What is Avalanche (AVAX) ?

Avalanche is a decentralized, open-source proof-of-stake blockchain with smart contract functionality. AVAX is the native cryptocurrency of the platform. Avalanche like Ethereum—uses smart contracts to support a variety of blockchain projects.

How does it work?

In an effort to continuously develop and improve on blockchain technology, Avalanche creators sought to develop a solution to some of the common problems of older blockchains like Bitcoin. Some of these are a lack of interoperability and problems with scalability and usability.

Avalanche tackles the problems mentioned above through a unique approach: using three separate blockchains. Avalanche claims to be “the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality.”

Let"s take a closer look at the three blockchains that make up the Avalanche mainnet:

X-Chain: This blockchain is used for managing assets. It uses the Avalanche consensus protocol.

C-Chain: This blockchain is used to create smart contracts. It uses the Snowman consensus protocol.

P-Chain: This blockchain is used to coordinate validators. It also uses the Snowman consensus protocol.

The Avalanche consensus protocol checks validators" transaction confirmations randomly by having all nodes work parallel with each other. The idea is that repeatedly doing random checks increases the probability that a transaction is true/valid. The Snowman consensus protocol works pretty much the same but uses blocks in a linear process.

What are the features of Avalanche (AVAX)?

1. Interoperability Only a few blockchains accommodate the trading of various forms of cryptocurrency and data with other platforms. Avalanche facilitates interoperability by allowing different blockchains to share data and effectively “interoperate” with one another.

2. Scalability Avalanche was built to be scalable and boasts sub-second transaction times and incredible processing capacity.

3. Usability One of the concerns in adopting any technology is usability or the extent to which the software or technology is easy to use and implement in various applications and use cases. Avalanche has proven useful in various cases and is picking up speed in the crypto community at a pace that can rival Ethereum.

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