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Only two months following the overwhelming success of the platform’s native currency, $ AVAX, Avalanche released its blockchain (mainnet) on September 21.
I will go over five reasons why investors and cryptocurrency fans should be excited about AVA Labs’ projects.
1. Utilization of a ground-breaking fresh consensus protocol
A new consensus protocol does not appear every day.
In cryptocurrencies, there were basically two types of consensus protocols. Firstly, the original protocol from the 1970s. This is the one used in Facebook’s Libra coins and projects like EOS and NEO. Secondly, the Nakamoto Consensus, which was established in 2008 and was used in Bitcoin and Ethereum 1.0.
The traditional protocol allows fast transactions. A a result, it is prone to lack of decentralization. In the meantime, the Nakamoto system provides better security and decentralization. However, it has a slow transaction speed.
Avalanche is a new protocol that was introduced in 2018 and tries to combine the finest features of the two previous protocols. Professor Emin Gun Sirer of Cornell University has been with cryptocurrencies since 2003. The professor aided in the development of the protocol by a pseudonymous group known as Team Rocket. AVA Labs’ CEO and one of Avalanche’s ($ AVAX) founders is Gun Sirer.
2. High transaction speed, high decentralization, and amazing scalability
Classic blockchain systems, such as NEO and EOS, often have no more than 25 validators. Additionally, Facebook’s Libra is expected to have little more than 100 validators.
Maofan “Ted” Yin, one of Libra’s founders, is even currently employed by AVA Labs.
Unlike the conventional protocol, Avalanche can handle millions of validators. More over 1000 validators participated in Denali’s Testnet. In addition, there are already more than 500 active validators on the recently released Mainnet. It’s also worth noting that, similar to Bitcoin, becoming an Avalanche validator requires no permission. However, it is a fairly centralized validation system for BTC. Being that around 15 validators (miners) contributing around 90% of the validations.
Avalanche is not only highly decentralized, but it also has 4500 TPS (transactions per second) transaction speed. This is far faster than Bitcoin’s (7 TPS) or Ethereum’s (14 TPS) speeds.
Avalanche abandons VISA. The card processor has a TPS of around 1700.
Avalanche transactions confirms in under a second. Bitcoin transactions fully validates up to an hour. At most, Ethereum takes 14 seconds to complete.
3. Exceptional security
The feasibility of carrying out a 51 percent attack of computing strength and double spending on a certain blockchain is highly important. People frequently ask this subject on cryptocurrency discussion forums.
A paragraph from the introduction to Paper shows, Satoshi Nakamoto discusses this issue multiple times in his original Bitcoin White Paper. The prublishers publishes this paper in 2008.
He claims that honest nodes collectively regulate more CPU power than any supporting group of attacker nodes. And that makes the system secure.
4. Several well-known experts in the industry have already lauded the Avalanche
Avalanche has a variety of favorable phrases and references.
For example, the co-founder of Ethereum, Vitalik Buterin and the co-founder of Reddit, Alexis Ohanian.
Projects of other blockchain are also looking to use the Avalanche Consensus protocol to help them grow.
Ripple’s CEO announces the launching of the DeFi platform based on the Avalanche Consensus protocol.
In addition, Bitcoin Cash’s developers have planned a pre-consensus protocol. The said Avalance-based protocol improves the speed and security of peer-to-peer payments.
Furthermore, well-known personalities such as Andressen Horowitz, Michael Novograts’ Galaxy Digital, and Bitmain took part in the AVAX token’s private sale. This took place in early 2019.
5. Maintenance of the large, multilingual community
More than 10,000 people have already joined the main group. The additional Telegram groups in 16 languages dedicate to offering help and exchanging information about Avalanche. Each with well-trained moderators who are online for the majority of the day.
In fact, Avalanche’s architects meticulously prepared for the technical aspects of Blockchain. The architects prepares for the global distribution of the technology.
There’s also the Avalanche Hub. This is a platform with a reward system for those who help popularize the Avalanche project by completing specified activities. People can exchange Amazon Gift Cards or the $AVAX token for rewards.
More than 1200 people have joined the Avalanche Hub Telegram group, and the number is still growing.
A growing community with an incentive structure is a significant step toward a project’s long-term viability and network impact.
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