Avalanche is the single fastest platform that supports smart contracts in the world of blockchains. The Avalanche network operated with a system that is ratioed using a time-to-finality processing principle. Over time, users of the Avalanche network have confirmed it to have a low cost of blazingly fast service. According to the Avalanche network, it prides itself in the ability of its system to help any smart contract-based app outperform its competitors.
In a similar nature to other cryptocurrencies such as Solana, the Avalanche network was created to generally solve the problem of scalability faced by blockchains. This problem is majorly evident for individuals who deal on NFTs through the Ethereum network with transaction/gas fees reaching around $100. Avalanche, however, positions itself as a viable alternative to the Ethereum network. The Avalanche network allows its participants to build and run decentralized applications at a cost that is a fraction of the charges of other blockchains. These services are provided in addition to a general faster response time that puts the network at the optimal level of scalability.
Who are the Founders of Avalanche (AVAX)?
On September 21, 2020, the Avalanche system was officially launched on mainnet. Ever since its launch, the network has been able to provide a building platform and security for 200 projects. Its token, AVAX also experienced a reduction in its total supply by the burning of $14 million worth of AVAX. The Avalanche community has also grown globally to having over 600 thousand participants from different regions.
The Avalanche network was founded by Emin Gün Sirer. Sirer is a Turkish-American professor of computer science. Currently, he works at Cornell University as an associate professor and is also the co-director of IC3. In general, Sirer is well known for his significant contributions to computer networking, peer-to-peer systems, and operating systems.
Professor Emin Gün Sirer was awarded his undergraduate degree from Princeton University. He then furthered his education and received his graduate degree from the University of Washington. In 2002, he got his Ph.D. under the supervision of Brian. N. Bershad.
What is Avalanche (AVAX) used for?
The Avalanche network has experienced significant adoption, this success is tied to its provision in the cryptocurrency world. The Avalanche network allows for the creation of decentralized applications and custom blockchains. Even though there are other cryptocurrency platforms in existence that provide similar services, the Avalanche system has only the Ethereum network as its contender. This is because of its major scalability function shooting it to the top of other blockchains.
The Avalanche platform also has AVAX tokens which are its native token. AVAX is a hard-capped and sought-after asset that is used for the payment of fees on the network. It also provides a simple unit of account between several series of subsets created on Avalanche. AVAX also serves the purpose of providing security on the platform through staking requirements.
Due to the various functions which the AVAX coin serves, it is of value and is considered trade-worthy. This has led to trading with other cryptocurrency pairs including Bitcoin and Ethereum.
What Is the Unique Point of Avalanche (AVAX)?
The Avalanche network is generally known to have better performance levels in comparison to its contemporaries. However, having the best performance levels is the basic requirement when going against major blockchains like Ethereum. The Avalanche network also has a system to attract developers so that its system can become the go-to platform for the creator of other crypto projects. In addition to allowing the easy and fast creation of applications on the network, the platform also provides a means of transferring your Ethereum based Dapps to Avalanche.
The Avalanche smart contract system supports Virtual Machine contracts as used by the Ethereum network. This implies that participants on the network have the option of reusing their existing codebase regardless of their activity on the Ethereum network.
In a similar nature to this, applications existing on the Ethereum network can be made suitable for support by the Avalanche network. This process can be done by changing the existing API points to allow for the support of a new network.
Currently, the Avalanche creation team is working on a system to allow for the easy transfer of Ethereum based assets to the Avalanche network. So far, asset transfers that have been executed through this process have been equated to $1.3 billion.
How many Avalanche (AVAX) coins are in circulation?
The team behind the creation of Avalanche announced that several platforms and individuals including Initialized Capital, Bitmain, and Dragonfly Capital participated in a private token sale. The token sale took place on June 24th and included a transaction volume of around $12 million. According to the platform website, the public sale of the tokens raised over $42 million.
The Avalanche AVAX coin has a supply capped at 720 million tokens. According to the Avalanche team, the project is focused on a multi-pronged technique which is for the long run. The distribution technique will involve developers and non-developers with a mapped-out mechanism that assigns tokens to parties involved in POW minting.
On the allocation, 2.5% have been awarded to VCs and 10% assigned to the creative team, AVA labs. Other important allocations include 50% of the tokens assigned to staking rewards, 19.29% assigned to the foundation, and 5% assigned to the strategic partners involved in the project.
Is the Avalanche (AVAX) Network secured?
One of the reasons the Avalanche system can match the Ethereum network is its security. The consensus mechanism used by the Avalanche network is a combination of Nakamoto’s proof of work and the classical consensus mechanism. The system provides large-scale decentralization with speed and energy efficiency.
Although the system used by the Avalanche network is not utterly perfect, the protocols used are however lightweight and sustainable. This is a step ahead of the Bitcoin consensus mechanism which consumes large amounts of energy for the production of average output.
The system is designed in such a way that the number of transactions that each node handles is static. This allows for the upscale of the network, allowing millions of validators to participate in the consensus process. Because of this, the system can achieve decentralization on a global scale.
How do I buy Avalanche (AVAX)?
Avalanche has several distributive features which have made it popular, and by extension build its adoption rate. Even with a current user base of over 600,000, the system is still constantly increasing as it is available on several cryptocurrency exchanges. To buy AVAX tokens, follow the steps below.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy AVAX through your Indexpairs.com account.