Avalanche (AVAX)
What Is Avalanche (AVAX)?
Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is one of Ethereum’s rivals, aiming to unseat Ethereum as the most popular blockchain for smart contracts. It aims to do so by having a higher transaction output of up to 6,500 transactions per second while not compromising scalability. This is made possible by Avalanche’s unique architecture. The Avalanche network consists of three individual blockchains: the X-Chain, C-Chain and P-Chain. Each chain has a distinct purpose, which is radically different from the approach Bitcoin and Ethereum use, namely having all nodes validate all transactions. Avalanche blockchains even use different consensus mechanisms based on their use cases. After its mainnet launch in 2020, Avalanche has worked on developing its own ecosystem of DApps and DeFi. Different Ethereum-based projects such as SushiSwap and TrueUSD have integrated with Avalanche. Furthermore, the platform is constantly working on improving interoperability between its own ecosystem and Ethereum, like through the development of bridges.
Who Are the Founders of Avalanche?
Avalanche was launched by Ava Labs, founded by Cornell University professor Emin Gün Sirer, and Cornell University computer science PhD’s Kevin Sekniqi and Maofan “Ted” Yin. Gün Sirer is a veteran in cryptographic research, having designed a conceptual peer-to-peer virtual currency six years before the release of the Bitcoin whitepaper. He was also involved in work on Bitcoin scaling solutions and research on Ethereum before the infamous The DAO hack in 2016. From that research arose the whitepaper that led to the foundation of Ava Labs in 2018. The project closed a seed round in February 2019 that included investors such as Polychain, Andreessen Horowitz and Balaji Srinivasan. Avalanche closed its initial coin offering in 2020 in under 24 hours, raising $42 million in the process.
What Makes Avalanche Unique?
Avalanche attempts to solve the blockchain trilemma, which posits that blockchains cannot achieve a sufficient degree of decentralization at scale. A consequence of this are high gas fees, as is often the case on Ethereum. To solve this problem, Avalanche designed three interoperable blockchains. * The Exchange Chain (X-Chain) is employed to create and exchange the native AVAX tokens and other assets. Similar to the ERC-20 standard on Ethereum, these tokens follow a set of standardized rules. It uses the Avalanche consensus mechanism. * The Contract Chain (C-Chain) hosts smart contracts and decentralized applications. It has its own Avalanche Virtual Machine, similar to the Ethereum Virtual Machine, allowing developers to fork EVM-compatible DApps. It uses the Snowman consensus mechanism. * The Platform Chain (P-Chain) coordinates network validators, tracks active subnets and enables the creation of new subnets. Subnets are sets of validators, sort of like a validator cartel. Each subnet can be validating several blockchains, but a blockchain can only be validated by one subnet. It also uses the Snowman consensus mechanism. This division of computing tasks enables higher throughput without compromising on decentralization. For instance, private blockchains on the network could require its subnet’s validators to be sufficiently geographically decentralized or comply with certain regulations. Following this modular structure, Avalanche improves its interoperability with other blockchains wishing to integrate with the Avalanche ecosystem. Furthermore, the two different consensus mechanisms are designed with each blockchain’s requirements in mind, further improving their efficiency.
How Many Avalanche (AVAX) Coins Are There in Circulation?
The total supply of AVAX is 720 million. Its token distribution is as follows: * 2.5% - seed sale, with 10% released on mainnet launch and the rest being released every three months. * 3.5% - private sale, with 10% released on mainnet launch and the rest being released every three months. * 10% - public sale, with 10% released on mainnet launch and 15% released every three months over a period of 18 months. * 9.26% - allocated to the foundation, released over ten years. * 7% - community endowment, released over twelve months. * 0.27% - testnet incentive program, released over one year. * 5% - strategic partners, released over four years. * 2.5% - airdrops, released over four years. * 10% - team, released over four years. * 50% staking rewards Staking AVAX currently provides an annual reward of 11.57%, with the minimum time for staking being two weeks with a minimum of 2,000 AVAX.
How Is the Avalanche Network Secured?
AVAX is traded on the Exchange Chain, which follows its own Avalanche consensus mechanism. Unlike proof-of-work or proof-of-stake, the Avalanche consensus mechanism does not have one leader processing transactions that get validated by others. Instead, all nodes process and validate transactions by employing a directed acyclic graph (DAG) protocol. That way, transactions are processed simultaneously, and validators' random polling ensures that transactions are correct with statistical certainty. There are no blocks in this consensus mechanism, allowing immediate finalization and significantly improving the blockchain’s speed.
