Avalanche (AVAX): An Overview of the Popular Blockchain Project
The cryptocurrency market offers a great variety of assets that have a set of useful features for traders. The task for regular traders is not to get lost in the available diversity and choose projects that would match their needs. This article sheds light on Avalanche, a multifunctional blockchain project, the mission of which is to create a market for quick operations with various coins.
The project developers call Avalanche (AVAX) one of the fastest blockchain platforms for smart contracts because the system conducts about 4.5 thousand transactions per second. In addition, Avalanche allows you to:
- allows placing and exchanging numerous assets, including BTC and ETH;
- supports non-fungible tokens;
- offers access to the P2P lending platform;
- has its own AVA consensus network, where you can develop your own dApps.
Due to its extensive functionality, the project is called the “Internet of Assets”. Also, due to the maintenance of smart contracts, the crypto community often compares Avalanche with the popular Ethereum. The Avalanche toolkit beats the competitor by offering more features for the barrier-free use of digital assets.
The high speed of the network is supported by a unique blockchain architecture, which is built on three inter-operational blockchains: X-Chain, C-Chain, and P-Chain. Each chain has a separate purpose, which is radically different from the approach used by the Bitcoin and Ethereum blockchains, which is that all nodes validate all transactions. Avalanche blockchains even use different consensus mechanisms depending on their use cases.
This network architecture allows dealing with poor scalability, a problem of traditional blockchains. The division of tasks between the three blockchains allows for better throughput without sacrificing decentralization. Also, Avalanche’s modular system improves interoperability with other blockchains that want to integrate with the network’s ecosystem.
Although the project is still quite young, the AVAX cryptocurrency is consistently among the ten most capitalized crypto assets. The total supply of AVAX is 720 million coins. At the time of writing, AVAX is priced at $73.06. You can trade AVAX on our exchange against USDT, BTC, and ETH.
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