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  • Avalanche Cryptocurrency Review (AVAX). Comparison of AVAX with other blockchains
Avalanche (AVAX) - what is it?

Avalanche Cryptocurrency Review (AVAX). Comparison of AVAX with other blockchains

What is Avalanche (AVAX)?

Avalanche is a blockchain platform that offers tools and features that allow users to run decentralized applications (DeFi). The platform also has a set of tools for creating financial assets and allows trading and creating enterprise-scale financial solutions.

Avalanche is an open source decentralized system based on smart contract operations. At the same time, Avalanche is considered the first smart contract platform that can complete transactions in less than a second. The platform supports the entire set of tools used on the Ethereum network and also hosts a record number of block producing nodes on its testnet.

Avalanche allows users and businesses to create their own financial assets and DeFi applications for various use cases, as well as public and private blockchain networks. Users can create their own blockchain networks and create their own set of rules for the operation of the network. Avalanche creates an ecosystem where users can interact with various networks and applications that have been created on this network.

History of the creation of Avalanche. Development team

A white paper describing Avalanche was first published in 2018 on the InterPlanetary File System, a peer-to-peer network by a group nicknamed “Team Rocket”. The idea of development is behind scientists from Cornell University. This study was led by Emin Gan Sirer, not just a computer scientist, but also a respected scientist and expert in the blockchain. The team managed to create the Avalanche blockchain network, as well as a management company called Ava Labs. 

But AVAX tokens were first sold through an initial sale in February 2019. It was followed by another private sale in May 2020 and an Initial Coin Offering (ICO) in July 2020. In June 2021, Polychain Capital and Three Arrows Capital launched a $230 million Avalanche funding round through a private token sale. In April 2022, Avalanche announced a $350 million funding round, bringing the company’s valuation to $5.2 billion.

How does Avalanche (AVAX) work?

Avalanche is made up of three blockchain networks in the sense that in Avalanche, instead of loading one blockchain to perform all tasks, each of its networks is designed to perform one task. This distribution of tasks provides platform flexibility, allowing it to achieve the holy trinity of security, decentralization, and scalability. From the very first day, Avalanche has always been striving for a speedy conclusion. Simply put, this is the duration of processing a cryptotransaction. After reaching completion, the transaction is “completed” because it cannot be canceled or changed. To imagine things in perception where Ethereum reaches completion in 1 minute, Avalanche can achieve this in 1 second. Let’s look at the 3 Avalanche networks that this platform consists of:

Exchange Chain

Avalanche uses the Exchange Chain or X-Chain to develop and transact its assets. AVAX Cryptocurrency, Avalanche’s native token, is the most well-known cryptocurrency on the web. However, PNG and JOE are also popular.

In the exchange chain, each transaction payment is made in AVAX cryptography. This is similar to the gas fees paid on the Ethereum network. However, in X-Chain, even if you use PNG or JOE tokens, the fee is always paid through AVAX.

Contract Chain

One of the key features of the Avalanche network is smart contracts. Developers use this feature to build decentralized applications because it provides high adaptability and resilience. Smart contracts managed by the Contract Chain are compatible with the EVM. This statement says that anyone can use Ethereum smart contracts on the Avalanche network. This is important because current Ethereum applications, like DeFi Aave, are easy to deploy on Avalanche. Here, developers are free to use Ethereum tools while using Avalanche features after deploying Ethereum smart contracts.

Platform Chain

With the help of a Chain of platforms or a P-Chain, anyone can build a Level 1 or level 2 blockchain. A developer can push the boundaries of this network and even create several blockchains. Avalanche calls them subnets with P-Chain as the main subnet shared by all. P-Chain tracks all validators and maintains the Avalanche subnet space, and these subnets also check the platform chain.

Comparison of AVAX with other blockchains

Сравнение Avalanche с другими блокчейнами

AVAX Token

The AVAX Token is a utility token serving as the universal medium of exchange in the Avalanche ecosystem. In addition to using the token as currency in the world of Avalanche, staking AVAX secures the network and rewards participants with more AVAX.

AVAX is a token created to secure the blockchain network of the Avalanche platform, pay transaction fees, transfer value between nodes, and create new networks on the Avalanche platform. In addition, AVAX coin is the first smart contract platform that can verify transactions in less than 1 second and supports all Ethereum development tools.

AVAX was created as a limited supply token. The total supply is set at 404,229,626 tokens and the maximum supply is 720,000,000 tokens. at the time of this writing, the market capitalization of the token is 4,621,603,088, the daily trading volume is 143,462,038. The AVAX token is traded at the rate of $15.58.

How to buy and where to store Avalanche (AVAX)?

The AVAX token can be purchased on world-famous exchanges such as Binance, FTX, OKEX, Huobi, Gate.io, Bitfinex, Crypto.com, Coinbase, UPbit, etc. Over time, the purchase and sale of tokens also became available on cryptocurrency exchanges.

You can store purchased AVAX tokens on the following wallets: Ledger, Frontier, D’cent, as well as on the platform’s own wallet – Avalanche Wallet.

Prospects for the development of the Avalanche platform. AVAX exchange rate forecast

The Avalanche coin has stood the test of time, so it is important to know that Avalanche price growth is inevitable in the coming years. Well, looking at some of the predictions of leading experts in the crypto industry, the opposite cannot be said:

  • WalletInvestor believes that by the end of 2022 the price of the token will fall to $1.39, but by 2025 the rate will rise to $21;
  • DigitalCoinPrice is confident in the stable growth of the AVAX rate over the next few years and by 2025 this mark will reach $70.49, and by 2030 – $242.74;
  • PricePrediction.net suggests that by 2025 the average price will be $54.91.

Well, as Avalanche is growing at a rapid pace, the platform has been looking for ways to cater to the growing number of users while maintaining its characteristic speed and accessibility. In this case, subnets helped a lot, which allow individual projects created on Avalanche to remain connected to the main Avalanche network through separate chains without taking up space on the main network. By redistributing traffic in this way, the subnets can allow Avalanche to avoid issues with transaction speeds and gas fees as it grows in size.

In addition to subnets, Avalanche has announced a new platform-specific wallet called Core. The wallet will simplify transactions on Avalanche and make the platform more user-friendly for non-cryptocurrency users.

#Avalanche (AVAX) #blockchain #Crypto

Disclaimer: the site publishes third-party content and opinions. Does not constitute financial advice. May contain sponsored content.

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