What is Avalanche?
Avalanche (AVAX) is an open-source platform that enables smart contract functionalities where developers can create decentralised finance applications (dApps) and blockchain deployments. With the use of subnets, Avalanche claims to have the fastest transaction finality rate (with speeds of over 4,500 transactions per second) on the market and the highest throughput. The blockchain uses very low power to run and complete transactions, making it environmentally friendly.
One of the top cryptocurrencies by market capitalisation is Avalanche (AVAX), and crypto traders from all over the world choose to include it in their portfolios. Since the Avalanche developers launched liquidity incentive programmes for developers to create dApps and broaden the blockchain's ecosystem in late 2021, the AVAX token has seen considerable growth.
As a result, Avalanche is a platform developers find appealing when trying to build affordable and highly scalable dApps. Additionally, it supports EVM, enabling developers to introduce Ethereum dApps built on Solidity on its network. These dApps would be much more scalable and effective, while still compatible with Ethereum.
Avalanche is a blockchain-based platform for smart contracts and a decentralised payments network. The Avalanche ecosystem, unlike most of its competitors, consists of three integrated blockchains:
Exchange Chain or X-Chain
This chain facilitates transactions and enables users to produce new digital assets for the Avalanche ecosystem.
Platform Chain or P-Chain
The metadata is located in the P-Chain, which also organises validators. It keeps track of active and existing subnets. The blockchain is also where new subnets are created, validators are added to subnets, and new blockchains are generated.
Contract Chain or C-Chain
Smart contracts are developed and deployed on the C-Chain. It is an Avalanche-powered EVM instance. AVAX uses Validators to vote on whether to approve or reject transactions by choosing a randomly chosen group of validators from the network. A new block is formed after a sufficient number of validators decide to accept the transaction.
The Avalanche consensus protocol uses recurrent voting from subsamples. With this paradigm, the ecosystem is highly decentralised, scalable, and robust. The Avalanche network also guarantees security against 51% assaults, while having fast throughput, low latency, and low energy consumption. The Snowman consensus protocol, powered by the Avalanche consensus algorithm, is implemented by both the P-Chain and the C-Chain.
What makes Avalanche unique?
Avalanche uses multiple custom-built blockchains, in addition to a powerful Proof-of-Stake (PoS) consensus mechanism, and processing 4,500 transactions per second.
Who is behind Avalanche?
Avalanche was initially developed and shared on InterPlanetary File System (IPFS) in May 2018 by a pseudonymous group of enthusiasts going by the name of "Team Rocket." Later, it was developed by a committed group of academics from Cornell University. Emin Gün Sirer, a professor of computer science and software engineer, oversaw the project with the help of PhD candidates Maofan "Ted" Yin and Kevin Sekniqi. Following the research phase, Ava Labs was established to build the network, primarily to satisfy the demanding standards of the financial industry. The AVA code base of the Avalanche consensus protocol was publicly accessible and open-source in March 2020.