The Avalanche network was launched in September 2020 by Ava Labs. It tries to improve the scalability and decentralization issues seen in generation one and two blockchains. Avalanche uses a unique three-blockchain approach to achieve its aims, with its mainnet made up of a combination of the C-Chain, X-Chain, and P-Chain.
The X-Chain manages assets and uses the Avalanche consensus protocol. The C-Chain handles smart contract creation, while the P-Chain coordinates validators. Both the C and P-Chains use the Snowman consensus protocol. Snowman deals with transactions linearly in blocks, while the Avalanche consensus protocol has validator's check transaction confirmations randomly.
Through working in parallel, Avalanche can achieve a TPS of up to 6500. You can also build customized blockchains called subnets that are interoperable with Avalanche. There's no limit to the number of these chains, and you just need to pay a subscription fee in AVAX.
AVAX is Avalanche's native token with three use cases:
Holders can stake AVAX as a delegator behind a validator or as a validator themselves. A validator can earn roughly 11% APY and share this with their delegators.
You can pay transaction fees and your subnet subscriptions in AVAX.
AVAX is a common unit of account across all customized subnets.
People Also Ask: Other Questions About Avalanche AVAX
What is AVAX Used For?
Avalanche’s native AVAX token is used within its ecosystem to pay transaction fees, as a means of value transfer between users, or for staking the network as part of its consensus model. AVAX is also used to create custom private blockchains. AVAX price information is available on Binance.
How Do Network Consensus and Validation Work on Avalanche?
Avalanche uses a unique consensus mechanism that integrates proof-of-stake (PoS) features combined with other elements. These include proof-of-uptime PoU, which scales rewards distributed to nodes depending on how long they have been online, and proof-of-correctness, which scales validator rewards based on their accuracy.
Who is the Avalanche Founder?
Ava Labs, the organization behind Avalanche, was founded by Emin Gun Sirer in 2018.
What is the Maximum Token Supply of Avalanche?
Avalanche is limited to a maximum token supply of 720 million AVAX tokens.
What Makes Avalanche Different From Others?
Avalanche can be purchased directly from Binance using a debit or credit card. It can also be traded for other cryptocurrencies on the Binance exchange. Live Avalanche price is updated in real-time on Binance. For additional instructions and information