Avalanche (AVAX) is a cryptocurrency and blockchain platform that rivals Ethereum. In this article, “What is Avalanche?” We will answer the question. In addition, we will touch on other questions about the project.
What is Avalanche? What does it do?
Avalanche (AVAX) is a cryptocurrency and blockchain platform that rivals Ethereum. AVAX is the native token of the Avalanche blockchain, which uses smart contracts to support various blockchain projects such as Ethereum. The Avalanche blockchain can provide near-instant transaction certainty. AVAX is used to pay transaction processing fees and secure the Avalanche network. It acts as a basic unit of account between blockchains in the Avalanche network. Additionally, Avalanche reports that the blockchain can handle 4,500 transactions per second. Launched in 2020, Avalanche aims to be fast, versatile, secure, affordable and accessible. Avalanche is an open source project. So anyone can view the platform’s code and contribute.
What is AVAX coin?
AVAX coin is the native token of Avalanche. The token is also used to secure the Avalanche blockchain and pay network-wide transaction fees. Transaction fees and AVAX coin creation rate are determined using a governance model.
How does Avalanche work?
Avalanche’s primary network supports three built-in blockchains that perform different tasks. Here are each of the blockchains and how they work:
Exchange Chain (X-Chain): A decentralized platform for the creation and trading of digital assets such as crypto tokens. Additionally, transaction fees on X-Chain are paid using AVAX.
Platform Chain (P-Chain): Metadata platform that coordinates Avalanche’s validators. It also monitors and enables the creation of new subnets, allowing developers to create their own blockchains.
Contract Chain (C-Chain): Blockchain that allows the creation of smart contracts. It uses the Ethereum Virtual Machine powered by Avalanche.
Transactions are verified using the Avalanche consensus protocol and a proof-of-stake system. Additionally, this protocol uses repeated subsampling voting to reach a consensus. Also, when processing a validator transaction, it probes a small, random subset of validators. Each of these validators responds with an offer to accept or reject the transaction. Further, the process continues until enough validators respond in the same way. As is often the case, if there are no conflicts, the entire verification process can happen very quickly. If there is a conflict, voting continues until non-conflicting transactions are accepted and conflicting transactions are rejected.
What is Avalanche? How to get AVAX coins?
Avalanche is currently traded on numerous cryptocurrency exchanges. In addition, people who want to invest in the project should open an account in one of the exchanges where the project is traded. Exchanges where Avalanche is traded are listed as follows: Binance, OKX, BingX, Bybit. Users who want to invest in the project should open an account on one of these exchanges.