Where Can You Avalanche (AVAX)?
AVAX is available on Binance, Bitfinex, Gate.io and Kucoin.
What tools does Nimbus offer for effortlessly monitoring Avalanche?
Nimbus provides a user-friendly tracking solution equipped with intuitive tools to monitor Avalanche effortlessly. These tools are specifically designed for user convenience, allowing individuals to stay seamlessly updated on the latest trends, prices, and information related to Avalanche. Users can also explore the world of cryptocurrency effortlessly while simultaneously tracking Avalanche prices. The platform also offers insights into profit and loss, providing a comprehensive experience without the complexity typically associated with monitoring cryptocurrencies.
How does Nimbus enable tracking Avalanche prices with profit and loss?
Nimbus facilitates the tracking of Avalanche prices with profit and loss through seamless integration with your crypto wallet for portfolio monitoring. By connecting with your crypto wallet, Nimbus provides a clear and comprehensive overview of various metrics, including profits, losses, revenue, expenses, return on investment (ROI), and other essential financial indicators. This integration ensures that users can analyze their cryptocurrency portfolio with precision, gaining valuable insights into their financial performance. With Nimbus, users can navigate the cryptocurrency landscape with a perfect blend of simplicity and sophistication, enhancing their ability to make informed investment decisions.
How does Nimbus analyze Avalanche, and what insights does it provide?
Certainly! Nimbus possesses a robust analysis tool that is adept at evaluating and interpreting Avalanche . The tool employs diverse strategies, including delving into metadata details, tracking marketplace data, and calculating performance metrics such as Return on Investment (ROI). Through these methodologies, Nimbus provides users with valuable insights into the composition and performance of their Avalanche. Users can gain a comprehensive understanding of their investment. The analysis tool ensures that users are equipped with the necessary information to navigate the cryptocurrency landscape with confidence and intelligence.
Trending News
Ripple Lawsuit Update: XRP Dips Amid Ongoing SEC Battle, What’s Next?
The XRP price slips below the $0.49 mark today, amid ongoing legal battles between Ripple and the U.S. Securities and Exchange Commission (SEC). Although there is a gloomy sentiment noted in the broader market, the recent XRP slip also reflects investor apprehensions amid regulatory uncertainty. As the lawsuit unfolds, investors clamor for clarity on the future of Ripple’s native cryptocurrency, XRP,
CoinGape
May 13, 2024
Latest Finance News: Bank Nifty (₹47069.2) Experiences Dynamic Trading Activity in the Crypto Market
Before you reading,Don't miss coins like PEPE again! Click here to find new PEPEs! Bank Nifty, a popular index of the National Stock Exchange (NSE), is currently trading at ₹47069.2. This comes amidst a volatile trading session, with significant fluctuations observed in the market. “The current trading price of Bank Nifty reflects the dynamic market […] Read more at COINOTAG.
CoinOtag EN
May 13, 2024
Scam Victim Reclaims $70M in Stolen Cryptocurrency
Whale, who had been a victim of a phishing attack, was able to win back more than $70 million worth of assets stolen by hackers. The recovery, facilitated by a series of unexpected communications with the attacker, sheds light on the tactics employed by cybercriminals to steal crypto assets. How the scam incident took place […]
Cryptopolitan
May 13, 2024
Bitcoin Surges Past $63,000 Mark
In a recent development, Bitcoin’s price experienced a significant increase, breaching the $63,000 threshold. This sudden spike brought the cryptocurrency’s price to a peak of $63,080 on the Binance exchange.
BH NEWS
May 13, 2024
Bu İki Altcoin Düşüş Nedir Bilmiyor! İşte Son Günlere Damga Vuran İki Önemli Proje
Toncoin, günlük grafikte EMA 20 ortalamasını geride bıraktı.
COINTURK NEWS
May 13, 2024
AVAX Market Statistics
Price USD
$33.59Market Cap
$12,816,564,557.92Total Volume USD
$272,539,382.43Total Supply
440,219,521.91 AVAXCirculating Supply
381,529,881.91 AVAXFully Diluted Market Cap
$24,043,830,114.59Socials
Official links
Join us to Maximize your Returns & Minimize your Risk
Gain access to all exclusive data, insight that can make your investment more joy
