About Avalanche (AVAX)
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.