Avalanche : what is it, how does it work and what is the price of AVAX Learn

What is Avalanche Network (AVAX)?

AVAX is the native token of the Avalanche network, an open and programmable smart contract platform for decentralized applications. Compete with the Ethereum network when developing smart contracts or smart contracts.

mainnetand then Avalanche developed its own ecosystem of DApps and DeFi. Different Ethereum based projects like SushiSwap and TrueUSD were combined with Avalanche. Additionally, the platform works to improve interoperability between its own ecosystem and Ethereum, such as through the development of bridges.

Who are the creators of Avalanche?

Avalanchewas created in 2020 by three researchers from Cornell University, New York. These researchers are Emin Gün Sirer, Kevin Sekniqi and Maofan Yin. The publication of the whitepaper in 2018 led to the founding of Ava Labs. The project began with a first round in February 2019 that included investors such as Polychain, Andreessen Horowitz, and Balaji Srinivasan. Avalanche closed its 2020 initial coin offering in less than 24 hours, raising $42 million in the process.

What is Avalanche for?

Its blockchain has the incredible ability to perform 4,500 transactions per second. Even transactions made on the blockchain take less than a second to confirm. In addition, it is a platform that allows interoperability, since it supports applications developed on the Ethereum.

AVAX uses its own consensus system based on Proof-of-Stake. In this system, users can act as validators, guaranteeing high-speed transactions.

Since its launch, it has attracted more than 200 projects based on its platform. Among them are big names like Circle, Tether, and Chainlink, among others. This led to its native token, AVAX, being positioned very close to the top 10 among the cryptos with the largest market capitalization.

How does Avalanche work?

Before investing in a cryptocurrency, it is necessary to understand how it works. Avalanche offers a highly customizable, interoperable, and blazing-fast platform of platforms.

Avalanche works with three blockchains that divide critical functions and even use different data structures. This is how it gives developers maximum flexibility and control over their applications.

X-Chain

The chain of exchange known as the X-Chain facilitates the creation and exchange of assets between people on a peer-to-peer basis, including Avalanche's native token, AVAX.

In addition, the X-Chain allows the creation of other smart digital assets such as stablecoins, utility tokens, NFTs, among others. The creation and use of these tokens also requires payment in AVAX which is subsequently burned.

C-Chain (Contract Chain)

The C-Chain is a chain of smart contracts that uses the Ethereum Virtual Machine, and is 100% compatible with existing tools in Ethereum.

Everything that can be done on Ethereum can be done on the C-Chain with the added benefit of 4500 Tps, sub-second completion and low transaction fees. Existing DAPPs can be easily ported to take advantage of the benefits that Avalanche offers over Ethereum.

P-Chain (Platform Chain)

P-Chain is responsible for managing stacking, coordinating validators across networks, and creating custom subnets. Each Avalanche validator participates by staking the network's token on the Platform Chain to help secure the core network. At the same time these validators can form sets of dynamic or private validators to operate subnets.

Advantages of Avalanche Cryptocurrency

Avalanche has multiple features and provides various advantages. The first advantage is scalability. Its blockchain has the capacity to perform 4,500 transactions per second.

The speed of transactions is a highlight, as transactions made on the Avalanche blockchain take less than a second to confirm.

This is because Avalanche uses its own consensus system based on Proof-of-Stake. In the Avalanche system, millions of users can act as validators, guaranteeing great speed.

They are also characterized by their low cost and by allowing interoperability between different blockchains.

Avalanche Argentina - Frequently Asked Questions

What is the Avalanche currency?

Avalanche is a network backed by the AVA Labs team that operates on the AVAX coin or token.

When was AVAX created?

Avalanche was created in 2020 by three researchers from Cornell University, New York.

What project does Avalanche have?

The Avalanche platform has a project to improve interoperability between its own ecosystem and Ethereum, such as through the development of bridges.