Avalanche can handle a much larger number of transactions. It can handle over 4,500 transactions per second for just 13 Ethereum.
What is Avalanche (AVAX)?
Avalanche is described as the fastest smart contract platform for distributed apps in the open source blockchain industry.
The platform utilizes AVAX alt-coin, which is ranked as the 11th largest cryptocurrency by market capitalization.
It is said to be a low-cost, fast, and eco-friendly platform that makes it easy for smart contract-enabled apps to outperform their competitors.
Smart contracts allow developers to build decentralized apps on Avalanche systems while leveraging the security and scalability benefits of the platform.
Avalanche works with proof of stake models. In this model, the validator validates the transaction according to the number of coins it holds, instead of performing complex calculations.
As a result, it consumes less energy than the Bitcoin Proof of Work model.
AVAX tokens are said to be a rare hard-capped asset.
It can be used to pay fees and also to protect the platform through staking.
You can also provide account units across multiple subnets created by Avalanche.
The Avalanche platform secures over 400 individual projects and consists of approximately 1,200 individual block generation validators.
Overall, the system has more than 1.3 million community members worldwide.
Who created the avalanche?
Avalanche was created by Emin Gün Sirer, Kevin Sekniqi, and Maofan Yin before it was launched in September 2020.
Avalanche was originally created as a protocol for resolving consensus on networks of unreliable machines.
It has been seen by scholars as a way to explore consensus protocols that can serve the same purpose as Proof of Work to protect transactions, but consensus building can also include more users.
The system’s first coin offering raised US $ 42 million in July 2020.
How many AVAX coins are in circulation?
AVAX has a circular supply of 244.3 million coins, each at US $ 83.62 and a market capitalization of US $ 19.8 billion.
Sixteen months after its launch, US $ 64 million worth of AVAX was “burned” (the process of systematically reducing supply to regulate cryptography).
How is an avalanche compared to Ethereum?
Avalanches are considered one of the closest competitors to Ethereum, at least in terms of being used.
This opportunity is due to excessive demand for Ethereum’s utility applications, where transaction costs have skyrocketed and have benefited cheap and underutilized blockchains like Avalanche.
In reality, if a similar Avalanche can handle a much larger number of transactions. It can handle over 4,500 transactions per second for just 13 Ethereum.
Matt Hougan, Chief Investment Officer of Bitwise Asset Management, said:
Where can I buy this?
You can trade AVAX tokens on many major cryptocurrency exchanges such as Binance, OKex, CoinTiger, FTX and Huobi Global.