Cryptocurrency Avalanche (AVAX): project overview, course, features, prospects

117

Avalanche is a platform designed to run DeFi applications and deploy enterprise blockchain networks in a scalable, unified ecosystem. Supports all the same development tools that Ethereum supports. Online transactions are confirmed in one second.

On September 22, 2020, the Avalanche cryptocurrency (AVAX) was added to the list of coins on the Binance exchange (website: binance.com) (trading in pairs AVAX / BUSD, AVAX / BTC, AVAX / BNB, AVAX / USDT is open). The Avalanche mainnet blockchain network was launched. Developers currently estimate the network bandwidth at 4500 transactions per second.

Avalanche is clearly created as a competitor to Ethereum, or rather the upcoming Ethereum 2.0 launch. Immediately after listing on the exchange, the rate of its token soared by 650% (from $ 0.85 to $ 5.55).

Name Price Market Cap Supply Change % (7D) Performance
1
$17.20
$6,990,008,370.58 406395835.49895 AVAX
-5.86%

Avalanche price chart (AVAX)

AVAX / USDT price chart on the Binance platform:

General information

NameAvalanche
TickerAVAX
BlockchainAvax Network
Total emission720 000 000 AVAX
Course on 22/09/205,89 $
Official sitehttps://ru.avalabs.org/
Informationhttps://info.avax.network/#about
Twitterhttps://twitter.com/avalancheavax
ExchangesBinance, BigONE, BKEX

Key features of the Avalanche platform

Avalanche (abbreviated Ava), according to the developers, is the first smart contract platform to confirm transactions in less than a second, and also supports the full suite of Ethereum tools. Key technological points:

✅  Innovative consensus protocol – safer, more productive and more decentralized, with the ability to scale to millions of participants.

✅  Already during the operation of the test network, thousands of people were involved who created full-fledged business solutions on it.

✅  The project is focused on maximum openness to users. Lightweight architecture does not require expensive hardware.

✅  VISA-level network bandwidth.

✅  Support for application segmentation, which allows developers to deploy applications, the functionality of which will fully meet their needs.

✅  Full support for the Ethereum virtual machine and tools such as MyEtherWallet, MetaMask, Remix, TruffleSuite.

✅  Support for non-replaceable NFT tokens. The plans are to launch their registry.

As a result, Avalanche offers complete programmability at both the application and network levels. Developers can effectively and securely control personal data and manage their applications.

Avalanche architecture

Ava provides two different consensus mechanisms at the moment:

✅  Easy to configure, parallelizable, DAG optimized. Differs in high productivity.

✅  Ideal for smart contracts and blockchains, as streamlined as possible. Also highly productive.

In addition, Avalanche has virtual machines – this is special code that builds databases using consensus. A database can be any structure that needs to be synchronized across multiple computers, be it DAG, blockchain, etc. The logic of each virtual machine can be deployed multiple times on separate subnets. Each instance of a virtual machine is a blockchain. It has a ChainID and can only be assigned to one subnet. However, the blockchain can be deployed any number of times within a subnet.

Types of subnets:

✅  Platform Chain is a chain for metadata. Allows you to create new sub-networks and keep track of existing ones.

✅  Exchange Chain is the main blockchain for working with assets. Allows you to make cross-chain transactions between subnets, exchange assets and create new ones.

✅  Contract Chain is the level of smart contracts. Allows the development of smart contracts for any purpose, compatible with Ethereum. The Snowman consensus protocol is used.

AVAX token and its purpose

The AVAX cryptocurrency is a native token of the Avalanche platform. The maximum emission will be 720 million, of which 360 million (50%) will remain in the mainnet. It is the basic unit of account in the Avalanche network. It provides access to a wide range of services and key security guarantees. In addition, it opens up management options for owners.

The deficit is met by burning transaction fees. The speed at which the maximum limit is reached is adjustable.

The user can receive AVAX by staking. The reward a validator receives for a validation is proportional to that validator’s total stake. In addition, the longer the tokens are locked, the greater the reward. Validators help the network to function properly, as they are responsible for verifying its performance and the legality of payments.

Where to store AVAX

The platform offers users its own wallet https://wallet.avax.network/. Following the link, click “Create a new wallet”, save and confirm the recovery phrase.

After that, you immediately get access to the wallet from where you can send and receive Avalanche tokens (AVAX).

Where to buy, sell, trade AVAX

For this purpose, you can use the Binance exchange, which was among the first to add the coin to its listing. Register or log into your account, go to the “Spot Wallet” section. Top up your account with the currency you are going to give away. Currently available pairs AVAX / BUSD, AVAX / BTC, AVAX / BNB and AVAX / USDT for spot trading.

Then find the Avalanche (AVAX) token in the list in the wallet, click the “Trade” button and select the appropriate pair from the available options. After switching to the trading terminal, it remains to create a token for the exchange operation and wait for its completion.

Advantages and disadvantages

Pros:

✅  A worthy competitor to Ethereum that is ready to offer users an increased level of scalability.

✅  Excellent testnet results.

✅  Thoughtful token economy. The artificial creation of a deficit is envisaged.

✅  Own blockchain and wallet.

✅  A lot of information about the project, creators, technologies. Including in Russian.

Pros:

❌  Strong competition from Ethereum 2.0, which is about to launch.

Perspectives

Avalanche looks like a good alternative for developers who want to build decentralized apps but are put off by Ethereum’s slow performance. Recently, the ether network has been in a fever, commissions are too high, transactions take a long time. The blockchain is clearly unable to cope with the workloads. Against this background, the launch of Avalanche came in handy.

Leave A Reply

Your email address will not be published.