- Category: Smart Contract Platform
- Coin Launched: September, 2020
- Resources:White Paper
- Official Website: Avalanche
- Reddit: Avalanche
Open, programmable smart contracts platform for decentralized applications. AVAX is used to pay transaction fees and can be staked to secure the network.
Avalanche is compatible with Solidity, Ethereum’s programming language, and can be used to deploy custom private or public block chains as “subnets.”
AVALANCHE History / Information / Buying / Staking
Avalanche was first conceptualized and shared on InterPlanetary File System (aka IPFS) in May 2018 by a pseudonymous group of enthusiasts named "Team Rocket." Later it was developed by a dedicated team of researchers from Cornell University. The research was led by Emin Gün Sirer, a professor of computer science and software engineer, assisted by doctoral students Maofan "Ted" Yin and Kevin Sekniqi. Following the research stage, Ava Labs was founded to develop the network primarily to meet complex financial industry requirements. In March 2020, the AVA codebase for the Avalanche consensus protocol became open-source and available to the public.
HOW AVALANCHE WORKS
Avalanche is a blockchain platform that is smart contract-capable. Avalanche aims to deliver a scalable blockchain solution while maintaining decentralization and security, focusing on lower costs, fast transaction speeds, and eco-friendliness.
BENEFITS OF USING AVALANCHE
Some of the benefits of using Avalanche are:
Mining Bitcoin (BTC), for example, requires tremendous energy and computing power. Ethereum can only process 15 transactions per second. While powerful and highly valuable, these blockchains are difficult to scale because of such limitations. Avalanche, on the other hand, was built to be scalable and boasts sub-second transaction times and incredible processing capacity.
Only a few blockchains accommodate the trading of various forms of cryptocurrency and data with other platforms. Avalanche facilitates interoperability by allowing different blockchains to share data and effectively “interoperate” with one another.
One of the concerns in adopting any technology is usability or the extent to which the software or technology is easy to use and implement in various applications and use cases. Avalanche has proven useful in various cases and is picking up speed in the crypto community at a pace that can rival Ethereum.
CAN YOU STAKE AVALANCHE
Avalanche is built with a Proof-of-Stake consensus mechanism, which means that users holding AVAX tokens can earn staking rewards in exchange for using their holdings to secure the blockchain. Staking is the process of locking up your AVAX tokens to provide economic security to the Avalanche network.
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