000 AVAX parts.
5- Useful Resources
Discussion, forum and chat:
Video and YouTube channel:
Journalducoin: video on AVAX