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.
Avalanche Symbol – AVAX
Coinmarketcap Rank # 10
Avalanche is a layer 1 blockchain that functions as a platform to run decentralized applications and build custom blockchain networks. It is one of Ethereum’s competitors and aims to overtake Ethereum the most popular blockchain for smart contracts. It will achieve this by having up to 6,500 transactions per second and not compromising scalability.
Avalanche’s unique architecture makes this possible. The Avalanche network is made up of three distinct blockchains, the X-Chain (C-Chain), C-Chain (P-Chain), and P-Chain (P-Chain). Each chain serves a different purpose than the one used by Ethereum and Bitcoin, namely to validate all transactions. Based on the use case, Avalanche blockchains use different consensus mechanisms.
Avalanche began work on its own ecosystem of DeFi and DApps after its mainnet launched in 2020. Avalanche has been integrated with other Ethereum-based projects like TrueUSD and SushiSwap. The platform continues to improve interoperability with Ethereum and its ecosystem, such as through the development of bridges.
Where to buy Avalanche?
The top cryptocurrency exchanges to buy Avalanche are currently Binance, OKX, Hotcoin Global, Mandala Exchange, and Bybit.
Who are the Founders of Avalanche?
Ava Labs was founded by Emin Gun Sirer (Cornell University), Cornell University computer science Ph.D.’s Kevin Sekniqi, and Maofan “Ted” Yin (Cornell University). Avalanche was first launched by Ava Labs. Gun Sirer has been involved in cryptographic research for many years. He created the concept of peer-to-peer virtual money six years before the publication of the Bitcoin whitepaper. He also worked on scaling solutions for Bitcoin and research on Ethereum prior to the 2016 DAO hack.
The whitepaper was derived from this research and led to the creation of Ava Labs in 2018. In February 2019, the project closed a seed round that involved investors like Polychain, Andreessen Horowitz, and Balaji Srinivasan. Avalanche’s initial coin offering was completed in less than 24 hours by Avalanche, raising $42 million in total.
How Avalanche Is Unique?
Avalanche attempts to solve the Blockchain Trilema. This is a problem that states that blockchains can’t achieve sufficient decentralization at scale. This can lead to high gas costs, which is often the case with Ethereum.
Avalanche created three interoperable blockchains to solve this problem.
- To create and exchange native AVAX tokens, and other assets, the Exchange Chain (XChain), is used. These tokens are similar to the ERC-20 standard for Ethereum. They follow set standardized rules. It utilizes the Avalanche consensus system.
- The Contract Chain (C–Chain), hosts smart contracts as well as decentralized applications. It also has an Avalanche Virtual Machine that is similar to the Ethereum Virtual Machine. This allows developers to create EVM-compatible DApps. It utilizes the Snowman consensus mechanism.
- The Platform Chain (Potential Chain) coordinates network validators and tracks active subnets. It also allows for the creation of new undernets. Subnets can be described as a group of validators. While a subnet may be validating multiple blockchains at once, a single subnet can validate a blockchain. It also uses the Snowman consensus method.
This division of computing tasks allows being more efficient without compromising decentralization. Private blockchains could, for example, require that subnet validators be sufficiently decentralized geographically or conform to certain regulations. This modular structure allows Avalanche to improve its interoperability and integration with other blockchains. The two consensus mechanisms have been designed to meet the specific requirements of each blockchain, further increasing their efficiency.
Is Avalanche Network Secured?
AVAX can be traded on the Exchange Chain. It follows its own Avalanche consensus process. The Avalanche consensus mechanism is not proof-of-work or proof-of-stake. Instead, transactions are processed by all nodes and validated by them. All nodes use a directed-acyclic graph protocol (DAG) to validate transactions and process them. Transactions are processed simultaneously and validators’ random sampling ensures that transactions are accurate with statistical certainty. This consensus mechanism does not contain blocks, which allows for immediate finalization and greatly improves the speed of the Blockchain.
Recent Tweets From Avalanche
Historical Price Data Of Avalanche
|Mar 11, 2022||$71.24|
|Mar 10, 2022||$74.00|
|Mar 9, 2022||$77.72|
|Mar 8, 2022||$72.92|
|Mar 7, 2022||$71.88|
|Mar 6, 2022||$72.53|
Avalanche Price Prediction 2022-2026 | Avalanche Latest Price Prediction
Disclaimer: Data collected from different sources available on the internet and crypto experts
Avalanche Price Prediction 2022
The price of Avalanche will be at its lowest level of $72. Avalanche prices can reach a maximum of $100 and an average price of $90 in 2022.
Avalanche Price Prediction 2023
The price of Avalanche will be at its lowest level of $90. Avalanche prices can reach a maximum of $110 and an average price of $100 in 2023.
Avalanche Price Prediction 2024
The price of Avalanche will be at its lowest level of $100 Avalanche prices can reach a maximum of $120 and an average price of $110 in 2024.
Avalanche Price Prediction 2025
The price of Avalanche will be at its lowest level of $110. Avalanche prices can reach a maximum of $130 and an average price of $120 in 2025.
Avalanche Price Prediction 2026
The price of Avalanche will be at its lowest level of $120. Avalanche prices can reach a maximum of $140 and an average price of $130 in 2026.