As a Proof of Work (PoW) chain, Avalanche was made by Ava Labs and their CEO, Emin Gün Sirer. Sirer is an associate professor of computer science at Cornell University. He is a well-known thought leader in the crypto world, and he has a lot of ideas.
A unique consensus algorithm makes it possible for Avalanche to finish transactions in a matter of 1-2 seconds. The network can handle more than 10,000 transactions a second and is very decentralized, so it is very fast. It has more than 4000 people who can check your work.
The avax.network platform is being used to build more than 240 different projects at the same time. People who work on software show that there is a lot of activity in the field. Avalanche can connect to other blockchains to process other tokens on their own ledger. It is similar to Polkadot’s parachains but with a different way to use them.
The community is made up of people who think logically. In there, there won’t be a lot of maximalism or bashing. Quiet people don’t get as many headlines and don’t get as much attention. This has kept the project in the dark. In the last few weeks, there has been a lot of attention paid to being visible.
A strong technical foundation and a group of people who want to build are worth a lot. As time goes on, we’ll find out if Avalanche is moving mountains or just a storm in a glass.
What’s special about Avalanche
Every blockchain contains a consensus mechanism that chooses whether transactions should be authorized or denied. Bitcoin uses the Nakamoto consensus, which encourages miners to reject transactions that are hostile or that aren’t correct. It won’t be added to the main blockchain if they keep them in. And their efforts will be in vain.
It’s called Snowflake because a lot of snowflakes can make up an Avalanche. Snowflake works this way. A validator gets a transaction and checks with 5 to 10 other validators.
In this case, the validator agrees with the poll results that have the most people in favor. On and on, the branches of the Snowflake grow and connect to other snowflakes.
In this case, Avalanche is a Proof of Stake blockchain. There is no need for specialized mining hardware that uses terawatts of energy. A validating node can be run on cheap, low-cost hardware. This is how it works: Even phones work. People can keep AVAX separate and green because it’s easy to do.
Developers can start their own blockchains in the form of sub-chains, which are separate from the main blockchain. This is how it works: The parent chain is very secure and has a lot of space. Sub-chains can use this to make their own features, like permissions, where only certain people can see or use specific addresses and functions. This is a common requirement for businesses to start using it.
It was during the DAO hack in 2015 that Emin Gün Sirer became a little well-known. Someone who was a student of Sirer’s came up with the name for the flaw in The DAO’s smart contract, known as the Reentrancy Attack.
Sirer looked at the code and convinced the student that even though there was a problem, it was unlikely that anyone would use it. This mistake led to the split of Ethereum into ETH and ETC. With the death of the DAO still fresh in their minds, he and his team did not want to launch the token during the height of the ICO craze in 2017 and 2018.
People bought AVAX when it came out in June 2020. It quickly sold out. It trades on a lot of different international exchanges, like Binance and Gate.io.
On Avalanche, the native token is AVAX, and there are only 720 million of them. The genesis block generates half of the tokens, which are allocated according to the white paper.
To be able to vote on transactions, validators need to put up 2,000 AVAX (about 35k USD) in the pool. Because Ethereum has 32 ETH2 (100,000 USD), this is a great deal. This means that no one’s money is at risk. Staking rewards are now more than 10%.
As you can see, Avalanche has a unique technology, fast, cheap transactions, and a lot of room for growth at a low energy cost. Ava.Labs were able to start a lot of new development, especially in the De-Fi and enterprise space.
For the most part, it didn’t get a lot of attention. It only came out and had a short peak in February. Most of the time, this is because everyone in the community is hushed and humble. This is a good thing right away.
At Ava.Labs, people can clearly see that they want to tell people about the many projects they’re working on and the beauty of their tech.
This doesn’t mean you should not play Avalanche. If you keep doing what you’re doing well and keep getting good results, you can beat out other people who are flashier.
When I see things like the Pangolin swap, Snowball De-Fi, or Polyient Games NFTs, I’m excited about Avalanche’s future. Recently, the team did a great job of getting attention on social media.
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