Coin of the week |  What is Avalanche (AVAX)

What is Avalanche

Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. Another rival of Ethereum with faster speed transaction and lower gas fee.

Founder

Emin Gun Sirer, a computer software scientist, had spent 20 years researching the cyber security of blockchain, decentralized systems, and digital token. He is also the professor teaching computer science  at Cornell University, and at this university that Sirer join with Kevin Seknigi and Maofan “Ted” Yin, both are Phd student at Cornell University, to found Ava Labs and create Avalanched

Why Avalanche

Avalanche consist of 3 individual blockchain which are:

• The Exchange Chain (X-Chain) is employed to create and exchange the native AVAX tokens and other assets, mainly using AVAX to pay the fee for each activity. The blockchain uses the Avalanche Consensus mechanic for fast and low cost processes.
• The Contract Chain (C-Chain) hosts smart contracts and decentralized applications. The blockchain allows developers to fork EVM-compatible Dapps on Avalanche . It uses the Snowman consensus mechanism.
• The Platform Chain (P-Chain) coordinates network validators, tracks active subnets and enables the creation of new subnets also uses the Snowman consensus mechanism.

Avalanche is an Open Sourced Network that developers can share code to create Smart contracts for developing DApps and operate with a protocol similar to Proof-of-Stake that users can improve the security of the network via Staking.

AVAX Utility

The native coin of Avalanche is AVAX, with the maximum supply of 720 tokens, with the main utility of being the currency for transaction fee and staking.

Roadmap and future of Avalanche

Currently there are multiple developers developing Dapp, including Defi, Gamefi and NFT on Avalanche network. Recently Avalanche has joined with Amazon Web Service to expand blockchain technology to reach further to various organization, institute, and government sectors. By being chosen proof that Avalanche is the well accepted blockchain with strong foundation and sustainability.