Avalanche (AVAX) is a blockchain network that aims to provide a secure and scalable structure for decentralized financial assets, cryptocurrency transaction platforms and services.
What is Avalanche, How Does It Work?
Avalanche network was developed by Emin Gün Sirer, CEO of Ava Labs, in September 2020, and AVAX, its token, was launched. The Avalanche network, which is scalable, also offers a secure structure. It allows blockchains that require or do not require permission to operate on a single network.
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The Avalanche network, unlike other classic blockchain solutions, does not proceed in blocks on a single chain. All elements are designed as a subnet. Thus, it has been made possible to develop the necessary solutions in subnets. The difference between a classic blockchain and Avalanche is that there is no movement through a single chain here. Dec. Avalanche, an open source project, allows anyone to view and contribute platform code. The Avalanche blockchain can provide instant transaction certainty.
In addition, the network has a consensus structure. It consists of four separate stages. These stages are Slash, Snowflake, Snowball and Avalanche. Consensus must be formed in order for a decision to be made. Decisions are made by proceeding in rounds until a consensus is formed. Thanks to this structure, it is stated that Avalanche is 51 percent more sheltered. It acts as a basic unit of account between blockchains on the Avalanche network.Dec. It is also stated that the Avalanche blockchain can process 4,500 transactions per second. launched in 2020, Avalanche aims to be fast, versatile, secure, affordable and accessible.
What is AVAX Coin?
The official governance token of the Avalanche network is AVAX. AVAX Coin is not a type of cryptocurrency that can be mined. In addition, the token is used to secure the Avalanche blockchain and pay transaction fees across the network. Transaction fees and the AVAX coin creation rate are determined using a governance model.
In addition, transactions with AVAX Coin take much shorter compared to Ethereum. It is possible to create AVAX Coin, a secure and powerful blockchain. In addition, AVAX Coin has more energy efficiency. The fact that it Decrypts transactions in as little as three seconds and has more energy efficiency makes AVAX Coin stand out among cryptocurrencies. The stated advantages increase the demand by making AVAX Coin the reason of preference.
With AVAX Coin, the Avalanche network is secured and used to create new networks on the platform. As a governance token, AVAX is the value staked by nodes that want to participate in the approval mechanism for the functioning of the system. The reward and pay mechanisms in Avalanche networks operate via AVAX.
How Does Avalanche Work?
Avalanche blockchain has a customizable structure for many different projects with its multi-chain structure. Basically, it has 3 different chain structures and 1 specialized scaling solution.
X-Chain: X-chain is also called exchange, i.e. exchange chain. This chain is used for the creation of Avax coins and other digital assets.
P-Chain: The P-chain, or in other words the platform chain, is used to be a verifier on Avalanche and to create a subnet.
C-Chain: C-chain allows to run smart contracts and applications on it with its EVM compatible structure within the Avalanche ecosystem.
Subnet: Subnet allows the creation of subnets with different goals and directions for scalability on the Avalanche network. Subnets are defined as a dynamic set of verifiers that work together to reach a consensus on the state of a blockchain.
The Future of Avax Coin
