5205
5 min

Avalanche (AVAX): An Overview of the Popular Blockchain Project

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.

AVAX coin

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.

Choose the best assets for efficient trading!

Share to
Published by
Author: WhiteBIT WhiteBIT
The whole world of cryptocurrencies in your pocket
Always at your fingertips

Recent Articles

Hedge Mode — Open Long and Short Futures Positions at Once

We are excited to introduce Hedge Mode, a new feature for futures trading that enhances our users’ ...

What Is a Crypto Prime Broker And How To Choose The Right One?

Imagine managing multiple positions on a crypto exchange, providing collateral in a DeFi protocol, and ex...

What Is a Nonce in Cryptography: How It Works and Why It Matters?

A “nonce” is a technical term that shows up constantly in cryptography and blockchain discussions, yet it...

Buying Crypto with Fiat Got Easier — Welcome Buy Crypto Feature

Our exchange tools are constantly evolving to make your interaction with digital assets even more conveni...

What Are Synthetic Assets and How to Use Them

In recent years, the cryptocurrency market has seen a surge in the popularity of synthetic assets — digit...

More News

Go to the Category
How Is Definder Disrupting Traditional Investment Methods?

DF Platform is the first in a line of Definder Network products. Definder's Peer-to-Peer lending model is...

WhiteBIT codes are now in the WhiteBIT iOS & Android apps

WhiteBIT Codes allow transferring fiat and crypto to other users fast and free, as well as using these fu...

What Is Etherscan and How to Use It

Sent a token on the Ethereum network and it hasn’t shown up yet? Wondering if something’s wrong with your...

Bullish and Bearish Harami Candlestick Patterns in Crypto Trading

Trading requires not only the ability to analyze cryptocurrency charts, but also knowledge of complex tec...

Is Mining Bitcoins Legal and Do You Pay Taxes on Mined Crypto

Despite Bitcoin’s decentralized nature, the governments of many countries are increasingly regulati...

Let your crypto work for you

Store assets with Crypto Lending and earn up to 18.64% annually. Minimum effort—maximum gain.

Download App

scan the QR code