Avalanche (AVAX): What is it?
AVAX Avalanche by Crypto Nation – 10 July 2021
By Crypto Nation – 10 July 2021
Summary of the Avalanche crypto card :
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Avalanche Fundamental Data
- Name: Avalanche
- Symbol: AVAX
- Type: Blockchain, Smart Contract
- Consensus: Snow, Proof Of Stake (PoS)
- Year of creation: 2020
- Founders: Emin Gün Sirer, Kevin Seknigi, Maofan Yin
- Official website: https://www.avax.network/
- Mainnet: Yes – https://avascan.info/
- Whitepaper: https://files.avalabs.org/papers/consensus.pdf
- Code: https://github.com/ava-labs
- Twitter: @avalancheavax
Avax market data
Below are the basic market informations regarding this cryptocurrency:
- Price: It is expressed in dollars ($). There is also its percentage change (%) over the last 24 hours.
- Rank: Ranking of this cryptocurrency among all those referenced on CoinMarketCap. This is done according to the market cap.
- Market cap: Market capitalization represents the total dollar ($) value of all coins in circulation.
- Volume: It represents the total dollar ($) amount of the cryptocurrency in question traded over the last 24 hours.
What is the goal of the Avalanche project?
Speed, reliability and scalability are the key words of decentralized finance on Avalanche.
The network can process up to 7,500 transactions per second.
With the ambition to build an internet of blockchains, Avalanche can meet all the needs related to Smarts Contracts and blockchains.
The 3 main uses of the open source platform are:
- Creation of sub-networks (interoperable blockchains).
- Hosting of decentralized applications (Dapps).
- Creation of crypto-assets.
The origin of the Avalanche project
Avalanche was developed by the company Ava Labs.
The company is made up of 30 people, including the 3 founders , and experts in economics, finance or IT.
Emin Gün Sirer is the CEO and co-founder. Lecturer in computer science in the USA, he imagined Karma, a digital currency, in… 2003!
Kevin Seknigi is a former NASA and Microsoft researcher and engineer.
Maofan Yin is the architect of the Avalanche Protocols.
3 successive fundraising campaigns took place and raised no less than $ 60 million.
The project is launched on September 21, 2020.
What is its use?
The main uses of AVAX are the payment of network fees and staking.
By holding at least 2000 tokens, it is possible to become a validator of the network and therefore receive rewards, due to participation in the proper functioning and decentralization of the network.
Participants can suggest improvements, validated or not by AVAX holders.
Official staking guide, to join the network:
Management of the economy (as of 07/10/2021)
720 million units of AVAX are available and half of them were issued at the launch of the mainnet in September 2020.
The other half will be released according to an emission curve detailed in the Avalanche Whitepaper. It is also stated there that the rate of release of AVAX can be modified by the votes of the community. AVAX holders having a right of governance within the ecosystem.
Another important point, the transaction fees are “burned”, in order to increase the scarcity of tokens.
172 million of them are currently in circulation, or around 25% of total capacity.
Diagram of the evolution of the cryptoactive
Many cryptocurrency platforms offer Avax.
To name two reputable exchanges, you can turn with confidence to Binance or Crypto.com.
Where to store your cryptocurrency
If you prefer to take your cryptocurrencies out of centralized exchanges, you can store your $ AVAX via various solutions:
- Trust Wallet, bought by Binance, it has become the benchmark mobile wallet.
- Ledger, very secure wallet hardwares, the best known being the Ledger Nano S.
- Avalanche Wallet, the official Avalanche web and mobile wallet.
More details on the different types of cryptocurrency wallets on our dedicated page, accessible by clicking here.
Our opinion on this project
Avalanche is an ambitious decentralized finance project that attracted a lot of attention when it was launched. Some already saw him as the “Ethereum killer” par excellence.
With a leader like Emin Gün Sirer, it’s true that it’s already a good start to doing great things!
This project therefore aims to fill some current gaps in other projects in the smart contracts and blockchains sector, which is not an easy task. And that is the whole point! If the objective were too simple, then there would be too little interest for investors looking for a quality fundamental, which Avalanche offers.
The project is innovative in many aspects, particularly in the management of its transactions and its method of governance. It is also able to offer services to professionals wishing to deploy smart contracts.
Note also its highly developed interoperability, greatly facilitating interactions with other blockchains.
Avax is at the start of its adventure and is in a very competitive sector that will not make its life easy.