Avalanche (AVAX) is one of the cryptocurrencies that is attracting more and more attention in the crypto market today.
In this article, we will discuss a complete guide to what Avalanche (AVAX) is, its development history, and its features.
What is Avalanche (AVAX)?
Avalanche (AVAX) is a decentralized blockchain platform that allows users to create and participate in various types of decentralized applications (dApps) and smart contracts.
Launched in 2020 by Ava Labs, Avalanche offers a solution to the scalability and speed issues often faced by other blockchains.
History of Avalanche (AVAX)
Avalanche (AVAX) was founded by a team of developers led by Emin Gün Sirer, a professor at Cornell University, along with Kevin Sekniqi and Maofan "Ted" Yin.
Avalanche development began in 2018 and the platform was officially launched in 2020 after undergoing a series of intensive testing and development.
Avalanche (AVAX) is the creation of Emin Gün Sirer, a renowned computer scientist and blockchain expert who has been involved in blockchain studies and projects for several years.
Previously, Sirer focused his attention on his founding of the IC3 (Initiative for Cryptocurrencies and Contracts) research group, which aims to develop blockchain solutions for various industries.
In 2018, the idea for Avalanche (AVAX) emerged from Sirer's team, who wanted to create a new blockchain that could scale efficiently to support a variety of applications.
Apart from providing innovative services, another goal was to overcome the limitations that existed in blockchain projects at the time, such as slow transactions and high fees.
The main focus is placed on developing consensus algorithms and efficient network structures.
Avalanche was officially introduced in September 2020, when the platform officially launched.
At the same time, the AVAX token was also introduced, which is used to pay transaction fees and to participate in the platform's governance system.
Since its launch, interest in the project has continued to grow, attracting interest from various investors and developers, including Polychain Capital and Initialized Capital.
The Avalanche development team has also focused on improving cross-chain interoperability and scalability.
This concept, as introduced by the Polkadot project, is the main focus of the team. They are working to build an infrastructure that allows the transfer of assets and data between Avalanche and various other blockchain networks, including Ethereum and Bitcoin , smoothly and efficiently.
Avalanche (AVAX) Features
There are several features that Avalanche (AVAX) has:
High Scalability
One of the main advantages of Avalanche is its ability to handle thousands of transactions per second with very fast confirmation times.
This makes it one of the most scalable blockchain platforms on the market.
Avalanche Consensus
Avalanche uses an innovative consensus protocol called Avalanche Consensus, which enables extremely fast and efficient validation of transactions across the network.
This protocol also allows for the development of various types of decentralized applications ( dApps ) with a high level of security.
Also Read: Avalanche (AVAX) Price Prediction in 2024
Multichain Functionality
Avalanche supports multichain functionality, which allows for the building and operation of multiple blockchains connected in parallel.
This makes it possible for various types of digital assets and decentralized applications (dApps) to operate efficiently within the Avalanche ecosystem.
Thriving Community
Avalanche has a thriving community of active developers, investors, and users, who continue to contribute to the growth and development of the Avalanche ecosystem.
Strategic Partnership
Avalanche has formed a number of strategic partnerships with leading companies in the blockchain and financial industries, helping to expand the use and adoption of Avalanche around the world.
The Technology Behind Avalanche (AVAX)
Avalanche (AVAX) is a decentralized blockchain platform that uses several innovative technologies to achieve high scalability, security, and efficiency.
Here are some of the key technologies behind Avalanche:
1. Snowman Consensus
Avalanche uses a Proof-of-Stake (PoS) consensus mechanism called Snowman.
Snowman enables Avalanche to achieve high throughput while maintaining security and decentralization.
2. Subnets
Avalanche allows the creation of subnets, which are independent blockchains that can be configured with different parameters and features.
Subnets allow Avalanche to scale horizontally by allowing multiple blockchains to run in parallel.
3. Avalanche Virtual Machine (AVM)
AVM is a virtual machine that allows developers to build decentralized applications (dApps) on the Avalanche platform.
AVM is compatible with the Ethereum Virtual Machine (EVM), so Ethereum developers can easily migrate their dApps to Avalanche.
4. Bridge Avalanche
The Avalanche Bridge allows users to transfer assets and data between Avalanche and other blockchains.
The Avalanche Bridge allows Avalanche to interoperate with other blockchains, which increases the usability of the platform.
5. Avalanche Consensus Platform (CAP)
CAP is an open-source platform that allows developers to build their own blockchains using Avalanche technology.
CAP enables Avalanche to grow by enabling the developer community to build and launch new blockchains.
How to Buy Avalanche (AVAX) on Bittime
You can buy and sell Avalanche coins (AVAX) in an easy and safe way through Bittime.
Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti.
Avalanche (AVAX) is available on Bittime with the AVAX/IDR pairing .
To be able to buy AVAX/IDR coins on Bittime, make sure you have registered and completed identity verification.
Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet.
For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, then you can purchase Avalanche (AVAX) in the application.
Monitor price chart movements of ETHEREUM (ETH), Bitcoin (BTC), Solana (SOL), MANTA, and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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