Avalanche- Blazingly Fast, Low Cost and Eco Friendly
Avalanche is an open, programmable smart contracts platform for decentralized applications.
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol.
Avalanche was founded by a computer scientist and Cornell University Professor named Emin Gun Sirer in 2018. Avalanche was built by Ava Labs a software development company based in New York. The Avalanche main net went live in September 2020 after a series of funding rounds which collectively raised over 60 million dollars.
Avalanche gets its name from a novel proof-of-stake cryptocurrency consensus protocol that was pitched in 2018 by an anonymous group of individuals who call themselves team rockets. Naturally, this novel proof of stake cryptocurrency consensus protocol is called Avalanche and it involves gossiping transactions to other nodes on the network until they've all been made aware of it. Given the exponential speed at which gossiped, information can spread it makes it possible for Avalanche to process roughly 4500 transactions per second and achieve finality within one second.
There are three blockchains that make up the Avalanche:
X- Chain: it handles all token minting and transfer on the network including transfer of the Avax Coin. Avax is used to pay for all transaction fees on Avalanche and these transaction fees are burned. Avax has a maximum supply of 720 million about 40% of Avax's supply went to private investors and the team. 10% was sold across various public sales and 50% was set aside for staking rewards.
P- Chain: it coordinates all operations related to network validation including staking and delegation. Validators need to stake a minimum of 2000 Avax and delegators need to delegate a minimum of 25 Avax. Avax staking rewards are roughly 10 per year and any stake Avax has an unlocking period of two weeks. P Chain also makes it possible to create new subnets. Subnets are basically customizable blockchains that leverage Avalanche's validator nodes
C-Chain: This houses Avalanche smart contracts. The C Chain uses a modified version of the Ethereum virtual machine for smart contracts and its TPS (transactions second) is estimated to be closer to 1500 which is still pretty fast for smart contract transactions.
One of Avalanche's unique properties is that its subnet capabilities make it possible to run multiple different virtual machines. Avalanche aims to be the hub for the tokenization of real-world assets.
Avax coin can be purchased in several big exchanges listed below:
1. Binance Exchange - you can purchase AVAX on Binance using your mobile phone or desktop. You only need to follow the step as instructed. You can also receive a 25% discount on trading fees using Binance Coin (BNB) instead of cash. Use the link above for a bonus 10% discount.
2 . Crypto.com MCO/CRO - this is a favorite for many reasons, as you can earn interest on a wide variety of coins, as well as apply for a crypto debit card. This operates similar to a pre-paid Visa card, where you top up before use, however, you can choose to top up with cash or crypto. For example, you can transfer Bitcoin (BTC) to the card and spend it like cash, or let it sit in the account and earn interest. Rates of interest on deposits vary from 2% up to 10% or more. New investors may receive up to $50 when using the above link to create a new account.
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