What is Avalanche?
Avalanche (AVAX) is a layer 1 blockchain project that allows third-party tokens to interact with each other. It allows issuers to trade their tokens for a low fee.
As a result, the AVAX network has significantly enhanced the DeFi ecosystem by providing a permissionless mechanism that allows users to build their own private or public blockchains.
How does Avalanche work?
In its essence, Avalanche is an interoperable blockchain framework with three supports: the Exchange Network (X-Chain), Platform (P-Chain) (P-Chain).
The X-Chain is used for new digital assets development, while the C-Chain is to coordinate and the validators, and the P-Chain is for the PETH/ET.
Validators in a subnet have the responsibility of reaching agreement on one or more blockchains.
The two chains (P-Chain and C-Chain) depend on Snowman to help accelerate high-throughput smart contracts, while X-Chain utilises DAGs to provide instant finality in the absence of long blockchain delays.
There are no trade-offs made when separating the architecture into three different blockchains: It can be as flexible as you like, as quickly as you’d like, and as before, and as safe as you’d expect. This provides a rich open-source development environment for public and private use, so the developers have the ability to create a wide range of applications.
For the Avalanche ecosystem, the framework is built on AVAX tokens as the primary payment currency. They can be used to pay for the network fees, to help secure the network, and as well as to provide a simple unit of account across different Avalanche networks.
What is the History of Avalanche?
Ava Labs developed the Avalanche network and the AVAX token, which was based on Team Rocket’s novel consensus protocol known as “Snowflake.” Cornell University professor Emin Gün Sirer, as well as Cornell University computer science PhDs Kevin Sekniqi and Maofan ‘Ted’ Yin, formed Ava Labs.
Gün Sirer’s history is fascinating, with a scholarship to Princeton University, a PhD in Computer Science and Engineering in 2000, and a position as an Assistant Professor at Cornell University in 2001.
About 2002–2003, the Ava Labs founder made his first foray into cryptocurrencies. He worked on a hypothetical peer-to-peer virtual currency named Karma with Vivek Vishnumurthy and Sangeeth Chandrakumar six years before Satoshi Nakamoto released the Bitcoin whitepaper.
How do I hold AVAX?
You can buy AVAX tokens on a number of trading sites, including Binance, OkexEx, Bitfinex, WazirX, Paribu, Hotbit, and Huobi Global, among others.