Avalanche (AVAX)
Avalanche offers a blockchain network that supports a new wave of decentralised applications (dApps). It offers an open, programmable platform for smart contracts, designed to handle a high volume of transactions without compromising on scalability. The native cryptocurrency, AVAX, is used for transaction fees and can be staked to enhance network security.
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Avalanche (AVAX) Price
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Avalanche (AVAX) Returns
As of December 12, 2023 11:00 PM GMT+2
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About Avalanche (AVAX)
What is Avalanche (AVAX)?
Avalanche is a blockchain platform designed to solve the blockchain trilemma of scalability, security, and decentralisation through its unique Proof of Stake (PoS) mechanism.
Like Ethereum, Avalanche supports smart contracts for running decentralised applications (dApps). Since its smart contracts are written in Solidity, the same language used by Ethereum, Avalanche promotes greater blockchain interoperability, integrating with prominent decentralised finance (DeFi) ecosystems such as Aave and Curve.
The platform's native token, AVAX, powers its ecosystem, serving as the currency for transaction fees, system rewards, and governance participation across the network.
How Does Avalanche (AVAX) Work?
Avalanche's unique architecture is composed of three distinct blockchains: the X-Chain, C-Chain, and P-Chain. The X-Chain is responsible for creating and transferring AVAX tokens and other assets under standardised rules. The C-Chain supports smart contracts and decentralised applications, utilising its own Avalanche Virtual Machine, which allows developers to fork EVM-compatible DApps. The P-Chain manages network validators, tracks active subnets, and facilitates the creation of new subnets. By distributing these functions across separate chains, Avalanche achieves high throughput while maintaining decentralisation.
The History of Avalanche (AVAX)
In May 2018, a pseudonymous group of software developers known as Team Rocket published a paper laying the foundation for the Avalanche protocol. Soon after, Emin Gün Sirer, a Cornell University computer science professor and a key figure in the Initiative for Cryptocurrencies and Contracts (IC3), founded AVA Labs to build and develop the Avalanche blockchain.
Sirer, who also created Karma, an early Proof of Work virtual currency for peer-to-peer file sharing in 2003, launched Avalanche with a $42 million ICO in July 2020. The Avalanche Foundation continued to attract significant investment, raising $230 million in a token sale in July 2021, with backing from major venture capital firms such as Polychain and Three Arrows Capital.
What Are the Potential Use Cases for Avalanche (AVAX)?
Avalanche aims to offer a versatile platform for various use cases. Numerous projects have already integrated with the network, and its modular architecture strengthens interoperability with other blockchains.
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Crypto Risk Disclosure
High Volatility and Risk of Loss
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