What is AVAX (Avalanche) coin? All Details About Avax
May 16, 2022
Avalanche coin, Prof. Dr. It is one of the crypto money options founded by Emin Gün Sirer and developed by Ava Labs. So, what is AVAX coin? Where and how to buy AVAX (Avalanche)?
What is Avalanche (AVAX), which provides the opportunity to produce digital assets and crypto money and incorporates many blockchains?
Avalanche is a platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
Avalanche coin, which has been in use since September 2020, was developed by Ava Labs.
Avalanche is among the crypto money options designed to be customizable, scalable and interoperable. Everything on Avalanche is a subnet, and every chain is part of a subnet.
Transactions on Avalanche can be concluded in less than 3 seconds. In terms of comparison, this takes an average of 6 minutes in Ethereum.
What Does AVAX Do?
Avalanche does not offer the possibility of mining and leaves no need for it. Instead, it offers users the opportunity to generate digital assets and cryptocurrencies, while at the same time giving the chance to be a “Verifier”. If users wish, they can delegate their AVAX balances to validators and thus earn additional income.
To be a validator, it is necessary to run a node. In addition, it is necessary to lock 2000 AVAX for a period of 15 days to 1 year. Verifiers who verify and confirm transactions on the network are rewarded with AVAX.
The total supply of AVAX is limited to 750 million, with a maximum of half available on the main chain. Payments are made with AVAX when producing digital assets and cryptocurrencies. We can say that the biggest advantage of this network is that the transfers can be made quickly and instantly, and it demands low fees for this.
In short, Avalanche provides a 51 percent safer digital asset and cryptocurrency creation platform, without the need to create and mine a new blockchain. Despite this, it is possible to create a private and public blockchain on the platform chain.
What Does AVAX Promise?
Avalanche aims to resolve the impossible blockchain triad that argues scalability cannot be achieved without sacrificing decentralization. As observed on the Ethereum network, high Gas fees arise as a result of the impossible trio.
The Exchange Chain (X-Chain) is used to generate and exchange AVAX tokens or other assets. Similar to the ERC-20 token standard on the Ethereum network, these tokens follow a set of standard rules. The avalanche consensus mechanism is used here.
Contract Chain (C-Chain) hosts smart contracts and decentralized applications. Similar to the Ethereum Virtual Machine structure, it has its own Avalanche Virtual Machine platform that allows developers to create EVM-compatible DApp solutions. Here, the Snowman consensus mechanism is used.
The Platform Chain (P-Chain) protocol coordinates network validators, monitors active subnets, and enables the creation of new subnets. There are validator clusters in the structure called subnet. While each subnet can be verified on multiple blockchains, any blockchain can be verified by only one subnet. Here, too, the Snowman consensus mechanism is used.
This part of computing structures offers higher throughput without sacrificing decentralization. For example, some blockchain structures on the network may not favor subnet validators or require them to comply with certain regulations in order to operate geographically decentralized. In addition to this modular structure, Avalanche is pushing forward interoperability with other blockchain structures that want to integrate with its ecosystem. In addition, two different consensus mechanisms are designed to increase efficiency, taking into account the requirements of each blockchain structure.
HOW TO BUY AVAX COIN?
In order to get AVAX coins, you must first have one of the applications such as Binance, Paribu, Huobi and Bitfinex. You can download your preferred application from your smartphone. AVAX; Available on platforms like Binance, Bitfinex, Gate.io, and Kucoin.